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 Market106
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
Listing Agency:
(508) 501-1443
Listed By:
Brian DaSilva
(508) 501-1443
Source:
Milestonerealtyinc
Added: May 16
Changed: Aug 28
Last Checked: Aug 28 at 7:28AM
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
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, along with four residential apartments, with two apartments located on each of the first and second levels. A two-stall garage is attached to the building; one stall is used by a tenant, and 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 via a 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 property is currently fully occupied and offers parking for over 14 vehicles. The adjacent four-unit property on a 1/4 acre lot is also available for purchase.
Key Highlights
- Mixed‑use property: 6 units (2 commercial, 4 residential) plus vacant lot (over 1/2 acre).
- Fully occupied building generating immediate income**.
- Excellent location on Diamond Hill Road, between Chapel Four Corners and I‑295.
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
$51,576
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
4.69%
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%
$1,031,520
$1.0M
Cap Rate 7%
$736,800
$736.8K
Cap Rate 9%
$573,067
$573.1K
Market Conditions
NOI Build-Up for 3,903 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
$99.8K $25.56/SF
− Vacancy
−$6.0K −$1.53/SF
EGI
$93.8K $24.03/SF
− OpEx
−$42.2K −$10.81/SF
NOI
$51.6K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,031,520
Cap Rate 7%
$736,800
Cap Rate 9%
$573,067
Alternative Uses
Best Use
Apartment 5plus
$736.8K
$644.7K – $859.6K
NOI $51,576 @ 7.0% cap · market cap 4.69%
Second Best
Mixed Use
$658.6K
$576.3K – $768.4K
NOI $46,104 @ 7.0% cap · market cap 4.20%
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.
Property Analytics
Property Profile
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
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 - 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: **6 units (2 commercial, 4 residential) plus vacant lot (over 1/2 acre)**.; Fully occupied building generating immediate income**.; Excellent location on Diamond Hill Road, between Chapel Four Corners and I‑295.
