Mixed-Use Retail and Townhome
For Sale
$850,000
248 Hawkins Street Providence, Providence, RI 02904
Extensively renovated mixed-use building with two ground-floor storefronts and two townhouse-style apartments above.
Property Size4,500 SF
Price / SF$188.89
Days on Market61
Property Features for 248 Hawkins Street Providence
General Information
Standard status
Active
Size
4,500 SF
Total Parking Spaces
2
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$13,537
Building Details
Building Size
4,500 SF
Year Built
2020
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
(508) 501-1443
Listed By:
Ashley Paiva
(508) 501-1443
Source:
Milestonerealtyinc
Added: Jun 12
Changed: Aug 7
Last Checked: Aug 11 at 4:50AM
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 Ashley Paiva
Investment Insights
Based on property information with market context.
This extensively renovated mixed-use property combines two ground-floor commercial storefronts with two townhouse-style apartments on the upper level. The first floor is configured to support multiple business uses, while the second floor offers two spacious, side-by-side apartment layouts. Each apartment features three bedrooms, generous living space, modern finishes, and central air conditioning. The building also includes major interior and exterior updates, along with modern systems.
Located at 248 Hawkins Street in Providence’s North End, the property is positioned near the intersection of Branch Avenue and Charles Street, supporting convenient day-to-day access for tenants and customers. The property is also described as being in close proximity to downtown Providence and major routes including Route 146 and I-95, as well as shopping and dining amenities.
For buyers seeking flexibility, this asset offers an integrated setup that can support an owner-occupant model, a multi-tenant retail arrangement, or a combined commercial and residential income strategy. The storefront-ready first floor paired with updated townhouse apartments can appeal to operators and investors looking to manage both commercial and residential space within a single, renovated building.
Located at 248 Hawkins Street in Providence’s North End, the property is positioned near the intersection of Branch Avenue and Charles Street, supporting convenient day-to-day access for tenants and customers. The property is also described as being in close proximity to downtown Providence and major routes including Route 146 and I-95, as well as shopping and dining amenities.
For buyers seeking flexibility, this asset offers an integrated setup that can support an owner-occupant model, a multi-tenant retail arrangement, or a combined commercial and residential income strategy. The storefront-ready first floor paired with updated townhouse apartments can appeal to operators and investors looking to manage both commercial and residential space within a single, renovated building.
Key Highlights
- Year built 2020: extensively renovated mixed‑use building with modern commercial and residential spaces
- First floor includes two commercial storefronts for retail, office, professional, service, or business uses
- Two side‑by‑side townhouse‑style apartments above, each with 3 bedrooms and central air conditioning
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
8.94%
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 8.94%
Second Best
Apartment 5plus
$975.1K
$853.2K – $1.14M
NOI $68,254 @ 7.0% cap · market cap 8.03%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,385 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,115
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?
Duplex - Extensively renovated mixed-use building with two ground-floor storefronts and two townhouse-style apartments above.
Where is this duplex located?
The property is located at 248 Hawkins Street Providence Providence, RI.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Year built 2020: extensively renovated mixed‑use building with modern commercial and residential spaces; First floor includes two commercial storefronts for retail, office, professional, service, or business uses; Two side‑by‑side townhouse‑style apartments above, each with 3 bedrooms and central air conditioning
