Victorian Mixed-Use Multi-Family
1358 Smith Street North Providence, RI 02911
For Sale
$879,000
Impeccably maintained Victorian mixed-use building with flexible unit layout and ample off-street parking.
Property Size2,162 SF
Price / SF$406.57
Days on Market106
Property Features for 1358 Smith Street
General Information
Standard status
Active
Size
2,162 SF
Property subtype
General Commercial
Building Details
Year Built
1900
Listing Agency:
(401) 440-7483
Listed By:
Residential Properties Ltd
(401) 440-7483
Source:
Xome
Added: Apr 16
Changed: Jul 10
Last Checked: Jun 14 at 2:09AM
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 Residential Properties Ltd
Investment Insights
Based on property information with market context.
This Victorian-style mixed-use property is described as impeccably maintained and includes several architectural additions. The first floor is set up as either one large residence or two residential apartments and includes central air. The second floor features spacious 5-room apartments with two bedrooms, an updated kitchen and bathroom, and ductless cooling. The third floor offers a 1-bedroom, 1.5-bath apartment with three skylights and a reported view of the City of Providence. A two-story carriage house can be redeveloped into an Accessory Dwelling Unit. The building also benefits from a younger roof, Hardie Board siding, blown-in insulation, and many replacement windows covered with storm windows, supporting a low-maintenance profile.
The property fronts Smith Street in the Fruit Hill section of North Providence. The frontage is described as a main corridor providing access to highways, a bus route, and local amenities. It is approximately three miles to the commuter rail and Downtown Providence, and just over one mile to two nearby colleges.
As a for-sale offering, the building’s current apartment configuration and noted adaptive reuse possibilities can support buyers or operators looking for residential income flexibility, including the option to create additional apartments and an Accessory Dwelling Unit from the carriage house. Ample off-street parking, described as up to 21 spaces, is available, and a heated cement ramp services the property.
The property fronts Smith Street in the Fruit Hill section of North Providence. The frontage is described as a main corridor providing access to highways, a bus route, and local amenities. It is approximately three miles to the commuter rail and Downtown Providence, and just over one mile to two nearby colleges.
As a for-sale offering, the building’s current apartment configuration and noted adaptive reuse possibilities can support buyers or operators looking for residential income flexibility, including the option to create additional apartments and an Accessory Dwelling Unit from the carriage house. Ample off-street parking, described as up to 21 spaces, is available, and a heated cement ramp services the property.
Key Highlights
- Potential conversion to 5 apartments plus an Accessory Dwelling Unit (ADU), with first-, second-, and third‑floor unit layouts described.
- Second‑floor units: well‑maintained 5‑room apartments with 2 bedrooms, updated kitchen and bathroom, plus ductless cooling.
- Third‑floor apartment: 1 bed, 1.5 bath, with 3 skylights and a view of the City of Providence.
Financial Insights For Apartment 5plus
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 | $55.3k | $25.56 |
| − Vacancy | −$3.3k | −$1.53 |
| EGI | $51.9k | $24.03 |
| − OpEx | −$23.4k | −$10.81 |
| NOI | $28.6k | $13.21 |
2,162 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$408.1K
$357.1K – $476.2K
NOI $28,570 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$514.3K
$450.0K – $600.0K
NOI $35,998 @ 7.0% cap · market cap 4.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Impeccably maintained Victorian mixed-use building with flexible unit layout and ample off-street parking.
Where is this apartment building located?
The property is located at 1358 Smith Street North Providence, RI.
What is the asking price?
The asking price for this property is $879,000.
What are key features of this property?
This property features: Potential conversion to 5 apartments plus an Accessory Dwelling Unit (ADU), with first-, second-, and third‑floor unit layouts described.; Second‑floor units: well‑maintained 5‑room apartments with 2 bedrooms, updated kitchen and bathroom, plus ductless cooling.; Third‑floor apartment: 1 bed, 1.5 bath, with 3 skylights and a view of the City of Providence.
