Mixed-Use Building with Medical
1302 Elmwood Avenue Providence, RI 02910
For Sale
Contact for pricing
Medical office space and renovated residential units are housed in a B2-zoned building with central HVAC, updated windows, and parking.
Property Size3,588 SF
Price / SF$197.85
Days on Market161
Property Features for 1302 Elmwood Avenue
General Information
- Standard status
- Active
- Size
- 3,588 SF
- Property subtype
- Mixed Use, Land, Office, Multifamily
Building Details
- Year Built
- 1988
Listing Agency:
Pyramid Realty Inc
(401) 323-4315
Listed By:
Martha Habib
Source:
Crexi
Added: Feb 12
Changed: Jul 23
Last Checked: Jul 23 at 11:18AM
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 Pyramid Realty Inc
Investment Insights
Based on property information with market context.
Built in 1988, this B2-zoned mixed-use property has been converted from former residential use and is arranged to support both office and living space. The first floor is currently configured as a medical office with a reception and waiting area, six office rooms, and a large tiled bathroom. The layout includes a wheelchair-accessible ramp at the rear and a centrally managed heating and cooling system, along with a hard-wired fire system.
The second floor was renovated and offers a three-to-four bedroom unit with laminate flooring, high ceilings, and windows providing natural light. A lower-level unit adds an open floor plan with two private rooms, a bath, and a renovated kitchen with an oversized dinette. Each unit has a private entry, and the entire interior has been professionally painted, with newer windows throughout.
On-site parking accommodates approximately 7–8 vehicles, supporting convenient day-to-day access for office use and residents.
The second floor was renovated and offers a three-to-four bedroom unit with laminate flooring, high ceilings, and windows providing natural light. A lower-level unit adds an open floor plan with two private rooms, a bath, and a renovated kitchen with an oversized dinette. Each unit has a private entry, and the entire interior has been professionally painted, with newer windows throughout.
On-site parking accommodates approximately 7–8 vehicles, supporting convenient day-to-day access for office use and residents.
Key Highlights
- 1988 B2‑zoned building with mixed‑use setup: first‑floor medical office plus renovated residential units
- First floor medical office includes reception/waiting area, 6 office rooms, and a large tiled bathroom (nearly 1,200 SF)
- Wheelchair‑accessible rear ramp and private entry for each unit
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $96.9k | $27.00 |
| − Vacancy | −$15.0k | −$4.19 |
| EGI | $81.9k | $22.81 |
| − OpEx | −$20.5k | −$5.70 |
| NOI | $61.4k | $17.11 |
3,588 SF · lease $27.00/SF/yr · vacancy 15.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$877.1K
$767.4K – $1.02M
NOI $61,395 @ 7.0% cap · market cap 8.65%
Second Best
Multifamily LT 5
$865.5K
$757.3K – $1.01M
NOI $60,587 @ 7.0% cap · market cap 8.53%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,027 @ 7.0% cap · market cap 11.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Medical Office Space
FAQs
What type of property is this?
Mixed-use property - Medical office space and renovated residential units are housed in a B2-zoned building with central HVAC, updated windows, and parking.
Where is this mixed-use property located?
The property is located at 1302 Elmwood Avenue Providence, RI.
What is the asking price?
The asking price for this property is $709,900.
What are key features of this property?
This property features: 1988 B2‑zoned building with mixed‑use setup: first‑floor medical office plus renovated residential units; First floor medical office includes reception/waiting area, 6 office rooms, and a large tiled bathroom (nearly 1,200 SF); Wheelchair‑accessible rear ramp and private entry for each unit
