Approved Multifamily Development
For Sale
$2,000,000
167 George Street Pawtucket, Pawtucket, RI 02860
22-unit development site near transportation and amenities.
Property Size7,223 SF
Lot Size0.17 Acres
Price / SF$276.89
Days on Market105
Property Features for 167 George Street Pawtucket
General Information
Standard status
Active
Size
7,223 SF
Total Parking Spaces
25
Lot size
0.17 Acres
Building Details
Building Size
7,223 SF
Year Built
1900
Buildings
1
Stories
3
Listing Agency:
(508) 501-1443
Listed By:
Leanne McCormick
(508) 501-1443
Source:
Milestonerealtyinc
Added: May 16
Changed: Aug 25
Last Checked: Aug 28 at 7:54AM
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 Leanne McCormick
Investment Insights
Based on property information with market context.
This approved 22-unit development site includes the former St. Mary's school building, a three-story structure encompassing approximately 30,000 square feet. The property offers versatile, open, and modern floor plan options. Situated in an opportunity zone, it is also part of the National Register's Multiple Resource Area, making it eligible for historical tax credits. The site is environmentally clean and level, with convenient access to city utilities. Its location provides close proximity to I-95, the Pawtucket Central Falls Commuter Rail Station, the Tidewater Landing soccer stadium, and the East Side of Providence. The property size is 7,223 square feet.
Key Highlights
- Approved 22‑unit development site.
- Located in an opportunity zone.
- Eligible for historical tax credits (National Register's Multiple Resource Area).
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
Location Intelligence
Trade Area within ½ mile
4,005
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
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Frequently Asked Questions
What type of property is this?
Apartment building - 22-unit development site near transportation and amenities.
Where is this apartment building located?
The property is located at 167 George Street Pawtucket 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 development site.; Located in an opportunity zone.; Eligible for historical tax credits (National Register's Multiple Resource Area).
