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 Market152
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:
Milestone Realty, Inc
Listed By:
Leanne McCormick
(774) 309-3101
Source:
Milestonerealtyinc
Added: May 16
Changed: Oct 7
Last Checked: Oct 7 at 9:27AM
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 Milestone Realty, Inc
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 / Yr
$95,448
Cap Rate
4.77%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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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
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?
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).
