Mixed-Use Property with Carriage
For Sale
$795,000
1358 Smith Street, North Providence, RI 02911
A three-level building combines residential apartments with a two-story carriage house and off-street parking.
Property Size2,162 SF
Price / SF$367.72
Days on Market59
Property Features for 1358 Smith Street
General Information
Standard status
Active
Size
2,162 SF
Total Parking Spaces
24
Property subtype
Commercial
Zoning
CP
Taxes and HOA fees
Annual Taxes
$13,065
Building Details
Building Size
2,162 SF
Year Built
1900
Buildings
1
Stories
3
Units
1
Listing Agency:
Residential Properties Ltd
(401) 457-3400
Listed By:
Joe Roch · License #REB.0018442
(401) 440-7483
Source:
Berettarealty
Added: Sep 9
Changed: Nov 4
Last Checked: Nov 6 at 4:45AM
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
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Investment Insights
Based on property information with market context.
This Victorian-style mixed-use property at 1358 Smith Street includes a two-story carriage house and residential space across three levels. The second floor contains a two-bedroom apartment with an updated kitchen and bathroom, plus ductless cooling. A one-bedroom, one-bathroom apartment occupies the third floor and has three skylights. The first floor has central air and is described as suitable for one larger or two smaller apartments. The carriage house may offer potential for conversion to an accessory dwelling unit. The property also features a heated cement ramp, Hardie Board siding, blown-in insulation, and replacement windows with storm windows. Its reported building size is 2,162 square feet, and it was built in 1900.
The property fronts Smith Street in North Providence and has as many as 21 off-street parking spaces. The location provides access to a bus route and highways. It is approximately 3 miles from the commuter rail and Downtown Providence, and just over 1 mile from two colleges. Zoning is CP.
The property fronts Smith Street in North Providence and has as many as 21 off-street parking spaces. The location provides access to a bus route and highways. It is approximately 3 miles from the commuter rail and Downtown Providence, and just over 1 mile from two colleges. Zoning is CP.
Key Highlights
- Three‑level Victorian‑style mixed‑use property with 2,162 square feet
- Second‑floor apartment has 2 bedrooms, an updated kitchen and bath, and ductless cooling
- Third‑floor apartment includes 1 bedroom, 1 bathroom, and 3 skylights
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,570
Cap Rate
3.59%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
653
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A three-level building combines residential apartments with a two-story carriage house and 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: Three‑level Victorian‑style mixed‑use property with 2,162 square feet; Second‑floor apartment has 2 bedrooms, an updated kitchen and bath, and ductless cooling; Third‑floor apartment includes 1 bedroom, 1 bathroom, and 3 skylights
