Woonsocket Mixed-Use Corner
For Sale
$600,000
185 Spring, Woonsocket, RI 02895
Versatile mixed-use property with commercial space and renovated apartment.
Property Size2,844 SF
Lot Size0.36 Acres
Price / SF$210.97
Days on Market173
Property Features for 185 Spring
General Information
Standard status
Active
Size
2,844 SF
Lot size
0.36 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,610
Amenities
Central air
Baseboard Heating
Central Air Cooling
In Unit
Building Details
Year Built
1930
Listing Agency:
PRIME TIME PROPERTIES, INC.
(401) 454-1300
Listed By:
ANTOANET SIALER
(401) 265-0521
Source:
Corcoran
Added: Apr 7
Changed: Aug 16
Last Checked: Sep 2 at 5:32PM
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 PRIME TIME PROPERTIES, INC.
Investment Insights
Based on property information with market context.
Located at 185 Spring Street in Woonsocket, this mixed-use property presents various possibilities for future use. The structure, situated on a corner lot, can be retrofitted for applications such as hall rental, a restaurant, or other business types. The property includes 3,516 square feet of living space and is positioned on a 0.36-acre lot. Zoned as COMBO COM M94 R3, the property supports both residential and commercial uses. The first floor is currently occupied by a business. The second-floor apartment has been recently renovated, offering modern comforts and an updated living environment. This property represents an opportunity for business owners or investors seeking a versatile, well-located asset in Woonsocket. The property size is 2,844 square feet.
Key Highlights
- Mixed‑use property with COMBO COM M94 R3 zoning allows for both residential and commercial use.
- Recently renovated second‑floor apartment offers modern living.
- Located on a corner lot with 3,516 square feet of living space.
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
$33,595
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
5.60%
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%
$671,900
$671.9K
Cap Rate 7%
$479,929
$479.9K
Cap Rate 9%
$373,278
$373.3K
Market Conditions
NOI Build-Up for 2,844 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
$59.7K $21.00/SF
− Vacancy
−$6.0K −$2.10/SF
EGI
$53.8K $18.90/SF
− OpEx
−$20.2K −$7.09/SF
NOI
$33.6K $11.81/SF
Area
Providence County, RI
Vacancy
10.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$671,900
Cap Rate 7%
$479,929
Cap Rate 9%
$373,278
Alternative Uses
Best Use
Mixed Use
$479.9K
$419.9K – $559.9K
NOI $33,595 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$676.5K
$591.9K – $789.2K
NOI $47,354 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
975
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Versatile mixed-use property with commercial space and renovated apartment.
Where is this mixed-use property located?
The property is located at 185 Spring Woonsocket, RI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Mixed‑use property with COMBO COM M94 R3 zoning allows for both residential and commercial use.; Recently renovated second‑floor apartment offers modern living.; Located on a corner lot with **3,516 square feet of living space**.
