Renovated Mixed-Use
For Sale
$850,000
248 Hawkins Street, Providence, RI 02904
Commercial/Business,Commercial Sale, Providence, RI
Property Size4,500 SF
Lot Size0.09 Acres
Price / SF$188.89
Days on Market79
Property Features for 248 Hawkins Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
2
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Crawl Space
Subdivision
North End
Lot features
Paved, Sidewalks, Free Standing
Standard status
Active
Size
4,500 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13537
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2020
Floors in Building
3
Number of units
3
Listing Agency:
Re/Max New Horizons · RE/MAX International
(401) 331-8855
Listed By:
Sussy DeLeon
(401) 331-8855
Added: Jun 4
Changed: Aug 19
Last Checked: Aug 21 at 7:06PM
MLS# 1411735
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use building combines two ground-floor commercial storefronts with two side-by-side, townhouse-style apartments above. Each residence includes three bedrooms, generous living areas, modern finishes, and central air conditioning. The property has undergone extensive interior and exterior improvements, with central forced-air heating, natural gas service, and public water and sewer. A basement is also included.
The building contains 4,500 square feet on a 0.09-acre parcel and was built in 2020. Its commercial spaces are identified for retail, office, professional, service, or business uses. The property is positioned near the intersection of Branch Avenue and Charles Street, with access to downtown Providence, Route 146, I-95, shopping, restaurants, and other amenities.
The configuration supports separate commercial and residential components within one building, with updated finishes and building systems throughout.
The building contains 4,500 square feet on a 0.09-acre parcel and was built in 2020. Its commercial spaces are identified for retail, office, professional, service, or business uses. The property is positioned near the intersection of Branch Avenue and Charles Street, with access to downtown Providence, Route 146, I-95, shopping, restaurants, and other amenities.
The configuration supports separate commercial and residential components within one building, with updated finishes and building systems throughout.
Key Highlights
- Two commercial storefronts on the first floor with two 3‑bedroom townhouse‑style apartments above
- 4,500 square feet on a 0.09‑acre parcel
- Built in 2020 with extensive interior and exterior improvements
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-unit configuration combines commercial storefronts with townhouse-style apartments and updated building systems.
Where is this mixed-use property located?
The property is located at 248 Hawkins Street 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: Two commercial storefronts on the first floor with two 3‑bedroom townhouse‑style apartments above; 4,500 square feet on a 0.09‑acre parcel; Built in 2020 with extensive interior and exterior improvements
