Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Approved 22-Unit Development Site Title is generated by Realmo AI

    167 George Street, Pawtucket, RI 02860

    View on Map
    Claim this Listing
    For Sale
    $2,000,000

    Approved 22-unit development site in an opportunity zone.

    Type:Multi-family
    Property size:
    30,000 SF
    Price / SF:
    $66/SF
    Added:
    Apr 13, 2026
    Days on Market:
    50
    Last Refresh:
    May 21 at 8:49 pm

    Property Features for 167 George Street

    General Information

    Standard status
    Active
    Size
    30,000 SF
    Property subtype
    Multi-family

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    James Luth

    Listing agent James Luth

    Listing office HERE Realty

    Listing date Apr 13, 2026

    Source Milburyre

    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 HERE Realty

    HighLights

    • Approved 22‑unit site with a versatile 30,000 sq ft building.
    • Located in an opportunity zone and eligible for historical tax credits.
    • Conveniently located near I‑95, the Pawtucket Central Falls Commuter Rail Station, and the East Side of Providence.
    • Environmentally clean and level site.
    • Close proximity to city utilities.
    • Elevated open and modern floor plan offering versatility.

    Overview

    This approved site features a versatile three-story structure, the former St. Mary's school building, encompassing approximately 30,000 square feet. The property is designed to offer elevated, open, and modern floor plan versatility. Situated in an opportunity zone, it is also included in the National Register's Multiple Resource Area for historical tax credits. The site is environmentally clean and level, with close proximity to city utilities. Its location provides convenient access to I-95, the Pawtucket Central Falls Commuter Rail Station, the Tidewater Landing soccer stadium, and the East Side of Providence. The property is intended for use as an apartment building, multifamily property, or residential income property.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Law Firm Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pawtucket
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.3988531
    Latitude
    41.8254784

    Nearby Similar for Sale

    • $850,000
      4,284 SF

      Pawtucket Commercial Property For Sale

      Commercial property with long-term tenant and stable income.
      176 Columbus Avenue, Pawtucket, RI 02860
      View Details
    • $650,000
      1,200 SF

      Turn-Key Liquor Store Opportunity

      Profitable liquor store with high traffic location in Pawtucket.
      551 Smithfield Avenue, Pawtucket, RI 02860
      View Details
    • $995,000
      4,968 SF

      Pawtucket Mixed-Use Investment Opportunity

      Renovated 4-unit property with commercial and residential spaces.
      460 Smithfield Avenue, Pawtucket, RI 02860
      View Details
    • $19
      1,916 SF

      Versatile Commercial Building on Broadway

      Adaptable commercial building suitable for various professional services.
      480 Broadway, Pawtucket, RI 02860
      View Details
    • $699,900
      3,678 SF

      Renovated Multifamily Home in Pawtucket

      Move-in ready triplex with modern updates and rental potential.
      57 Garden Street, Pawtucket, RI 02860
      View Details
    • $439,000
      4,497 SF

      Pawtucket Commercial Building For Sale

      4,497 sqft commercial building with office and warehouse space.
      129 Warren Avenue, Pawtucket, RI 02860
      View Details
    • $850,000

      Pawtucket Corner Restaurant/Lounge Opportunity

      Fully built-out restaurant, lounge, and hookah bar for sale.
      110 School Street, Pawtucket, RI 02860
      View Details
    • $575,000
      3,395 SF

      Pawtucket Two-Family Home

      Well-maintained two-unit property in Pawtucket with recent updates.
      41 Utton Avenue, Pawtucket, RI 02860
      View Details
    • $650,000
      6,427 SF

      Pawtucket Commercial Investment Opportunity

      Four-unit commercial property in high-traffic Pawtucket location.
      33 Summer Street, Pawtucket, RI 02860
      View Details
    • $2,000,000
      7,223 SF

      Pawtucket Multifamily Development Opportunity

      22-unit development site near transportation and amenities.
      167 George Street, Pawtucket, RI 02860
      View Details
    • $584,000
      2,740 SF

      Pawtucket Multi-Family Investment Opportunity

      Solid three-family property with rental history and upside potential.
      584 Armistice Boulevard, Pawtucket, RI 02861
      View Details
    • $3,200,000
      78,000 SF

      Pawtucket Commercial Warehouse/Mill Opportunity

      Large commercial warehouse/mill property in Pawtucket, Rhode Island.
      120 Webster Street, Pawtucket, RI 02861
      View Details

    FAQs

    What type of property is this?
    Apartment building - Approved 22-unit development site in an opportunity zone.
    Where is this apartment building located?
    The property is located at 167 George Street Pawtucket, RI.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: Approved 22‑unit site with a versatile 30,000 sq ft building.; Located in an opportunity zone and eligible for historical tax credits.; Conveniently located near I‑95, the Pawtucket Central Falls Commuter Rail Station, and the East Side of Providence.
    We can help!
    Listing Contact
    James Luth
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    167 George Street, Pawtucket, RI 02860
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!