Mixed-Use Property with
For Sale
Contact for pricing
21 Elmwood Avenue UNIT 2, Providence, RI 02907
Corner-lot property combining commercial space, a two-bedroom apartment, and off-street parking.
Property Size2,570 SF
Price / SF$223.74
Days on Market207
Property Features for 21 Elmwood Avenue UNIT 2
General Information
Standard status
Active
Size
2,570 SF
Total Parking Spaces
4
Property subtype
Mixed Use
Building Details
Year Built
1925
Buildings
1
Units
2
Listing Agency:
Peter M. Scotti & Assoc.,Inc.
(401) 421-8888
Listed By:
Rachel Wills
Source:
Crexi
Added: Feb 5
Changed: Aug 30
Last Checked: Aug 30 at 8:23PM
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 Peter M. Scotti & Assoc.,Inc.
Investment Insights
Based on property information with market context.
Built in 1925, this 2,570-square-foot mixed-use property combines a commercial area on the first floor with a two-bedroom apartment above. The lower level includes a front porch and may also function as residential space. Interior features include replacement windows, hardwood flooring, and period architectural character. Laundry facilities are located in the basement, and off-street parking is provided.
The property occupies a corner lot at 21 Elmwood Avenue in Providence, with access to shopping, downtown, the interstate, and the airport. The sale includes the real estate only and is offered in as-is condition. Existing occupants are long-term tenants at will.
The property occupies a corner lot at 21 Elmwood Avenue in Providence, with access to shopping, downtown, the interstate, and the airport. The sale includes the real estate only and is offered in as-is condition. Existing occupants are long-term tenants at will.
Key Highlights
- 2,570‑square‑foot mixed‑use property built in 1925
- First‑floor commercial area with front porch and possible residential use
- Second‑floor two‑bedroom apartment
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
$38,980
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
6.78%
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%
$779,600
$779.6K
Cap Rate 7%
$556,857
$556.9K
Cap Rate 9%
$433,111
$433.1K
Market Conditions
NOI Build-Up for 2,570 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
$75.6K $29.40/SF
− Vacancy
−$4.7K −$1.82/SF
EGI
$70.9K $27.58/SF
− OpEx
−$31.9K −$12.41/SF
NOI
$39.0K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$779,600
Cap Rate 7%
$556,857
Cap Rate 9%
$433,111
Alternative Uses
Best Use
Apartment 5plus
$556.9K
$487.3K – $649.7K
NOI $38,980 @ 7.0% cap · market cap 6.78%
Second Best
Mixed Use
$519.3K
$454.4K – $605.9K
NOI $36,353 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$859.8K
$752.3K – $1.00M
NOI $60,186 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,168
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner-lot property combining commercial space, a two-bedroom apartment, and off-street parking.
Where is this mixed-use property located?
The property is located at 21 Elmwood Avenue UNIT 2 Providence, RI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 2,570‑square‑foot mixed‑use property built in 1925; First‑floor commercial area with front porch and possible residential use; Second‑floor two‑bedroom apartment
