Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Woonsocket Mixed-Use Corner Property Title is generated by Realmo AI

    185 Spring, Woonsocket, RI 02895

    View on Map
    Claim this Listing
    For Sale
    $600,000

    Versatile mixed-use property with commercial space and renovated apartment.

    Type:Commercial
    Property size:
    2,844 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $210/SF
    Added:
    Apr 7, 2026
    Days on Market:
    54
    Last Refresh:
    Apr 8 at 8:11 pm

    Property Features for 185 Spring

    General Information

    Standard status
    Active
    Size
    2,844 SF
    Lot size
    0.36 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1930

    We can help!

    Listing Contact
    ANTOANET SIALER

    Listing agent ANTOANET SIALER

    Listing office PRIME TIME PROPERTIES, INC.

    Listing date Apr 7, 2026

    Source Corcoran

    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.

    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.
    • Versatile structure can be retrofitted for various business applications (hall rental, restaurant, etc.).
    • First floor is currently occupied by a business.
    • Lot size of 0.36 acres provides ample space for development.

    Overview

    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.

    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 $72.7k $25.56
    − Vacancy −$4.4k −$1.53
    EGI $68.3k $24.03
    − OpEx −$30.7k −$10.81
    NOI $37.6k $13.21
    2,844 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $536.9K
    $469.8K – $626.4K (±1% cap)
    NOI $37,582 @ 7.0% cap · market cap 6.26%
    Second Best
    Mixed Use
    $479.9K
    $419.9K – $559.9K (±1% cap)
    NOI $33,595 @ 7.0% cap · market cap 5.60%
    Theoretical Best
    Multifamily LT 5
    $676.5K
    $591.9K – $789.2K (±1% cap)
    NOI $47,354 @ 7.0% cap · market cap 7.89%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Alderwood Funeral Home ... Social Service Agency Berarducci Funeral Home ... Cremation Service

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Woonsocket
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.5160669
    Latitude
    42.0089961

    Nearby Similar for Sale

    • $650,000
      2,048 SF

      Auto Body & Car Sales

      Turnkey auto body and car sales business in Woonsocket, RI.
      620 Pond Street, Woonsocket, RI 02895
      View Details
    • $8
      8,750 SF

      Woonsocket Commercial Corner Location

      Prominent corner location with high visibility and flexible space.
      1081 Social Street, Woonsocket, RI 02895
      View Details
    • $700,000
      7,080 SF

      Woonsocket Multifamily Investment Opportunity

      Four units, strong income potential, convenient location, ample parking.
      2320 Diamond Hill Road, Woonsocket, RI 02895
      View Details
    • $584,900
      11,222 SF

      Woonsocket Commercial Property For Sale

      Commercial property with potential for various uses and businesses.
      72 Parker Street, Woonsocket, RI 02895
      View Details
    • $600,000
      2,844 SF

      Woonsocket Mixed-Use Corner Property

      Versatile mixed-use property with commercial space and renovated apartment.
      185 Spring Street, Woonsocket, RI 02895
      View Details
    • $759,000
      8,010 SF

      Woonsocket Three-Family with ADU Potential

      Rare Woonsocket three-family with detached garage and ADU potential.
      50 Jackson Street, Woonsocket, RI 02895
      View Details
    • $975,000
      6,708 SF

      Woonsocket Multifamily Investment Opportunity

      Seven apartments and eleven garage bays on 0.66 acres.
      48 PROVIDENCE Street, Woonsocket, RI 02895
      View Details
    • $975,000
      8,868 SF

      Woonsocket Multifamily and Garage Package

      Seven apartments and eleven garage bays on 0.66 acres.
      48 PROVIDENCE Street, Woonsocket, RI 02895
      View Details
    • $400,000
      7,156 SF

      Woonsocket Commercial Property with Redevelopment Potential

      Retail property in a growing market with redevelopment opportunities.
      617 Elm Street, Woonsocket, RI 02895
      View Details
    • $575,000
      3,150 SF

      Woonsocket Multifamily Investment Opportunity

      Five-unit residential building in Woonsocket with strong rental appeal.
      79 Hamlet Avenue, Woonsocket, RI 02895
      View Details
    • $2,800
      1,200 SF

      Woonsocket Restaurant Space For Sale

      Commercial restaurant space with recent updates in Downtown Woonsocket.
      57 N Main St, Woonsocket, RI 02895
      View Details
    • $500,000

      Updated Restaurant with Drive-Through

      Immaculate restaurant with drive-through, patio, and full basement.
      426 Cass Avenue, Woonsocket, RI 02895
      View Details

    FAQs

    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**.
    (401) 454-1300
    We can help!
    Listing Contact
    ANTOANET SIALER
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    185 Spring, Woonsocket, RI 02895
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!