Victorian Mixed-Use
New
For Sale
$795,000
1358 Smith Street, North Providence, RI 02911
Commercial/Business,Commercial Sale, North Providence, RI
Property Size2,162 SF
Lot Size0.34 Acres
Price / SF$367.72
Days on Market2
Property Features for 1358 Smith Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CP
Rooms
Basement
Parking
24
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Partial
Subdivision
Fruit Hill
Lot features
Corner Lot, Local Historic District, Free Standing, Historic, Urban
Standard status
Active
Size
2,162 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13065
Utilities
Sewer type
Public Sewer
Cooling system
Other (Cooling), Central Air
Amenities
central air
ductless cooling
skylights
heated cement ramp
Building Details
Year built
1900
Floors in Building
3
Number of units
1
Architectural style
Victorian
Listing Agency:
Residential Properties Ltd
(401) 457-3400
Listed By:
Joe Roch · License #REB.0018442
(401) 440-7483
Added: Sep 9
Last Checked: Sep 10 at 11:06PM
MLS# 1422906
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,162-square-foot Victorian mixed-use property occupies a 0.34-acre parcel and includes several architectural additions. The second floor contains a five-room, two-bedroom apartment with an updated kitchen, bathroom, and ductless cooling. The third floor offers a one-bedroom, one-bath apartment with three skylights and views toward Providence. The first floor includes central air and is configured for one large or two residential apartments. A two-story carriage house provides additional redevelopment potential for an accessory dwelling unit.
Property improvements include Hardie Board siding, blown-in insulation, many replacement windows with storm windows, and a newer roof. Off-street parking accommodates as many as 21 spaces, with a heated cement ramp serving the property. The site fronts Smith Street in North Providence, with access to highways, a bus route, and nearby amenities. Downtown Providence and commuter rail are approximately 3 miles away, while two colleges are just over 1 mile from the property. Zoning is CP.
Property improvements include Hardie Board siding, blown-in insulation, many replacement windows with storm windows, and a newer roof. Off-street parking accommodates as many as 21 spaces, with a heated cement ramp serving the property. The site fronts Smith Street in North Providence, with access to highways, a bus route, and nearby amenities. Downtown Providence and commuter rail are approximately 3 miles away, while two colleges are just over 1 mile from the property. Zoning is CP.
Key Highlights
- 2,162 SF mixed‑use property on a 0.34‑acre parcel
- Victorian architecture with multiple additions and a two‑story carriage house
- Existing 2‑bedroom and 1‑bedroom apartments on the second and third floors
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
$28,570
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
3.59%
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%
$571,400
$571.4K
Cap Rate 7%
$408,143
$408.1K
Cap Rate 9%
$317,444
$317.4K
Market Conditions
NOI Build-Up for 2,162 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
$55.3K $25.56/SF
− Vacancy
−$3.3K −$1.53/SF
EGI
$51.9K $24.03/SF
− OpEx
−$23.4K −$10.81/SF
NOI
$28.6K $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%
$571,400
Cap Rate 7%
$408,143
Cap Rate 9%
$317,444
Alternative Uses
Best Use
Apartment 5plus
$408.1K
$357.1K – $476.2K
NOI $28,570 @ 7.0% cap · market cap 3.59%
Second Best
Mixed Use
$364.8K
$319.2K – $425.7K
NOI $25,539 @ 7.0% cap · market cap 3.21%
Theoretical Best
Multifamily LT 5
$514.3K
$450.0K – $600.0K
NOI $35,998 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
653
Businesses Nearby
Explore this area
Business Placement
Demographics for 02911, RI
16,384
Population
6,894
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
2.5 sq mi
ZIP Area
6,554
Density / Sq Mi
$85,803
Median Household Income
$53,209
Median Earnings
$1,480
Median Rent
$319,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-level property with apartments, central air, architectural additions, and substantial off-street parking.
Where is this mixed-use property located?
The property is located at 1358 Smith Street North Providence, RI.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 2,162 SF mixed‑use property on a 0.34‑acre parcel; Victorian architecture with multiple additions and a two‑story carriage house; Existing 2‑bedroom and 1‑bedroom apartments on the second and third floors
