Four-Unit Mixed-Use Income
For Sale
$899,900
620 Killingly Street, Johnston, RI 02919
Turnkey, fully occupied four-unit property with on-site parking and mixed restaurant and residential tenants.
Property Size3,377 SF
Lot Size0.30 Acres
Price / SF$266.48
Days on Market39
Property Features for 620 Killingly Street
General Information
Standard status
Active
Size
3,377 SF
Total Parking Spaces
19
Lot size
0.30 Acres
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
1
Building Details
Year Built
1996
Tenancy
Multi
Listing Agency:
RE/MAX Properties
(401) 232-3900
Listed By:
Kenneth Scotti · License #13099
Source:
Onshorerealtors
Added: Jul 19
Changed: Aug 22
Last Checked: Aug 25 at 5:31AM
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 RE/MAX Properties
Investment Insights
Based on property information with market context.
Turnkey four-unit property with three commercial units and one residential unit, fully occupied and positioned for immediate, diversified income. One single-level building features a double unit currently leased to a pizza and pasta restaurant, with five years remaining on the lease. A second up-and-down mixed-use building includes a small business on the first floor and a residential apartment on the second floor, with month-to-month tenancy. Both buildings have newer heating systems, and the property is fully up to date on security and fire code compliance.
The property sits on a 13,068 sq. ft. lot with newly paved and lined parking for 19 vehicles. The front building includes a solid Trex stairway designed for durable, low-maintenance access.
With ample on-site parking, ongoing lease continuity in one unit, and active month-to-month occupancy in the mixed-use structure, the buildings are offered as a maintained, turnkey income property.
The property sits on a 13,068 sq. ft. lot with newly paved and lined parking for 19 vehicles. The front building includes a solid Trex stairway designed for durable, low-maintenance access.
With ample on-site parking, ongoing lease continuity in one unit, and active month-to-month occupancy in the mixed-use structure, the buildings are offered as a maintained, turnkey income property.
Key Highlights
- Four‑unit commercial property with 3 commercial units and 1 residential unit; fully occupied
- Tenant 1: singlelevel double unit leased to a pizza and pasta restaurant with 5 years remaining on the lease
- Second building is mixed‑use up‑and‑down structure: first‑floor commercial unit plus a second‑floor residential apartment
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
$56,229
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
6.25%
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%
$1,124,580
$1.1M
Cap Rate 7%
$803,271
$803.3K
Cap Rate 9%
$624,767
$624.8K
Market Conditions
NOI Build-Up for 3,377 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
$85.9K $25.44/SF
− Vacancy
−$5.6K −$1.65/SF
EGI
$80.3K $23.79/SF
− OpEx
−$24.1K −$7.14/SF
NOI
$56.2K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
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%
$1,124,580
Cap Rate 7%
$803,271
Cap Rate 9%
$624,767
Alternative Uses
Best Use
Multifamily LT 5
$803.3K
$702.9K – $937.2K
NOI $56,229 @ 7.0% cap · market cap 6.25%
Second Best
Apartment 5plus
$637.5K
$557.8K – $743.8K
NOI $44,625 @ 7.0% cap · market cap 4.96%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 02919, RI
29,473
Population
11,993
Households
2.5
Avg Household Size
45
Median Age
29%
College-Educated
91%
High-School Grad
23.5 sq mi
ZIP Area
1,254
Density / Sq Mi
$87,811
Median Household Income
$56,068
Median Earnings
$1,259
Median Rent
$326,100
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?
Quadplex - Turnkey, fully occupied four-unit property with on-site parking and mixed restaurant and residential tenants.
Where is this quadplex located?
The property is located at 620 Killingly Street Johnston, RI.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Four‑unit commercial property with 3 commercial units and 1 residential unit; fully occupied; Tenant 1: singlelevel double unit leased to a pizza and pasta restaurant with 5 years remaining on the lease; Second building is mixed‑use up‑and‑down structure: first‑floor commercial unit plus a second‑floor residential apartment
