5-Unit Mixed-Use
New
For Sale
$699,000
1186 Elmwood Avenue, Providence, RI 02907
Commercial/Business,Commercial Sale, Providence, RI
Property Size3,644 SF
Lot Size0.08 Acres
Price / SF$191.82
Days on Market3
Property Features for 1186 Elmwood Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
8
Basement
Full
Subdivision
Elmwood
Lot features
Corner Lot, Paved, Sidewalks, Park, Suburban, Urban
Standard status
Active
Size
3,644 SF
Lot size
0.08 Acres
Additional Details
Tenant in Place
Yes
Mixed-Use Components
commercial, residential
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7893
Utilities
Heating system
Baseboard
Building Details
Year built
1900
Floors in Building
4
Number of units
5
Listing Agency:
Dream Living Realty Llc
(401) 769-4663
Listed By:
Lisa Fox
(401) 601-7777
Added: Oct 27
Last Checked: Oct 29 at 12:06PM
MLS# 1424431
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 3,644-square-foot mixed-use property contains two commercial units and three residential units. One studio apartment could also serve as a commercial unit. The building includes a two-car garage and a small parking area with space for about seven vehicles. Newer windows, updated plumbing and electrical systems, and an updated fire safety system are in place. The roof is approximately five years old.
The first floor uses electric heat, while the second and third floors have separate gas boilers. Each floor has its own hot water heater. The property was built in 1900 and is fully rented.
The first floor uses electric heat, while the second and third floors have separate gas boilers. Each floor has its own hot water heater. The property was built in 1900 and is fully rented.
Key Highlights
- Two commercial units and three residential units
- Studio apartment may also be used as a commercial unit
- 3,644 square feet on a 0.0826‑acre lot
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
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 - Two commercial spaces and three residential units share a building with separate heating systems by floor.
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 also be used as a commercial unit; 3,644 square feet on a 0.0826‑acre lot
