Building Details

Year built 1950

Floors in Building 1

Number of units 2

Building materials Frame

Listing Agency: Residential Properties Ltd. c***@residentialproperties.com Show Phone

Listed By: Patrick Murray · License #REB.0016731 Show Phone

Added: May 1 Changed: Sep 12 Last Checked: Oct 6 at 9:06PM

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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.

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 / Yr

$16,919

Cap Rate

2.82%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $16,943 @ 7.0% cap · market cap 2.82%

Second Best

Mixed Use

$241.7K

$211.5K – $282.0K (±1% cap)

NOI $16,919 @ 7.0% cap · market cap 2.82%

Theoretical Best

Healthcare Medical

$333.9K

$292.1K – $389.5K (±1% cap)

NOI $23,371 @ 7.0% cap · market cap 3.90%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Catering Service Computer & Electronic Repair Gym & Fitness Center Tech Support Center Cafe & Coffee Shop Department Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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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