Mixed-Use Property with Renovated
For Sale
$600,000
185 Spring Street, Woonsocket, RI 02895
Commercial/Business,Commercial Sale, Woonsocket, RI
Property Size2,844 SF
Lot Size0.37 Acres
Price / SF$210.97
Days on Market139
Property Features for 185 Spring Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
21
Basement
Full
Lot features
Urban
Standard status
Active
Size
2,844 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4610
Utilities
Heating system
Baseboard
Cooling system
Central Air
Water source
Public
Building Details
Year built
1930
Number of units
2
Listing Agency:
Prime Time Properties, Inc.
(401) 454-1300
Listed By:
Antoanet Sialer
(401) 640-3299
Added: Apr 6
Changed: Aug 19
Last Checked: Aug 22 at 7:06PM
MLS# 1409322
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 185 Spring Street in Woonsocket, this mixed-use building includes an operating business area on the first floor and a recently renovated apartment above. The property also includes a basement, central air, baseboard heating, and public water service. Built in 1930, the building occupies a corner lot and carries COMBO COM M94 R3 zoning, supporting residential and commercial uses.
The property is positioned in Woonsocket, RI 02895, within Providence County. Its two-level configuration offers a combination of commercial and residential space in one building, with the apartment improvements providing an updated component alongside the existing business use.
The property is positioned in Woonsocket, RI 02895, within Providence County. Its two-level configuration offers a combination of commercial and residential space in one building, with the apartment improvements providing an updated component alongside the existing business use.
Key Highlights
- First‑floor business space with second‑floor apartment
- Recently renovated second‑floor apartment
- COMBO COM M94 R3 zoning supports residential and commercial uses
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner-lot building combining a first-floor business space with an updated second-floor apartment under mixed-use zoning.
Where is this mixed-use property located?
The property is located at 185 Spring Street 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: First‑floor business space with second‑floor apartment; Recently renovated second‑floor apartment; COMBO COM M94 R3 zoning supports residential and commercial uses
