Elmwood Mixed-Use Investment
For Sale
$529,000
217 Elmwood Ave, Providence, RI 02907
Mixed-use property in prime location with high traffic count.
Property Size2,570 SF
Price / SF$205.84
Days on Market158
Property Features for 217 Elmwood Ave
General Information
Standard status
Active
Size
2,570 SF
Property subtype
Multi-Family
Building Details
Year Built
1925
Listing Agency:
Peter M. Scotti & Assoc.,Inc.
Listed By:
Rachel Wills · License #37982
(401) 421-8888
Source:
Alpernandmesenbourg
Added: May 12
Changed: Oct 11
Last Checked: Oct 7 at 12:56PM
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.
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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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,353
Cap Rate
6.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$727,060
$727.1K
Cap Rate 7%
$519,329
$519.3K
Cap Rate 9%
$403,922
$403.9K
Market Conditions
NOI Build-Up for 2,570 SF
Gross rent
$63.2K $24.60/SF
− Vacancy
−$5.1K −$1.97/SF
EGI
$58.2K $22.63/SF
− OpEx
−$21.8K −$8.49/SF
NOI
$36.4K $14.15/SF
Area
Providence, RI
Vacancy
8.00%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$727,060
Cap Rate 7%
$519,329
Cap Rate 9%
$403,922
Alternative Uses
Best Use
Mixed Use
$519.3K
$454.4K – $605.9K
NOI $36,353 @ 7.0% cap · market cap 6.87%
Second Best
—
—
no second resolved use
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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
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 Ave 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.
