Versatile Commercial Space For
325 Illinois Street Central Falls, RI 02863
For Sale
$499,000
Two-level commercial space with expansion potential and high ceilings.
Property Size4,600 SF
Price / SF$108.48
Days on Market170
Property Features for 325 Illinois Street
General Information
Standard status
Active
Size
4,600 SF
Property subtype
Commercial
Building Details
Year Built
1900
Listing Agency:
Innovations Realty
(401) 414-7414
Listed By:
The ALBA Group
Source:
Liongatere
Added: Feb 10
Changed: Jul 10
Last Checked: Jul 29 at 7:01PM
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 Innovations Realty
Investment Insights
Based on property information with market context.
This commercial property offers a versatile space with expansion potential, including three commercial lots. The interior commercial space spans 4,600 square feet across two levels. The property features high 16-foot ceilings and an abundance of natural sunlight. The property is suitable for operating a business, leasing for cash flow, or exploring residential conversion and mixed-use development.
Key Highlights
- Three commercial lots included, offering immense expansion potential.
- 4600 sq ft of interior commercial space across two levels.
- High 16‑foot ceilings.
Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.8k | $9.96 |
| − Vacancy | −$2.1k | −$0.45 |
| EGI | $43.8k | $9.51 |
| − OpEx | −$15.3k | −$3.33 |
| NOI | $28.4k | $6.18 |
4,600 SF · lease $9.96/SF/yr · vacancy 4.50% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$406.3K
$355.5K – $474.0K
NOI $28,440 @ 7.0% cap · market cap 5.70%
Second Best
Industrial
$342.9K
$300.1K – $400.1K
NOI $24,005 @ 7.0% cap · market cap 4.81%
Theoretical Best
Multifamily LT 5
$1.09M
$957.4K – $1.28M
NOI $76,592 @ 7.0% cap · market cap 15.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Las quesudas colombianas — 1075 High St, Central Falls, RI 02863
Frequently Asked Questions
What type of property is this?
Flex space - Two-level commercial space with expansion potential and high ceilings.
Where is this flex space located?
The property is located at 325 Illinois Street Central Falls, RI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Three commercial lots included, offering immense expansion potential.; **4600 sq ft of interior commercial space across two levels.**; High 16‑foot ceilings.
