Mixed-Use Property with
New
For Sale
$699,000
1186 Elmwood Avenue, Providence, RI 02907
Residential Income, Providence, RI
Property Size3,444 SF
Lot Size0.08 Acres
Price / SF$202.96
Days on Market3
Property Features for 1186 Elmwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 4, Bedroom 1, Bathroom 3, Bedroom 2, Basement
Parking
9
Interior features
Wall (Plaster), Attic, Attic Stairs, Attic Storage, Stairs, Plumbing (PVC)
Basement
Storage Space, Full, Unfinished
Appliances
Oven, Range, Refrigerator, Gas Water Heater
Subdivision
Elmwood
Lot features
Paved
Standard status
Active
Size
3,444 SF
Lot size
0.08 Acres
Additional Details
Tenant in Place
Yes
Mixed-Use Components
commercial, residential
Taxes and HOA fees
Tax Year
26
Tax Annual Amount
7893
Utilities
Heating system
Baseboard, Natural Gas, Electric (Heating)
Building Details
Year built
1900
Floors in Building
4
Number of units
4
Flooring type
Hardwood, Laminate
Building materials
Plaster, Other Siding
Additional Structures
Storage
Buildings
1
Listing Agency:
Dream Living Realty Llc
(401) 769-4663
Listed By:
Lisa Fox
(401) 601-7777
Added: Oct 27
Changed: Oct 28
Last Checked: Oct 29 at 8:06AM
MLS# 1424430
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.
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Investment Insights
Based on property information with market context.
This 3,444-square-foot mixed-use building contains two commercial units and three residential units. One unit is configured as a studio apartment and could instead be used commercially. The property also includes a two-car garage and a small parking area accommodating about 7 vehicles. Building features include newer windows, a roof approximately 5 years old, updated plumbing and electrical systems, and an up-to-date fire safety system.
Heating is arranged by floor: electric heat serves the first floor, while the second and third floors each have a gas boiler. Each floor also has its own hot water heater. The building is fully rented and occupies a 0.0826-acre parcel in Providence, Rhode Island.
Heating is arranged by floor: electric heat serves the first floor, while the second and third floors each have a gas boiler. Each floor also has its own hot water heater. The building is fully rented and occupies a 0.0826-acre parcel in Providence, Rhode Island.
Key Highlights
- Five‑unit mix: 2 commercial units and 3 residential units
- 3,444 square feet on a 0.0826‑acre parcel
- Two‑car garage and parking for about 7 vehicles
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,237
Cap Rate
7.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,044,740
$1.0M
Cap Rate 7%
$746,243
$746.2K
Cap Rate 9%
$580,411
$580.4K
Market Conditions
NOI Build-Up for 3,444 SF
Gross rent
$101.3K $29.40/SF
− Vacancy
−$6.3K −$1.82/SF
EGI
$95.0K $27.58/SF
− OpEx
−$42.7K −$12.41/SF
NOI
$52.2K $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%
$1,044,740
Cap Rate 7%
$746,243
Cap Rate 9%
$580,411
Alternative Uses
Best Use
Apartment 5plus
$746.2K
$653.0K – $870.6K
NOI $52,237 @ 7.0% cap · market cap 7.47%
Second Best
Mixed Use
$695.9K
$608.9K – $811.9K
NOI $48,715 @ 7.0% cap · market cap 6.97%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,654 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
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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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Frequently Asked Questions
What type of property is this?
Mixed-use property - Five units include two commercial spaces and three residences, with a studio apartment that can also serve commercial use.
Where is this mixed-use property located?
The property is located at 1186 Elmwood Avenue 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: Five‑unit mix: 2 commercial units and 3 residential units; 3,444 square feet on a 0.0826‑acre parcel; Two‑car garage and parking for about 7 vehicles
