Mixed-Use Property With
For Sale
$889,900
248 Hawkins St, Providence, RI 02904
Four commercial and residential spaces combine flexible business use with two three-bedroom townhouse-style apartments.
Property Size4,500 SF
Price / SF$197.76
Days on Market40
Property Features for 248 Hawkins St
General Information
Standard status
Active
Size
4,500 SF
Building Details
Year Built
2020
Buildings
1
Listing Agency:
RE/MAX New Horizons
(401) 331-8855
Listed By:
Sussy DeLeon · License #REB.0015186
Source:
Alpernandmesenbourg
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 11:59AM
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 RE/MAX New Horizons
Investment Insights
Based on property information with market context.
This 4,500-square-foot mixed-use building, constructed in 2020, combines two first-floor commercial storefronts with two side-by-side townhouse-style apartments above. The commercial spaces are suited to retail, office, professional, service, or business uses as described in the property information. Each apartment has three bedrooms, generous living areas, modern finishes, and central air conditioning.
The property has undergone substantial interior and exterior improvements, including updated finishes, modern systems, and enhanced curb appeal. It is positioned near the intersection of Branch Avenue and Charles Street, with proximity to downtown Providence, Route 146, I-95, shopping, restaurants, and other amenities. The address is 248 Hawkins St, Providence, RI 02904.
The property has undergone substantial interior and exterior improvements, including updated finishes, modern systems, and enhanced curb appeal. It is positioned near the intersection of Branch Avenue and Charles Street, with proximity to downtown Providence, Route 146, I-95, shopping, restaurants, and other amenities. The address is 248 Hawkins St, Providence, RI 02904.
Key Highlights
- 4,500‑square‑foot mixed‑use building constructed in 2020
- Two first‑floor commercial storefronts
- Two side‑by‑side townhouse‑style apartments
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
$75,987
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
8.54%
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%
$1,519,740
$1.5M
Cap Rate 7%
$1,085,529
$1.1M
Cap Rate 9%
$844,300
$844.3K
Market Conditions
NOI Build-Up for 4,500 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
$116.1K $25.80/SF
− Vacancy
−$7.5K −$1.68/SF
EGI
$108.6K $24.12/SF
− OpEx
−$32.6K −$7.24/SF
NOI
$76.0K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,519,740
Cap Rate 7%
$1,085,529
Cap Rate 9%
$844,300
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$949.8K – $1.27M
NOI $75,987 @ 7.0% cap · market cap 8.54%
Second Best
Apartment 5plus
$975.1K
$853.2K – $1.14M
NOI $68,254 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,385 @ 7.0% cap · market cap 11.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
855
Businesses Nearby
Explore this area
Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
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 - Four commercial and residential spaces combine flexible business use with two three-bedroom townhouse-style apartments.
Where is this mixed-use property located?
The property is located at 248 Hawkins St Providence, RI.
What is the asking price?
The asking price for this property is $889,900.
What are key features of this property?
This property features: 4,500‑square‑foot mixed‑use building constructed in 2020; Two first‑floor commercial storefronts; Two side‑by‑side townhouse‑style apartments
