Mixed-Use Property with
For Sale
$850,000
2919 Pawtucket Avenue, East Providence, RI 02915
Commercial/Business,Commercial Sale, East Providence, RI
Property Size3,582 SF
Lot Size0.32 Acres
Price / SF$237.30
Days on Market153
Property Features for 2919 Pawtucket Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R3
Rooms
Basement
Parking
14
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Full
Subdivision
Riverside
Lot features
Suburban
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
Baseboard, Forced Air
Building Details
Year built
1920
Number of units
3
Listing Agency:
Residential Properties Ltd.
(401) 885-8400
Listed By:
Mark Raymond
(401) 439-7705
Added: Mar 27
Changed: Aug 19
Last Checked: Aug 26 at 3:06PM
MLS# 1408371
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 3,582-square-foot mixed-use property contains a first-floor commercial studio and two upper-level residential units. The studio measures approximately 1,620 square feet and includes two half baths, a security system, and a handicap elevator. The second-floor apartment offers approximately 1,300 square feet with two bedrooms, one full bath, and an open living and dining arrangement. The third-floor unit measures approximately 650 square feet and includes an open layout, one bedroom, a large kitchen, and a full bathroom.
The property sits on 0.3218 acres and provides 14 off-street parking spaces. Separate utilities and heating serve each unit, while the lower level provides assigned storage areas. Additional features include vinyl siding, vinyl windows, fire escape access for the upper units, public sewer, and lead compliance certificates. The building was constructed in 1920 and is zoned R3.
The property sits on 0.3218 acres and provides 14 off-street parking spaces. Separate utilities and heating serve each unit, while the lower level provides assigned storage areas. Additional features include vinyl siding, vinyl windows, fire escape access for the upper units, public sewer, and lead compliance certificates. The building was constructed in 1920 and is zoned R3.
Key Highlights
- 3,582‑square‑foot mixed‑use building on 0.3218 acres
- First‑floor commercial studio is approximately 1,620 sq ft with 2 half baths
- Second‑floor residential unit is 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
$59,642
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
7.02%
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%
$1,192,840
$1.2M
Cap Rate 7%
$852,029
$852.0K
Cap Rate 9%
$662,689
$662.7K
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
$91.1K $25.44/SF
− Vacancy
−$5.9K −$1.65/SF
EGI
$85.2K $23.79/SF
− OpEx
−$25.6K −$7.14/SF
NOI
$59.6K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$1,192,840
Cap Rate 7%
$852,029
Cap Rate 9%
$662,689
Alternative Uses
Best Use
Multifamily LT 5
$852.0K
$745.5K – $994.0K
NOI $59,642 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$676.2K
$591.7K – $788.9K
NOI $47,334 @ 7.0% cap · market cap 5.57%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Well-maintained three-level building combining commercial studio space with two residential units and dedicated off-street parking.
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: 3,582‑square‑foot mixed‑use building on 0.3218 acres; First‑floor commercial studio is approximately 1,620 sq ft with 2 half baths; Second‑floor residential unit is approximately 1,300 sq ft with 2 bedrooms and 1 full bath
