Mixed-Use Property with
For Sale
$850,000
2919 Pawtucket Ave, East Providence, RI 02915
Well-maintained three-level property combining commercial space, residential units, separate utilities, and dedicated storage.
Property Size3,582 SF
Price / SF$237.30
Days on Market41
Property Features for 2919 Pawtucket Ave
General Information
Standard status
Active
Size
3,582 SF
Total Parking Spaces
14
Elevators
Yes
Financials
Gross Income
$58,392
Average Monthly Rent
$1,275
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Office Units
1
Additional Details
Floor
1
Amenities
security system
fire escape
Building Details
Year Built
1920
Buildings
1
Stories
3
Tenancy
Single
Listing Agency:
Residential Properties Ltd.
(401) 439-7705
Listed By:
Mark Raymond
Source:
Alpernandmesenbourg
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 3:56AM
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 Residential Properties Ltd.
Investment Insights
Based on property information with market context.
This three-level mixed-use property contains approximately 3,582 square feet and was built in 1920. The first floor provides an approximately 1,620-square-foot commercial studio with two half baths, a security system, and a handicap-accessible elevator. Two residential units occupy the upper floors: an approximately 1,300-square-foot two-bedroom apartment with one full bath on the second floor, plus an approximately 650-square-foot third-floor apartment with one bedroom, an open arrangement, and a large kitchen and bath. The photography studio business is excluded from the sale.
Each unit has separate heat and a lead compliance certificate. Additional features include lower-level storage assigned to each unit, 14 off-street parking spaces, vinyl siding, vinyl windows, and fire-escape access serving the upper residences. The front porch and walkway have also been recently redone.
Each unit has separate heat and a lead compliance certificate. Additional features include lower-level storage assigned to each unit, 14 off-street parking spaces, vinyl siding, vinyl windows, and fire-escape access serving the upper residences. The front porch and walkway have also been recently redone.
Key Highlights
- Approximately 3,582 SF mixed‑use property built in 1920
- First‑floor commercial studio measures approximately 1,620 sq ft and includes 2 half baths
- Second‑floor residence offers approximately 1,300 sq ft with 2 bedrooms and 1 full bath
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
$47,334
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
5.57%
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%
$946,680
$946.7K
Cap Rate 7%
$676,200
$676.2K
Cap Rate 9%
$525,933
$525.9K
Market Conditions
NOI Build-Up for 3,582 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
$91.6K $25.56/SF
− Vacancy
−$5.5K −$1.53/SF
EGI
$86.1K $24.03/SF
− OpEx
−$38.7K −$10.81/SF
NOI
$47.3K $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%
$946,680
Cap Rate 7%
$676,200
Cap Rate 9%
$525,933
Alternative Uses
Best Use
Apartment 5plus
$676.2K
$591.7K – $788.9K
NOI $47,334 @ 7.0% cap · market cap 5.57%
Second Best
Mixed Use
$604.5K
$528.9K – $705.2K
NOI $42,312 @ 7.0% cap · market cap 4.98%
Theoretical Best
Multifamily LT 5
$852.0K
$745.5K – $994.0K
NOI $59,642 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
555
Businesses Nearby
Explore this area
Business Placement
Demographics for 02915, RI
16,603
Population
7,746
Households
2.1
Avg Household Size
47
Median Age
36%
College-Educated
92%
High-School Grad
5.5 sq mi
ZIP Area
3,019
Density / Sq Mi
$90,558
Median Household Income
$61,062
Median Earnings
$1,482
Median Rent
$317,600
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 - Well-maintained three-level property combining commercial space, residential units, separate utilities, and dedicated storage.
Where is this mixed-use property located?
The property is located at 2919 Pawtucket Ave East 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: Approximately 3,582 SF mixed‑use property built in 1920; First‑floor commercial studio measures approximately 1,620 sq ft and includes 2 half baths; Second‑floor residence offers approximately 1,300 sq ft with 2 bedrooms and 1 full bath
