Mixed-Use Property with Detached Business
For Sale
$810,000
347 Douglas Avenue, Providence, RI 02908
Three residential apartments share the site with a separate commercial building, and all but one apartment are rented.
Property Size4,851 SF
Price / SF$166.98
Days on Market27
Property Features for 347 Douglas Avenue
General Information
Standard status
Active
Size
4,851 SF
Property subtype
Multi Family
Site & Location
Neighborhood
Smith Hill
Highway Access
Yes
Mixed-Use Components
residential, commercial
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$12,096
Building Details
Building Size
4,851 SF
Year Built
1930
Buildings
2
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
Listed By:
Angela Sharkey · License #RES.0032494
(401) 525-1830
Source:
Baker21
Added: Oct 1
Changed: Oct 26
Last Checked: Oct 26 at 2:12PM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This mixed-use property brings together a three-unit residence and a separate commercial building. Each apartment has three bedrooms, one full bathroom, a kitchen, and double parlors. The residential building also includes a full unfinished basement. The detached commercial space contains a bathroom, a rear room, and its own full unfinished basement. Built in 1930, the property is currently rented except for the second-floor apartment.
The property is in Providence, with access to Downtown Providence, I-95, public transportation, hospitals, universities, shopping, dining, and parks.
The property is in Providence, with access to Downtown Providence, I-95, public transportation, hospitals, universities, shopping, dining, and parks.
Key Highlights
- Three residential units, each with 3 bedrooms and 1 full bathroom
- Separate commercial building with a bathroom, back room, and full unfinished basement
- Residential building includes a full unfinished basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,577
Cap Rate
9.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,471,540
$1.5M
Cap Rate 7%
$1,051,100
$1.1M
Cap Rate 9%
$817,522
$817.5K
Market Conditions
NOI Build-Up for 4,851 SF
Gross rent
$142.6K $29.40/SF
− Vacancy
−$8.8K −$1.82/SF
EGI
$133.8K $27.58/SF
− OpEx
−$60.2K −$12.41/SF
NOI
$73.6K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,471,540
Cap Rate 7%
$1,051,100
Cap Rate 9%
$817,522
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.02M – $1.37M
NOI $81,914 @ 7.0% cap · market cap 10.11%
Second Best
Apartment 5plus
$1.05M
$919.7K – $1.23M
NOI $73,577 @ 7.0% cap · market cap 9.08%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,605 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,919
Businesses Nearby
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Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three residential apartments share the site with a separate commercial building, and all but one apartment are rented.
Where is this mixed-use property located?
The property is located at 347 Douglas Avenue Providence, RI.
What is the asking price?
The asking price for this property is $810,000.
What are key features of this property?
This property features: Three residential units, each with 3 bedrooms and 1 full bathroom; Separate commercial building with a bathroom, back room, and full unfinished basement; Residential building includes a full unfinished basement
