Mixed-Use Property with Retail
For Sale
Contact for pricing
Pending
580 Central Avenue, Pawtucket, RI 02861
Three-unit configuration combines storefront space with two residential apartments and off-street parking.
Property Size3,306 SF
Days on Market648
Property Features for 580 Central Avenue
General Information
Standard status
Pending
Size
3,306 SF
Total Parking Spaces
10
Property subtype
Mixed Use, Retail, Land
Occupancy
100%
Building Details
Year Built
1930
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Century 21 The Seyboth Team
(508) 726-3492
Listed By:
Kyle Seyboth · License #RI, MA
Source:
Crexi
Added: Nov 20, 2024
Changed: Aug 30
Last Checked: Aug 30 at 9:28AM
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 Century 21 The Seyboth Team
Investment Insights
Based on property information with market context.
Built in 1930, this 3,306-square-foot mixed-use property combines a retail unit with two residential apartments. The residential component includes one two-bedroom unit and one one-bedroom unit, creating a varied unit mix within the building. The property is currently fully occupied and includes a detached garage that can support storage or other property needs.
Off-street parking serves the residential and commercial components. Located at 580 Central Avenue in Pawtucket, Rhode Island, the property presents a combined retail and residential configuration with established on-site improvements.
Off-street parking serves the residential and commercial components. Located at 580 Central Avenue in Pawtucket, Rhode Island, the property presents a combined retail and residential configuration with established on-site improvements.
Key Highlights
- 3,306‑square‑foot mixed‑use property built in 1930
- One retail unit plus two residential units
- Residential unit mix includes 2‑bedroom and 1‑bedroom apartments
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
$43,687
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
7.60%
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%
$873,740
$873.7K
Cap Rate 7%
$624,100
$624.1K
Cap Rate 9%
$485,411
$485.4K
Market Conditions
NOI Build-Up for 3,306 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
$84.5K $25.56/SF
− Vacancy
−$5.1K −$1.53/SF
EGI
$79.4K $24.03/SF
− OpEx
−$35.7K −$10.81/SF
NOI
$43.7K $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%
$873,740
Cap Rate 7%
$624,100
Cap Rate 9%
$485,411
Alternative Uses
Best Use
Multifamily LT 5
$786.4K
$688.1K – $917.4K
NOI $55,046 @ 7.0% cap · market cap 9.57%
Second Best
Apartment 5plus
$624.1K
$546.1K – $728.1K
NOI $43,687 @ 7.0% cap · market cap 7.60%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
918
Businesses Nearby
Explore this area
Business Placement
Demographics for 02861, RI
27,833
Population
11,928
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
3.6 sq mi
ZIP Area
7,731
Density / Sq Mi
$83,044
Median Household Income
$47,384
Median Earnings
$1,278
Median Rent
$285,200
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?
Mixed-use property - Three-unit configuration combines storefront space with two residential apartments and off-street parking.
Where is this mixed-use property located?
The property is located at 580 Central Avenue Pawtucket, RI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 3,306‑square‑foot mixed‑use property built in 1930; One retail unit plus two residential units; Residential unit mix includes 2‑bedroom and 1‑bedroom apartments
