Renovated Mixed-Use
For Sale
Contact for pricing
122 N Main St, Woonsocket, RI 02895
Renovated 19-unit mixed-use property with retail space, ample parking, and separately metered utilities.
Property Size14,704 SF
Lot Size0.43 Acres
Price / SF$190.08
Days on Market120
Property Features for 122 N Main St
General Information
Standard status
Active
Size
14,704 SF
Lot size
0.43 Acres
Property subtype
MULTIFAMILY
Zoning
MU1
Additional Details
Opportunity Zone
Yes
Multifamily Units
19
Amenities
separately metered utilities
laundry hookups
individual water boilers
Building Details
Year Renovated
2023
Listing Agency:
Sweeney Real Estate &Appraisal
(401) 523-5101
Listed By:
Thomas O Sweeney
(401) 523-5101
Source:
Moodyscre
Added: Apr 10
Changed: Jul 26
Last Checked: Aug 7 at 8:29AM
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 Sweeney Real Estate &Appraisal
Investment Insights
Based on property information with market context.
This renovated mixed-use building offers 19 total units on approximately 0.43 acres, including approximately 10,764± SF of residential space and approximately 3,940± SF of retail space. The property was renovated in 2023 and is configured as a mixed-use asset with parking on-site, with a parking lot offering 20+ spaces.
Residential utilities are separately metered for gas, water, and electric, with laundry hookups and individual water boilers included in the residential units. The property is zoned Mixed Use (MU1) and is located just off Social Street. The site is also identified as being in an Opportunity Zone.
Additional details include estimated taxes of $39,164 and reported market performance metrics in the public remarks.
Residential utilities are separately metered for gas, water, and electric, with laundry hookups and individual water boilers included in the residential units. The property is zoned Mixed Use (MU1) and is located just off Social Street. The site is also identified as being in an Opportunity Zone.
Additional details include estimated taxes of $39,164 and reported market performance metrics in the public remarks.
Key Highlights
- Renovated in 2023: 19‑unit mixed‑use property with 10,764± SF residential and 3,940± SF retail
- 7.24% market cap rate and 6.6% effective cap rate
- Zoned Mixed Use (MU1) on 0.43± acres, just off Social Street
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$194,306
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.95%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,886,120
$3.9M
Cap Rate 7%
$2,775,800
$2.8M
Cap Rate 9%
$2,158,956
$2.2M
Market Conditions
NOI Build-Up for 14,704 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$375.8K $25.56/SF
− Vacancy
−$22.6K −$1.53/SF
EGI
$353.3K $24.03/SF
− OpEx
−$159.0K −$10.81/SF
NOI
$194.3K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,886,120
Cap Rate 7%
$2,775,800
Cap Rate 9%
$2,158,956
Alternative Uses
Best Use
Apartment 5plus
$2.78M
$2.43M – $3.24M
NOI $194,306 @ 7.0% cap · market cap 6.95%
Second Best
Retail
$2.37M
$2.08M – $2.77M
NOI $166,002 @ 7.0% cap · market cap 5.94%
Theoretical Best
Multifamily LT 5
$3.50M
$3.06M – $4.08M
NOI $244,829 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
19
Residential units
Location Intelligence
Trade Area within ½ mile
1,302
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated 19-unit mixed-use property with retail space, ample parking, and separately metered utilities.
Where is this apartment building located?
The property is located at 122 N Main St Woonsocket, RI.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: Renovated in 2023: 19‑unit mixed‑use property with 10,764± SF residential and 3,940± SF retail; 7.24% market cap rate and 6.6% effective cap rate; Zoned Mixed Use (MU1) on 0.43± acres, just off Social Street
