Mixed-Use Portfolio with Development
For Sale
$2,650,000
1158 1172 N Main And 81 Nashua St, Providence, RI 02906
Four-lot commercial and residential property with storefronts, apartments, garages, and an additional buildable parcel.
Property Size14,000 SF
Price / SF$189.29
Days on Market51
Property Features for 1158 1172 N Main And 81 Nashua St
General Information
Standard status
Active
Size
14,000 SF
Zoning
C-2
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
8
Building Details
Year Built
1920
Listing Agency:
Lenox Realty Group
Listed By:
Gabe Francis · License #REB.0016894
(401) 354-7092
Source:
Alpernandmesenbourg
Added: Aug 24
Changed: Oct 12
Last Checked: Oct 13 at 12:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lenox Realty Group
Investment Insights
Based on property information with market context.
This mixed-use portfolio spans 14,000 square feet across four lots and combines established commercial, residential, and ancillary improvements. The property includes two commercial storefronts, two separate three-family homes, two additional upper-level two-bedroom apartments, and two garage buildings. A separate rear parcel is identified as buildable for residential use.
The site is zoned C-2 and falls within Providence’s Transit-Oriented Development Overlay. The stated by-right development framework includes multifamily housing, medical, office, retail, and mixed-use uses. The property also provides access to US-1 and I-95, with Brown University and Miriam Hospital identified in the surrounding context.
The site is zoned C-2 and falls within Providence’s Transit-Oriented Development Overlay. The stated by-right development framework includes multifamily housing, medical, office, retail, and mixed-use uses. The property also provides access to US-1 and I-95, with Brown University and Miriam Hospital identified in the surrounding context.
Key Highlights
- 14,000‑square‑foot mixed‑use portfolio spanning four lots
- Two commercial storefronts included
- Eight residential units: two three‑family homes plus two upper‑level 2BR apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$212,344
Cap Rate
8.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,246,880
$4.2M
Cap Rate 7%
$3,033,486
$3.0M
Cap Rate 9%
$2,359,378
$2.4M
Market Conditions
NOI Build-Up for 14,000 SF
Gross rent
$411.6K $29.40/SF
− Vacancy
−$25.5K −$1.82/SF
EGI
$386.1K $27.58/SF
− OpEx
−$173.7K −$12.41/SF
NOI
$212.3K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,246,880
Cap Rate 7%
$3,033,486
Cap Rate 9%
$2,359,378
Alternative Uses
Best Use
Apartment 5plus
$3.03M
$2.65M – $3.54M
NOI $212,344 @ 7.0% cap · market cap 8.01%
Second Best
Retail
$2.98M
$2.61M – $3.47M
NOI $208,422 @ 7.0% cap · market cap 7.86%
Theoretical Best
Office A
$4.68M
$4.10M – $5.46M
NOI $327,863 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,708
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-lot commercial and residential property with storefronts, apartments, garages, and an additional buildable parcel.
Where is this mixed-use property located?
The property is located at 1158 1172 N Main And 81 Nashua St Providence, RI.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: 14,000‑square‑foot mixed‑use portfolio spanning four lots; Two commercial storefronts included; Eight residential units: two three‑family homes plus two upper‑level 2BR apartments
