Elmwood Mixed-Use Investment
For Sale
$529,000
217 Elmwood Avenue, Providence, RI 02907
Mixed-use property in prime location with high visibility.
Property Size2,570 SF
Days on Market188
Property Features for 217 Elmwood Avenue
General Information
Standard status
Active
Size
2,570 SF
Total Parking Spaces
4
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,112
Building Details
Building Size
2,570 SF
Year Built
1925
Buildings
1
Units
2
Listing Agency:
Peter M. Scotti & Assoc., Inc.
(401) 248-3111
Listed By:
Rachel Wills
(401) 248-3111
Source:
Liongatere
Added: Feb 4
Changed: Aug 8
Last Checked: Aug 8 at 3:03PM
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.
This Elmwood multi-family property offers a residential and commercial mixed-use opportunity in a prime location with high traffic. Situated on a corner lot, the property benefits from high visibility and convenient access to shopping, downtown, the interstate, and the airport. The first floor features a meticulously maintained commercial space with a front porch, which could also serve as a residential apartment. The second floor comprises a stylish 2-bedroom apartment with potential for additional square footage expansion to the third floor. The property includes replacement windows, artisan hardwoods, and period charm. Laundry facilities are located in the basement. There is off-street parking available. The property is being sold in As-Is condition. Long-term tenants are currently at will, and rents are below current market demand.
Key Highlights
- Prime location on a corner lot with high traffic count and excellent visibility.
- Mixed‑use property offers both commercial and residential income potential.
- Potential to expand the second‑floor apartment into a larger townhouse by utilizing the third floor.
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
$43,397
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
8.20%
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%
$867,940
$867.9K
Cap Rate 7%
$619,957
$620.0K
Cap Rate 9%
$482,189
$482.2K
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
$66.3K $25.80/SF
− Vacancy
−$4.3K −$1.68/SF
EGI
$62.0K $24.12/SF
− OpEx
−$18.6K −$7.24/SF
NOI
$43.4K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$867,940
Cap Rate 7%
$619,957
Cap Rate 9%
$482,189
Alternative Uses
Best Use
Multifamily LT 5
$620.0K
$542.5K – $723.3K
NOI $43,397 @ 7.0% cap · market cap 8.20%
Second Best
Apartment 5plus
$556.9K
$487.3K – $649.7K
NOI $38,980 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$859.8K
$752.3K – $1.00M
NOI $60,186 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,493
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property in prime location with high visibility.
Where is this mixed-use property located?
The property is located at 217 Elmwood Avenue Providence, RI.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Prime location on a corner lot with high traffic count and excellent visibility.; Mixed‑use property offers both commercial and residential income potential.; Potential to expand the second‑floor apartment into a larger townhouse by utilizing the third floor.
