Mixed-Use Waterfront Office and
For Sale
$799,900
1496 Victory Hwy, Burrillville, RI 02858
For sale mixed-use property with a vacant first-floor commercial space and a second-floor residence overlooking Lapham Pond.
Property Size4,202 SF
Lot Size2.24 Acres
Price / SF$190.36
Days on Market77
Property Features for 1496 Victory Hwy
General Information
Standard status
Active
Size
4,202 SF
Total Parking Spaces
40
Lot size
2.24 Acres
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
1
Building Details
Year Built
1900
Stories
2
Listing Agency:
American Homes & Commercial RE
Listed By:
Norm Jolicoeur
(401) 769-2364
Source:
Alpernandmesenbourg
Added: Jul 12
Changed: Sep 21
Last Checked: Sep 24 at 1:25PM
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 American Homes & Commercial RE
Investment Insights
Based on property information with market context.
This stately mixed-use waterfront property sits on a 2.24-acre corner lot with views overlooking Lapham Pond. The first floor includes a vacant 1,550 sq ft commercial space with central air and a handicapped-accessible entrance, suited for office or retail use or owner occupancy. The second floor features a spacious 1,650 sq ft 3-bedroom townhouse with two private decks.
The property offers 477 feet of frontage, parking for up to 40 vehicles, and a multi-vehicle garage with a heat hookup. Utilities include town sewers and a well, and the listing notes convenience to major highways.
The commercial and residential components share the same waterfront site, providing a cohesive live-work or income-producing setup. Buyer and buyer’s agent are advised to complete due diligence.
The property offers 477 feet of frontage, parking for up to 40 vehicles, and a multi-vehicle garage with a heat hookup. Utilities include town sewers and a well, and the listing notes convenience to major highways.
The commercial and residential components share the same waterfront site, providing a cohesive live-work or income-producing setup. Buyer and buyer’s agent are advised to complete due diligence.
Key Highlights
- Mixed‑use waterfront property on 2.24 acres overlooking Lapham Pond
- Vacant 1,550 SF first‑floor commercial space with central air and a handicapped‑accessible entrance
- 1,650 SF second‑floor 3‑bedroom townhouse with two private decks and water views
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
$54,314
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
6.79%
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%
$1,086,280
$1.1M
Cap Rate 7%
$775,914
$775.9K
Cap Rate 9%
$603,489
$603.5K
Market Conditions
NOI Build-Up for 4,202 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
$84.2K $20.04/SF
− Vacancy
−$11.8K −$2.81/SF
EGI
$72.4K $17.23/SF
− OpEx
−$18.1K −$4.31/SF
NOI
$54.3K $12.93/SF
Area
Providence County, RI
Vacancy
14.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,086,280
Cap Rate 7%
$775,914
Cap Rate 9%
$603,489
Alternative Uses
Best Use
Office B
$775.9K
$678.9K – $905.2K
NOI $54,314 @ 7.0% cap · market cap 6.79%
Second Best
Mixed Use
$709.1K
$620.5K – $827.3K
NOI $49,636 @ 7.0% cap · market cap 6.21%
Theoretical Best
Multifamily LT 5
$999.5K
$874.6K – $1.17M
NOI $69,965 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 02858, RI
580
Population
124
Households
4.7
Avg Household Size
37
Median Age
31%
College-Educated
100%
High-School Grad
0.6 sq mi
ZIP Area
967
Density / Sq Mi
$92,016
Median Household Income
$67,097
Median Earnings
$342,900
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Live-work space - For sale mixed-use property with a vacant first-floor commercial space and a second-floor residence overlooking Lapham Pond.
Where is this live-work space located?
The property is located at 1496 Victory Hwy Burrillville, RI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Mixed‑use waterfront property on 2.24 acres overlooking Lapham Pond; Vacant 1,550 SF first‑floor commercial space with central air and a handicapped‑accessible entrance; 1,650 SF second‑floor 3‑bedroom townhouse with two private decks and water views
