Storefront Property with
For Sale
$389,900
363 Smithfield Avenue, Pawtucket, RI 02860
Commercial/Business,Commercial Sale, Pawtucket, RI
Property Size1,408 SF
Lot Size0.12 Acres
Price / SF$276.92
Days on Market253
Property Features for 363 Smithfield Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RS
Rooms
Basement
Parking
7
Security features
Security System
Interior features
Ceiling Height (9 to 12 Ft)
Basement
Full
Lot features
Free Standing
Standard status
Active
Size
1,408 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4493
Utilities
Cooling system
Window Unit(s)
Water source
Public
Amenities
private office
usable basement space
Building Details
Year built
1960
Floors in Building
1
Number of units
2
Building materials
Masonry
Listing Agency:
Exp Realty
(888) 315-3445
Listed By:
Marwa Nachar
(774) 365-0191
Added: Dec 12, 2025
Changed: Aug 19
Last Checked: Aug 22 at 10:06AM
MLS# 1401657
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.
This masonry storefront property provides 1,408 square feet on the first floor, including a private office and ceiling heights ranging from 9 to 12 feet. A second 1,408-square-foot basement area adds usable space for storage or expansion. The property was built in 1960 and has window-unit cooling and public water service.
Located at 363 Smithfield Avenue in Pawtucket, the property is zoned RS and occupies a 0.12-acre lot. The basement, first-floor layout, and separate office create a practical configuration for a commercial owner or operator seeking workspace with additional supporting area.
Located at 363 Smithfield Avenue in Pawtucket, the property is zoned RS and occupies a 0.12-acre lot. The basement, first-floor layout, and separate office create a practical configuration for a commercial owner or operator seeking workspace with additional supporting area.
Key Highlights
- 1,408‑square‑foot first‑floor commercial space
- Additional 1,408‑square‑foot usable basement
- Private office included on the first floor
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
$15,896
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
4.08%
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%
$317,920
$317.9K
Cap Rate 7%
$227,086
$227.1K
Cap Rate 9%
$176,622
$176.6K
Market Conditions
NOI Build-Up for 1,408 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
$25.3K $18.00/SF
− Vacancy
−$2.6K −$1.87/SF
EGI
$22.7K $16.13/SF
− OpEx
−$6.8K −$4.84/SF
NOI
$15.9K $11.29/SF
Area
Providence County, RI
Vacancy
10.40%
Lease Rate
$18.00 /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%
$317,920
Cap Rate 7%
$227,086
Cap Rate 9%
$176,622
Alternative Uses
Best Use
Retail
$227.1K
$198.7K – $264.9K
NOI $15,896 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$334.9K
$293.1K – $390.7K
NOI $23,444 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
712
Businesses Nearby
37k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 59%
Dining 41%
Dollar Tree
Shops & Services
20,931 visits/mo
0.3 miles
Dunkin' Donuts
Dining
10,383 visits/mo
0.1 miles
Papa John's Pizza
Dining
3,557 visits/mo
0.1 miles
SUBWAY
Dining
1,264 visits/mo
0.0 miles
Citizens Bank
Shops & Services
600 visits/mo
0.4 miles
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Imondi & Sons Florists — 182 Smithfield Ave, Pawtucket, RI 02860
- Blossoms Design Boutique — 160 Smithfield Ave, Pawtucket, RI 02860
Frequently Asked Questions
What type of property is this?
Storefront property - First-floor commercial space includes a private office and lower-level area for storage or expansion.
Where is this storefront property located?
The property is located at 363 Smithfield Avenue Pawtucket, RI.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: 1,408‑square‑foot first‑floor commercial space; Additional 1,408‑square‑foot usable basement; Private office included on the first floor
