5-Unit Mixed-Use
1186 Elmwood Avenue, Providence, RI 02907
For Sale
New
$649,900
Residential Income, Providence, RI
Property Size3,444 SF
Lot Size0.08 Acres
Price / SF$188.70
Days on Market1
Property Features for 1186 Elmwood Avenue
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Half bathrooms
Rooms
Parking
Interior features
Basement
Appliances
Subdivision
Lot features
Standard status
Size
Lot size
Additional Details
Tenant in Place
Mixed-Use Components
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Additional Structures
Buildings
Listing Agency:
Dream Living Realty Llc
(401) 769-4663
Listed By:
Lisa Fox · License RI REB.0018888
(401) 601-7777
Added: Nov 13
Last Checked: Nov 13 at 11:06PM
MLS# 1428453
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 property contains two commercial spaces and three residential units. One studio apartment could instead serve as commercial space. The second and third floors each have two bedrooms, with potential for a third bedroom on each floor. A two-car garage and a small parking area provide additional on-site parking. The building dates to 1900 and occupies 0.0826 acres.
Improvements include newer windows, a roof approximately five years old, updated plumbing and electrical systems, and a current fire safety system. Electric heat serves the first floor, while the upper floors have separate natural gas boilers. Each floor has its own water heater. The property is fully rented.
Improvements include newer windows, a roof approximately five years old, updated plumbing and electrical systems, and a current fire safety system. Electric heat serves the first floor, while the upper floors have separate natural gas boilers. Each floor has its own water heater. The property is fully rented.
Key Highlights
- Two commercial spaces and three residential units; the studio unit can also be used commercially
- 3,444 square feet on 0.0826 acres
- Two‑car garage and parking area for about 7 vehicles
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,237
Cap Rate
8.04%
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 8.04%
Second Best
Mixed Use
$695.9K
$608.9K – $811.9K
NOI $48,715 @ 7.0% cap · market cap 7.50%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,654 @ 7.0% cap · market cap 12.41%
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
$311,600
Median Home Value
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Market
Average Price Trend$/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 fully leased 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 Avenue Providence, RI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Two commercial spaces and three residential units; the studio unit can also be used commercially; 3,444 square feet on 0.0826 acres; Two‑car garage and parking area for about 7 vehicles
