22-Unit Apartment
For Sale
$2,000,000
167 George Street, Pawtucket, RI 02860
Commercial/Business,Commercial Sale, Pawtucket, RI
Property Size7,223 SF
Lot Size0.39 Acres
Price / SF$276.89
Days on Market118
Property Features for 167 George Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
25
Interior features
Ceiling Height (12 to 15 Ft)
Subdivision
Oak Hill | George Street
Lot features
Sidewalks, Downtown, Free Standing
Standard status
Active
Size
7,223 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Building Details
Year built
1900
Floors in Building
3
Number of units
1
Building materials
Brick, Masonry
Listing Agency:
Here Realty
(401) 862-1251
Listed By:
James Luth
(401) 862-9078
Added: Apr 27
Changed: Aug 19
Last Checked: Aug 22 at 6:06PM
MLS# 1409822
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 approved 22-unit apartment property occupies a 0.39-acre site in a three-story brick and masonry building constructed in 1900. The former St. Mary's school building offers adaptable floor plans, ceiling heights from 12 to 15 Ft, and a level, environmentally clean site. Public sewer serves the property, with city utilities nearby.
The building is included in the National Register's Multiple Resource Area, supporting eligibility for historical tax credits, and is located within an opportunity zone. The property is near I-95, the Pawtucket Central Falls Commuter Rail Station, Tidewater Landing soccer stadium, and Providence's East Side. Its Pawtucket location places the site within reach of established transportation and civic destinations.
The building is included in the National Register's Multiple Resource Area, supporting eligibility for historical tax credits, and is located within an opportunity zone. The property is near I-95, the Pawtucket Central Falls Commuter Rail Station, Tidewater Landing soccer stadium, and Providence's East Side. Its Pawtucket location places the site within reach of established transportation and civic destinations.
Key Highlights
- Approved 22‑unit apartment property on a 0.39‑acre site
- Three‑story brick and masonry building constructed in 1900
- Included in the National Register's Multiple Resource Area for historical tax credits
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
$95,448
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
4.77%
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%
$1,908,960
$1.9M
Cap Rate 7%
$1,363,543
$1.4M
Cap Rate 9%
$1,060,533
$1.1M
Market Conditions
NOI Build-Up for 7,223 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
$184.6K $25.56/SF
− Vacancy
−$11.1K −$1.53/SF
EGI
$173.5K $24.03/SF
− OpEx
−$78.1K −$10.81/SF
NOI
$95.4K $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%
$1,908,960
Cap Rate 7%
$1,363,543
Cap Rate 9%
$1,060,533
Alternative Uses
Best Use
Apartment 5plus
$1.36M
$1.19M – $1.59M
NOI $95,448 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.72M
$1.50M – $2.00M
NOI $120,266 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,518
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Three-story brick and masonry property with public sewer, historical tax-credit eligibility, and access to regional transportation.
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 apartment property on a 0.39‑acre site; Three‑story brick and masonry building constructed in 1900; Included in the National Register's Multiple Resource Area for historical tax credits
