Three-Level Mixed-Use
For Sale
$850,000
2919 Pawtucket Avenue, East Providence, RI 02915
Residential Income, East Providence, RI
Property Size3,582 SF
Lot Size0.32 Acres
Price / SF$237.30
Days on Market148
Property Features for 2919 Pawtucket Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 4, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Basement
Parking
14
Parking features
None
Window features
Insulated Windows
Patio and Porch features
Porch
Interior features
Wall (Plaster), Plumbing (Mixed), Insulation (Unknown)
Exterior features
Porch
Basement
Storage Space, Full, Unfinished
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Riverside
Lot features
Paved
Standard status
Active
Size
3,582 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12279
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard
Amenities
security system
Building Details
Year built
1920
Floors in Building
3
Number of units
3
Flooring type
Laminate, Hardwood, Carpet, Vinyl
Building materials
Plaster, Vinyl Siding
Listing Agency:
Residential Properties Ltd.
(401) 885-8400
Listed By:
Mark Raymond
(401) 439-7705
Added: Mar 27
Changed: Aug 20
Last Checked: Aug 21 at 1:06AM
MLS# 1408321
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.
Located at 2919 Pawtucket Avenue in East Providence, this 1920 property combines a first-floor commercial studio with two residential apartments above. The studio contains approximately 1,620 square feet, two half baths, a security system, and a handicap elevator. The second-floor apartment measures approximately 1,300 square feet and includes two bedrooms, one full bath, and an open living and dining arrangement. The third-floor apartment is approximately 650 square feet, with an open plan, one bedroom, and a large kitchen and bath.
Each unit has separate heat, and lead compliance certificates are in place. Dedicated storage is provided for each unit in the lower level. Exterior features include vinyl siding, vinyl windows, a front porch, and fire-escape access for the upper apartments. The real estate is offered without the existing photography studio business. Public sewer, a gas water heater, baseboard heat, and a recently redone front porch and walkway complete the property profile.
Each unit has separate heat, and lead compliance certificates are in place. Dedicated storage is provided for each unit in the lower level. Exterior features include vinyl siding, vinyl windows, a front porch, and fire-escape access for the upper apartments. The real estate is offered without the existing photography studio business. Public sewer, a gas water heater, baseboard heat, and a recently redone front porch and walkway complete the property profile.
Key Highlights
- Approximately 3,582 square feet on a 0.3218‑acre lot
- First‑floor commercial studio totals approximately 1,620 sq ft with 2 half baths
- Second‑floor apartment offers approximately 1,300 sq ft, 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
Office B
$661.4K
$578.8K – $771.7K
NOI $46,300 @ 7.0% cap · market cap 5.45%
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
2
Residential units
Multi-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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial studio space and two residential units combine with separate heating, lower-level storage, and an elevator serving the first floor.
Where is this mixed-use property located?
The property is located at 2919 Pawtucket Avenue 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 square feet on a 0.3218‑acre lot; First‑floor commercial studio totals approximately 1,620 sq ft with 2 half baths; Second‑floor apartment offers approximately 1,300 sq ft, 2 bedrooms, and 1 full bath
