Two-Building Auto Shop
New
For Sale
$749,000
214 South Main Street, Woonsocket, RI 02895
Multiple service bays, office space, equipment, and MU-1 zoning support automotive and other commercial operations.
Property Size8,396 SF
Lot Size0.62 Acres
Price / SF$89.21
Days on Market7
Property Features for 214 South Main Street
General Information
Standard status
Active
Size
8,396 SF
Lot size
0.62 Acres
Property subtype
General Commercial
Zoning
MU-1
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Gross Income
$33,000
Taxes and HOA fees
Annual Taxes
$9,393
Amenities
workbenches
gantries
3
1 Parking Spaces.
Building Details
Year Built
1941
Buildings
2
Construction
masonry
Listing Agency:
Property Investors & Advisors
(508) 272-9811
Listed By:
Joseph Padilla
(508) 272-9811
Source:
Xome
Added: Aug 15
Changed: Aug 21
Last Checked: Aug 21 at 4:52AM
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 Property Investors & Advisors
Investment Insights
Based on property information with market context.
This 0.62-acre property includes two freestanding masonry buildings totaling 8,396 square feet. The larger building will be vacant at closing and includes five service bays, an office, parking for a vehicle fleet, built-in workbenches, and gantries. The smaller building is operating as an automotive service shop with three bays and is leased on a month-to-month basis.
The property is located at 214 South Main Street in Woonsocket, with highway access and local restaurants nearby. MU-1 zoning, public water and sewer, and hot air heat are in place. The buildings date to 1941, and the buyer is responsible for independent due diligence regarding property condition, environmental matters, zoning, permits, survey, and title.
The property is located at 214 South Main Street in Woonsocket, with highway access and local restaurants nearby. MU-1 zoning, public water and sewer, and hot air heat are in place. The buildings date to 1941, and the buyer is responsible for independent due diligence regarding property condition, environmental matters, zoning, permits, survey, and title.
Key Highlights
- Two freestanding masonry buildings totaling 8,396 square feet on 0.62 acres
- Larger building includes 5 service bays, an office, workbenches, and gantries
- Smaller building operates as an automotive service shop with 3 bays
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
$51,910
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
6.93%
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%
$1,038,200
$1.0M
Cap Rate 7%
$741,571
$741.6K
Cap Rate 9%
$576,778
$576.8K
Market Conditions
NOI Build-Up for 8,396 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
$83.6K $9.96/SF
− Vacancy
−$3.8K −$0.45/SF
EGI
$79.9K $9.51/SF
− OpEx
−$28.0K −$3.33/SF
NOI
$51.9K $6.18/SF
Area
Providence County, RI
Vacancy
4.50%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$1,038,200
Cap Rate 7%
$741,571
Cap Rate 9%
$576,778
Alternative Uses
Best Use
Retail
$1.35M
$1.18M – $1.58M
NOI $94,787 @ 7.0% cap · market cap 12.66%
Second Best
Flex RnD
$741.6K
$648.9K – $865.2K
NOI $51,910 @ 7.0% cap · market cap 6.93%
Theoretical Best
Multifamily LT 5
$2.00M
$1.75M – $2.33M
NOI $139,797 @ 7.0% cap · market cap 18.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
742
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Broad Street Garage — 74 Broad St, Woonsocket, RI 02895
- Henri's Auto Repair — 1068 Park Ave, Woonsocket, RI 02895
Frequently Asked Questions
What type of property is this?
Auto shop - Multiple service bays, office space, equipment, and MU-1 zoning support automotive and other commercial operations.
Where is this auto shop located?
The property is located at 214 South Main Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Two freestanding masonry buildings totaling 8,396 square feet on 0.62 acres; Larger building includes 5 service bays, an office, workbenches, and gantries; Smaller building operates as an automotive service shop with 3 bays
