Elmwood Mixed-Use Investment
217 Elmwood Providence, RI 02907
217 Elmwood, Providence, RI, 02907
$529,000
For Sale
$529,000
Mixed-use property in prime location with high traffic count.
Property Size2,570 SF
Price / SF$205.84
Days on Market161
Property Features for 217 Elmwood
General Information
- Standard status
- Active
- Size
- 2,570 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1925
Listing Agency
PETER M. SCOTTI & ASSOC.,INC.
(401) 421-8888
Listed by
RACHEL WILLS
Source
Corcoran
Added: Feb 5 Checked: Jul 16 at 11:29 am
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 residential/commercial multi-family property presents an excellent investment opportunity. The mixed-use property benefits from a prime location with very high traffic count and is situated on a corner lot, enhancing its visibility. The location provides convenient access to shopping, downtown, the interstate, and the airport. The first floor features a bright and meticulously maintained commercial space with a front porch, which could also serve as a residential apartment. The second floor houses a stylish 2-bedroom apartment with the potential for additional square footage by expanding to the third floor to create a chic townhouse. The property includes replacement windows, artisan hardwoods, and period charm. Laundry facilities are located in the basement. Long-term tenants are currently at will, with rents below current market demand. Off-street parking is available. The property, totaling 2570 square feet, is being sold in As-Is condition. This property is suitable for retail space, residential income, or other commercial real estate ventures.
Key Highlights
- Prime location with high traffic count and visibility on a corner lot.
- Mixed‑use property offering both commercial and residential income potential.
- Potential to expand the second‑floor apartment into a larger townhouse.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $66.3k | $25.80 |
| − Vacancy | −$4.3k | −$1.68 |
| EGI | $62.0k | $24.12 |
| − OpEx | −$18.6k | −$7.24 |
| NOI | $43.4k | $16.89 |
2,570 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Mendez Travel Agency
Travel Agency
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FAQs
What type of property is this?
Mixed-use property - Mixed-use property in prime location with high traffic count.
Where is this mixed-use property located?
The property is located at 217 Elmwood 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 with high traffic count and visibility on a corner lot.; Mixed‑use property offering both commercial and residential income potential.; Potential to expand the second‑floor apartment into a larger townhouse.
