Mixed-Use Property with Vacant
For Sale
$1,099,000
2220 Diamond Hill Road Cumberland, Cumberland, RI 02864
Six-unit mixed-use property with a vacant lot for sale.
Property Size3,903 SF
Lot Size0.50 Acres
Price / SF$281.58
Days on Market228
Property Features for 2220 Diamond Hill Road Cumberland
General Information
Standard status
Active
Size
3,903 SF
Total Parking Spaces
14
Lot size
0.50 Acres
Zoning
C-1
Taxes and HOA fees
Annual Taxes
$8,489
Building Details
Year Built
1950
Buildings
1
Stories
3
Listed By:
Brian DaSilva
(774) 309-3101
Source:
Milestonerealtyinc
Added: Mar 5
Changed: Oct 7
Last Checked: Oct 7 at 9:48AM
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 Brian DaSilva
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Investment Insights
Based on property information with market context.
This is a mixed-use property featuring six units and a vacant lot exceeding one-half acre. The property is situated on Diamond Hill Road, conveniently located between Chapel Four Corners and I-295. The building includes two commercial units, one on the first level and another on the lower level, alongside four residential apartments, with two located on each of the first and second levels. A two-stall garage is attached to the building; one stall is used by the Unit 1 tenant, while the other is rented to a third party. There are separate electric meters for five units, plus a house meter. Heat is centrally provided by the owner, utilizing one gas IBC high-efficiency direct vent boiler with six zones. The owner also covers the cost of hot water, water, and sewer. A washer and dryer are available in the basement. The building is equipped with a fire alarm system. The building is currently fully occupied. Parking is available for 14 or more vehicles. This six-unit property and vacant lot are being sold together. The adjacent four-unit property on a 1/4 acre lot is also available for purchase, presenting many possibilities.
Key Highlights
- Mixed‑use property with 2 commercial units and 4 residential apartments, offering diverse income streams.
- Includes a large vacant lot (over 1/2 acre) in addition to the 6‑unit building.
- Fully occupied, providing immediate rental income.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,104
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$922,080
$922.1K
Cap Rate 7%
$658,629
$658.6K
Cap Rate 9%
$512,267
$512.3K
Market Conditions
NOI Build-Up for 3,903 SF
Gross rent
$82.0K $21.00/SF
− Vacancy
−$8.2K −$2.10/SF
EGI
$73.8K $18.90/SF
− OpEx
−$27.7K −$7.09/SF
NOI
$46.1K $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 Rate 5%
$922,080
Cap Rate 7%
$658,629
Cap Rate 9%
$512,267
Alternative Uses
Best Use
Mixed Use
$658.6K
$576.3K – $768.4K
NOI $46,104 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$928.4K
$812.3K – $1.08M
NOI $64,987 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
247
Businesses Nearby
Explore this area
Business Placement
Demographics for 02864, RI
36,376
Population
14,735
Households
2.5
Avg Household Size
43
Median Age
43%
College-Educated
92%
High-School Grad
26.5 sq mi
ZIP Area
1,373
Density / Sq Mi
$118,737
Median Household Income
$62,041
Median Earnings
$1,251
Median Rent
$394,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Six-unit mixed-use property with a vacant lot for sale.
Where is this mixed-use property located?
The property is located at 2220 Diamond Hill Road Cumberland Cumberland, RI.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Mixed‑use property with 2 commercial units and 4 residential apartments, offering diverse income streams.; Includes a large vacant lot (over 1/2 acre) in addition to the 6‑unit building.; Fully occupied, providing immediate rental income.
