Mixed-Use Property with
For Sale
$899,000
423 Atwells Avenue, Providence, RI 02909
Two apartments accompany an established first-floor commercial operation, with one residential unit currently available for occupancy or leasing.
Property Size3,636 SF
Price / SF$247.25
Days on Market10
Property Features for 423 Atwells Avenue
General Information
Standard status
Active
Size
3,636 SF
Property subtype
Commercial
Building Details
Year Built
1930
Buildings
1
Stories
3
Listing Agency:
Compass
(401) 269-3244
Listed By:
A Bruneau Team
(617) 480-5636
Source:
Lockandkeyre
Added: Sep 17
Changed: Sep 24
Last Checked: Sep 24 at 9:08AM
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 Compass
Investment Insights
Based on property information with market context.
Built in 1930, this 3,634-square-foot mixed-use property combines a first-floor salon with two residential apartments above. The commercial occupant has operated at the property since 2007. Each apartment includes two bedrooms, an additional flexible room, hardwood flooring, eat-in kitchen space with adjoining galley areas, bright living rooms, and original architectural features. The second-floor residence has a bathroom renovation completed in April 2026, while the third-floor apartment is vacant.
Located on Atwells Avenue in Providence’s Federal Hill area, the property places commercial and residential uses within a recognized local corridor. Recent capital work includes a complete roof replacement in November 2023, two newer boilers, an updated HVAC system, and newer exterior siding. Lead certificates are in place for all units.
Located on Atwells Avenue in Providence’s Federal Hill area, the property places commercial and residential uses within a recognized local corridor. Recent capital work includes a complete roof replacement in November 2023, two newer boilers, an updated HVAC system, and newer exterior siding. Lead certificates are in place for all units.
Key Highlights
- 3,634‑square‑foot mixed‑use property built in 1930
- First‑floor salon has operated at the property since 2007
- Two 2‑bedroom apartments, each with an additional room
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
$61,398
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
6.83%
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%
$1,227,960
$1.2M
Cap Rate 7%
$877,114
$877.1K
Cap Rate 9%
$682,200
$682.2K
Market Conditions
NOI Build-Up for 3,636 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
$93.8K $25.80/SF
− Vacancy
−$6.1K −$1.68/SF
EGI
$87.7K $24.12/SF
− OpEx
−$26.3K −$7.24/SF
NOI
$61.4K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /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%
$1,227,960
Cap Rate 7%
$877,114
Cap Rate 9%
$682,200
Alternative Uses
Best Use
Multifamily LT 5
$877.1K
$767.5K – $1.02M
NOI $61,398 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$787.8K
$689.4K – $919.2K
NOI $55,149 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,151 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,410
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two apartments accompany an established first-floor commercial operation, with one residential unit currently available for occupancy or leasing.
Where is this mixed-use property located?
The property is located at 423 Atwells Avenue Providence, RI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 3,634‑square‑foot mixed‑use property built in 1930; First‑floor salon has operated at the property since 2007; Two 2‑bedroom apartments, each with an additional room
