Fully Renovated 4-Unit Mixed-Use
For Sale
$960,000
460 458 Smithfield Ave, Pawtucket, RI 02860
Four-unit mixed-use building with a fully accessible medical office on the first level and upgraded residential units.
Property Size3,366 SF
Days on Market76
Property Features for 460 458 Smithfield Ave
General Information
Standard status
Active
Size
3,366 SF
Property subtype
4 Family
Additional Details
Floor
First Level
Public Transit
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$3,602
Building Details
Building Size
3,366 SF
Year Built
1920
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Keller Williams Realty Leading Edge
(401) 333-4900
Listed By:
April Holland · License #1000714
Source:
Donnellyandco
Added: May 27
Changed: Aug 8
Last Checked: Aug 9 at 11:17AM
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 Keller Williams Realty Leading Edge
Investment Insights
Based on property information with market context.
This fully renovated 4-unit mixed-use property combines commercial and residential space in one building. The first level includes a fully accessible medical office space plus a spacious one-bedroom apartment. The second level features a two-bedroom unit, along with a townhouse-style three-bedroom apartment that extends up to the third floor. A full-size basement adds generous storage and utility space.
The property has been renovated from top to bottom, with a new exterior, interior design, structure, and a new roof. Residential units include upgraded modern features such as quartz countertops, large kitchen islands, stainless steel appliances, dishwashers, and in-unit laundry hookups. Originally built in 1920, the building offers an integrated layout designed for both everyday livability and on-site professional use.
Conveniently located in the Fairlawn area and minutes from the new train station, the building supports straightforward access for tenants, staff, and visitors.
The property has been renovated from top to bottom, with a new exterior, interior design, structure, and a new roof. Residential units include upgraded modern features such as quartz countertops, large kitchen islands, stainless steel appliances, dishwashers, and in-unit laundry hookups. Originally built in 1920, the building offers an integrated layout designed for both everyday livability and on-site professional use.
Conveniently located in the Fairlawn area and minutes from the new train station, the building supports straightforward access for tenants, staff, and visitors.
Key Highlights
- 4‑unit mixed‑use building with first‑level fully accessible medical office space
- One‑bedroom apartment on the first level plus two‑bedroom unit on the second level
- Townhouse‑style three‑bedroom apartment extends up to the third 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
$56,046
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
5.84%
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%
$1,120,920
$1.1M
Cap Rate 7%
$800,657
$800.7K
Cap Rate 9%
$622,733
$622.7K
Market Conditions
NOI Build-Up for 3,366 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
$85.6K $25.44/SF
− Vacancy
−$5.6K −$1.65/SF
EGI
$80.1K $23.79/SF
− OpEx
−$24.0K −$7.14/SF
NOI
$56.0K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$1,120,920
Cap Rate 7%
$800,657
Cap Rate 9%
$622,733
Alternative Uses
Best Use
Multifamily LT 5
$800.7K
$700.6K – $934.1K
NOI $56,046 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$635.4K
$556.0K – $741.3K
NOI $44,480 @ 7.0% cap · market cap 4.63%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
742
Businesses Nearby
Explore this area
Business Placement
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit mixed-use building with a fully accessible medical office on the first level and upgraded residential units.
Where is this quadplex located?
The property is located at 460 458 Smithfield Ave Pawtucket, RI.
What is the asking price?
The asking price for this property is $960,000.
What are key features of this property?
This property features: 4‑unit mixed‑use building with first‑level fully accessible medical office space; One‑bedroom apartment on the first level plus two‑bedroom unit on the second level; Townhouse‑style three‑bedroom apartment extends up to the third floor
