Mixed-Use Building with
For Sale
$1,650,000
374 Wickenden, Providence, RI 02903
Fully rented mixed-use building with restaurant in prime location.
Property Size4,525 SF
Price / SF$364.64
Days on Market189
Property Features for 374 Wickenden
General Information
Standard status
Active
Size
4,525 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$18,500
Amenities
Central air
Central Air Cooling
Forced Air Heating
In Unit
Building Details
Year Built
1900
Listing Agency:
WILLIAM RAVEIS INSPIRE
(401) 751-8100
Listed By:
JEREMIAH BLUM · License #RES.0041517
Source:
Corcoran
Added: Feb 6
Changed: Aug 8
Last Checked: Aug 8 at 6:04AM
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 WILLIAM RAVEIS INSPIRE
Investment Insights
Based on property information with market context.
This mixed-use building features fully rented residential units and a long-standing pizza restaurant. The property was fully renovated to the studs approximately ten years ago by the previous owner. The residential component includes a 3-bed, 1-bath unit on the second floor and a 4-bed, 2-bath townhouse spanning the third and fourth floors. Each residential unit is equipped with central air conditioning, in-unit laundry facilities, and modern kitchens and bathrooms. The restaurant tenant operates under a NNN lease and contributes to one-third of the owner's expenses, with an annual rent increase of 2%. There is no on-site parking available. The property's location provides convenient access to Downtown Providence and major interstates. Its proximity to Brown University and RISD campuses enhances its appeal as a rental location and supports the restaurant's business. The residential units are rented until May 31, 2027. The property has a total size of 4,525 square feet and has experienced virtually no vacancy during the current ownership.
Key Highlights
- Prime location with easy access to Downtown Providence, interstates, Brown University, and RISD.
- Fully rented residential units until May 31, 2027, providing guaranteed income.
- Long‑standing and popular pizza place on the first floor with a NNN lease.
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
$80,314
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
4.87%
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%
$1,606,280
$1.6M
Cap Rate 7%
$1,147,343
$1.1M
Cap Rate 9%
$892,378
$892.4K
Market Conditions
NOI Build-Up for 4,525 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
$111.3K $24.60/SF
− Vacancy
−$4.2K −$0.93/SF
EGI
$107.1K $23.67/SF
− OpEx
−$26.8K −$5.92/SF
NOI
$80.3K $17.75/SF
Area
Providence, RI
Vacancy
3.80%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,606,280
Cap Rate 7%
$1,147,343
Cap Rate 9%
$892,378
Alternative Uses
Best Use
Specialty Retail
$1.15M
$1.00M – $1.34M
NOI $80,314 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$980.5K
$857.9K – $1.14M
NOI $68,633 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$1.51M
$1.32M – $1.77M
NOI $105,970 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,343
Businesses Nearby
Explore this area
Business Placement
Demographics for 02903, RI
13,264
Population
6,588
Households
2
Avg Household Size
33
Median Age
53%
College-Educated
89%
High-School Grad
1.7 sq mi
ZIP Area
7,802
Density / Sq Mi
$62,987
Median Household Income
$40,294
Median Earnings
$1,640
Median Rent
$365,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully rented mixed-use building with restaurant in prime location.
Where is this mixed-use property located?
The property is located at 374 Wickenden Providence, RI.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Prime location with easy access to Downtown Providence, interstates, Brown University, and RISD.; Fully rented residential units until May 31, 2027, providing guaranteed income.; Long‑standing and popular pizza place on the first floor with a NNN lease.
