Mixed-Use Building with
1186 Elmwood, Providence, RI 02907
For Sale
$699,000
The property combines commercial and residential space with on-site parking and a two-car garage.
Property Size3,644 SF
Price / SF$191.82
Days on Market12
Property Features for 1186 Elmwood
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Mixed-Use Components
Additional Details
Multifamily Units
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
Central air
Corner Lot
Baseboard Heating
Ductless Cooling
Building Details
Year Built
Buildings
Stories
Tenancy
Listing Agency:
DREAM LIVING REALTY LLC
(401) 769-4663
Listed By:
LISA FOX · License #REB.0018888
(401) 601-7777
Source:
Corcoran
Added: Oct 27
Changed: Nov 6
Last Checked: Nov 6 at 8:38AM
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 DREAM LIVING REALTY LLC
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Investment Insights
Based on property information with market context.
Built in 1900, this 3,644-square-foot mixed-use property contains two commercial units and three residential units. One residential unit is configured as a studio and could instead serve as commercial space. A two-car garage and a small parking area provide on-site vehicle accommodation. The property is fully rented.
Building updates include newer windows, updated plumbing and electrical systems, and a roof approximately five years old. Fire safety systems are current. Electric heat serves the first floor, while separate gas boilers serve the second and third floors. Each floor has its own hot water heater.
Building updates include newer windows, updated plumbing and electrical systems, and a roof approximately five years old. Fire safety systems are current. Electric heat serves the first floor, while separate gas boilers serve the second and third floors. Each floor has its own hot water heater.
Key Highlights
- Two commercial units and three residential units
- Studio apartment could also be used as a commercial unit
- 3,644 square feet; built in 1900
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,270
Cap Rate
7.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,105,400
$1.1M
Cap Rate 7%
$789,571
$789.6K
Cap Rate 9%
$614,111
$614.1K
Market Conditions
NOI Build-Up for 3,644 SF
Gross rent
$107.1K $29.40/SF
− Vacancy
−$6.6K −$1.82/SF
EGI
$100.5K $27.58/SF
− OpEx
−$45.2K −$12.41/SF
NOI
$55.3K $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%
$1,105,400
Cap Rate 7%
$789,571
Cap Rate 9%
$614,111
Alternative Uses
Best Use
Apartment 5plus
$789.6K
$690.9K – $921.2K
NOI $55,270 @ 7.0% cap · market cap 7.91%
Second Best
Mixed Use
$736.3K
$644.3K – $859.1K
NOI $51,544 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,338 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
497
Businesses Nearby
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Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Mixed-use properties in Providence, RI
Properties on Market for Mixed-use properties in Providence
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines commercial and residential space with on-site parking and a two-car garage.
Where is this mixed-use property located?
The property is located at 1186 Elmwood Providence, RI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two commercial units and three residential units; Studio apartment could also be used as a commercial unit; 3,644 square feet; built in 1900
