Mixed-Use Portfolio with Residential
New
For Sale
$2,675,000
1158 1172 N Main and 81 Nashua Street, Providence, RI 02906
Commercial/Business,Commercial Sale, Providence, RI
Property Size14,000 SF
Lot Size0.54 Acres
Price / SF$191.07
Days on Market2
Property Features for 1158 1172 N Main and 81 Nashua Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
25
Interior features
Ceiling Height (9 to 12 Ft)
Basement
Full
Subdivision
North Main
Lot features
Urban
Standard status
Active
Size
14,000 SF
Lot size
0.54 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
36440
Utilities
Heating system
Baseboard, Central, Steam
Cooling system
Central Air
Building Details
Year built
1920
Floors in Building
3
Number of units
2
Building materials
Brick, Masonry
Listing Agency:
Lenox Realty Group
(401) 572-3322
Listed By:
Gabe Francis
(617) 513-9156
Added: Aug 21
Last Checked: Aug 22 at 4:06PM
MLS# 1421293
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use portfolio combines four lots and approximately 14,000 square feet of improvements. The existing configuration includes two commercial storefronts, two separate three-family homes, two additional upper-level two-bedroom apartments, and two garage buildings. A separate rear residential parcel is identified as buildable, adding another component to the assemblage. Brick and masonry construction dates to 1920, with baseboard, central, and steam heating, central air, and ceiling heights from 9 to 12 feet.
The property is located at 1158–1172 N Main and 81 Nashua Street in Providence, within the C-2 Community Commercial district and the city’s Transit-Oriented Development Overlay. The source information identifies multifamily housing, medical, office, retail, and mixed-use development as permitted by-right opportunities. Direct access to US-1 and I-95 places the site near Brown University and Miriam Hospital.
The property is located at 1158–1172 N Main and 81 Nashua Street in Providence, within the C-2 Community Commercial district and the city’s Transit-Oriented Development Overlay. The source information identifies multifamily housing, medical, office, retail, and mixed-use development as permitted by-right opportunities. Direct access to US-1 and I-95 places the site near Brown University and Miriam Hospital.
Key Highlights
- Four‑lot portfolio totaling 0.5415 acres
- 14,000 square feet of property improvements
- Two commercial storefronts plus 8 residential units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$236,405
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.84%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,728,100
$4.7M
Cap Rate 7%
$3,377,214
$3.4M
Cap Rate 9%
$2,626,722
$2.6M
Market Conditions
NOI Build-Up for 14,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$361.2K $25.80/SF
− Vacancy
−$23.5K −$1.68/SF
EGI
$337.7K $24.12/SF
− OpEx
−$101.3K −$7.24/SF
NOI
$236.4K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,728,100
Cap Rate 7%
$3,377,214
Cap Rate 9%
$2,626,722
Alternative Uses
Best Use
Multifamily LT 5
$3.38M
$2.96M – $3.94M
NOI $236,405 @ 7.0% cap · market cap 8.84%
Second Best
Apartment 5plus
$3.03M
$2.65M – $3.54M
NOI $212,344 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$4.68M
$4.10M – $5.46M
NOI $327,863 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,597
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-lot commercial and residential assemblage with storefronts, apartments, garages, and additional development capacity.
Where is this mixed-use property located?
The property is located at 1158 1172 N Main and 81 Nashua Street Providence, RI.
What is the asking price?
The asking price for this property is $2,675,000.
What are key features of this property?
This property features: Four‑lot portfolio totaling 0.5415 acres; 14,000 square feet of property improvements; Two commercial storefronts plus 8 residential units
