Mixed-Use Building in Downtown
For Sale
$1,375,000
Pending
216 Main Street Pawtucket, Pawtucket, RI 02860
Vacant mixed-use building with retail and residential potential.
Property Size9,798 SF
Days on Market103
Property Features for 216 Main Street Pawtucket
General Information
Standard status
Pending
Size
9,798 SF
Taxes and HOA fees
Annual Taxes
$16,656
Building Details
Building Size
9,798 SF
Year Built
1901
Buildings
1
Listing Agency:
(508) 501-1443
Listed By:
Jadaiya Stanley
(508) 501-1443
Source:
Milestonerealtyinc
Added: May 16
Changed: Aug 25
Last Checked: Aug 25 at 5:00AM
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 Jadaiya Stanley
Investment Insights
Based on property information with market context.
This vacant mixed-use building, located in downtown Pawtucket, presents an investment opportunity for transformation. The property features two retail spaces and eight residential units. Situated in a commercial corridor, the building benefits from visibility, foot traffic, and access to public transportation, shops, and restaurants. The property, with a size of 9798 square feet, is positioned for a revitalization project. Construction can begin immediately to unlock rental income and long-term value. This building offers the chance to create a mixed-use destination in an up-and-coming downtown district.
Key Highlights
- High‑traffic downtown Pawtucket location with excellent visibility.
- Vacant mixed‑use building ready for immediate revitalization.
- Features two prime retail spaces and eight residential units.
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
$115,739
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
8.42%
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%
$2,314,780
$2.3M
Cap Rate 7%
$1,653,414
$1.7M
Cap Rate 9%
$1,285,989
$1.3M
Market Conditions
NOI Build-Up for 9,798 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
$205.8K $21.00/SF
− Vacancy
−$20.6K −$2.10/SF
EGI
$185.2K $18.90/SF
− OpEx
−$69.4K −$7.09/SF
NOI
$115.7K $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%
$2,314,780
Cap Rate 7%
$1,653,414
Cap Rate 9%
$1,285,989
Alternative Uses
Best Use
Mixed Use
$1.65M
$1.45M – $1.93M
NOI $115,739 @ 7.0% cap · market cap 8.42%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.33M
$2.04M – $2.72M
NOI $163,141 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,047
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
Median Home Value
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 - Vacant mixed-use building with retail and residential potential.
Where is this mixed-use property located?
The property is located at 216 Main Street Pawtucket Pawtucket, RI.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: High‑traffic downtown Pawtucket location with excellent visibility.; Vacant mixed‑use building ready for immediate revitalization.; Features two prime retail spaces and eight residential units.
