Approved Multifamily Development
167 George Street Pawtucket Pawtucket, RI 02860
167 George Street Pawtucket, Pawtucket, RI, 02860
$2,000,000
For Sale
$2,000,000
22-unit development site near transportation and amenities.
Property Size7,223 SF
Lot Size0.17 Acres
Price / SF$276.89
Days on Market64
Property Features for 167 George Street Pawtucket
General Information
- Standard status
- Active
- Size
- 7,223 SF
- Lot size
- 0.17 Acres
Building Details
- Year Built
- 1900
Listing Agency
(508) 501-1443
Listed by
Leanne McCormick
(508) 501-1443
Source
Milestonerealtyinc
Added: May 16 Checked: Jul 17 at 3:05 am
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).
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $184.6k | $25.56 |
| − Vacancy | −$11.1k | −$1.53 |
| EGI | $173.5k | $24.03 |
| − OpEx | −$78.1k | −$10.81 |
| NOI | $95.4k | $13.21 |
7,223 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
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).
