Elmwood Mixed-Use Investment
For Sale
$529,000
217 Elmwood Avenue, Providence, RI 02907
Mixed-use property in prime location with high traffic count.
Property Size2,570 SF
Price / SF$205.84
Days on Market366
Property Features for 217 Elmwood Avenue
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.
(401) 421-8888
Listed By:
Rachel Wills
Source:
Milburyre
Added: Aug 25, 2025
Changed: Aug 23
Last Checked: Aug 24 at 6:19AM
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.
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
$36,353
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
6.87%
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%
$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
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
$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 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%
$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.
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
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 traffic count.
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 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.
