Five-Unit Mixed-Use
New
For Sale
$699,000
1186 Elmwood Avenue, Providence, RI 02907
Fully leased building combines commercial space with residential units and includes a garage and small vehicle lot.
Property Size3,444 SF
Price / SF$202.96
Days on Market7
Property Features for 1186 Elmwood Avenue
General Information
Standard status
Active
Size
3,444 SF
Total Parking Spaces
9
Property subtype
MultiFamily
Occupancy
100%
Site & Location
Neighborhood
South Elmwood
Mixed-Use Components
commercial, residential
Additional Details
Multifamily Units
3
Tenant in Place
Yes
Building Details
Year Built
1900
Stories
3
Tenancy
Multi
Listing Agency:
Dream Living Realty LLC
(401) 769-4663
Listed By:
Lisa Fox · License #REB.0018888
(401) 601-7777
Source:
Lockandkeyre
Added: Oct 27
Changed: Nov 1
Last Checked: Nov 1 at 4:17AM
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.
This 3,444-square-foot mixed-use property contains two commercial units and three residential units. One residential unit is currently configured as a studio apartment and could instead serve as commercial space. A two-car garage and a small lot with parking for about seven vehicles are also included. The building dates to 1900 and has newer windows, a roof approximately five 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 separate gas boilers serve the second and third floors. Each floor has its own hot water heater. The property is fully rented.
Heating is arranged by floor: electric heat serves the first floor, while separate gas boilers serve the second and third floors. Each floor has its own hot water heater. The property is fully rented.
Key Highlights
- Two commercial units and three residential units
- Studio apartment may be used as commercial space
- 3,444 square feet; built in 1900
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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Property Analytics
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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
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased building combines commercial space with residential units and includes a garage and small vehicle lot.
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: Two commercial units and three residential units; Studio apartment may be used as commercial space; 3,444 square feet; built in 1900
