Mixed-Use Building with
For Sale
$600,000
388 Church Street, Richmond, RI 02894
Commercial/Business,Commercial Sale, Richmond, RI
Property Size1,671 SF
Lot Size1.20 Acres
Price / SF$359.07
Days on Market114
Property Features for 388 Church Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
NB
Parking
12
Interior features
Ceiling Height (7 to 9 Ft)
Subdivision
Wood River Jct
Lot features
Paved, Rural
Standard status
Active
Size
1,671 SF
Lot size
1.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2215
Utilities
Sewer type
Septic Tank
Heating system
Forced Air
Water source
Well, Private
Building Details
Year built
1950
Floors in Building
1
Number of units
2
Building materials
Frame
Listing Agency:
Residential Properties Ltd.
(401) 783-2474
Listed By:
Patrick Murray · License #REB.0016731
(401) 965-4520
Added: May 1
Changed: Aug 19
Last Checked: Aug 22 at 3:06PM
MLS# 1411485
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 mixed-use property includes a 1,671-square-foot frame building on 1.2 acres, with a one-bedroom apartment alongside a storage and retail outlet. Built in 1950, the property has forced-air heating, a 7 to 9-foot ceiling height, a private well, and septic service.
The NB zoning designation supports residential single-family or two-family use along with commercial applications including professional offices, medical facilities, specialty food sales, general retail, artisan studios, restaurants, bars or taverns, microbreweries, hotels or motels, day care, and construction-related services. Additional uses may be available through a Special Use Permit.
The NB zoning designation supports residential single-family or two-family use along with commercial applications including professional offices, medical facilities, specialty food sales, general retail, artisan studios, restaurants, bars or taverns, microbreweries, hotels or motels, day care, and construction-related services. Additional uses may be available through a Special Use Permit.
Key Highlights
- 1,671‑square‑foot mixed‑use building on 1.2 acres
- One‑bedroom apartment combined with storage and retail space
- NB zoning supports residential and varied commercial uses
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
$16,919
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
2.82%
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%
$338,380
$338.4K
Cap Rate 7%
$241,700
$241.7K
Cap Rate 9%
$187,989
$188.0K
Market Conditions
NOI Build-Up for 1,671 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
$30.1K $18.00/SF
− Vacancy
−$3.0K −$1.80/SF
EGI
$27.1K $16.20/SF
− OpEx
−$10.2K −$6.07/SF
NOI
$16.9K $10.13/SF
Area
Washington County, RI
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$338,380
Cap Rate 7%
$241,700
Cap Rate 9%
$187,989
Alternative Uses
Best Use
Retail
$242.0K
$211.8K – $282.4K
NOI $16,943 @ 7.0% cap · market cap 2.82%
Second Best
Mixed Use
$241.7K
$211.5K – $282.0K
NOI $16,919 @ 7.0% cap · market cap 2.82%
Theoretical Best
Healthcare Medical
$333.9K
$292.1K – $389.5K
NOI $23,371 @ 7.0% cap · market cap 3.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Explore this area
Business Placement
Demographics for 02894, RI
814
Population
236
Households
3.4
Avg Household Size
41
Median Age
46%
College-Educated
100%
High-School Grad
4.2 sq mi
ZIP Area
194
Density / Sq Mi
$341,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Neighborhood Business zoning supports a combination of residential and commercial uses.
Where is this mixed-use property located?
The property is located at 388 Church Street Richmond, RI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 1,671‑square‑foot mixed‑use building on 1.2 acres; One‑bedroom apartment combined with storage and retail space; NB zoning supports residential and varied commercial uses
