Renovated Mixed-Use Four-Unit
New
For Sale
$950,000
460 Smithfield Avenue, Pawtucket, RI 02860
Residential Income, Pawtucket, RI
Property Size4,968 SF
Lot Size0.06 Acres
Price / SF$191.22
Days on Market1
Property Features for 460 Smithfield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RT
Bedrooms
9
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 6, Bedroom 1, Bathroom 2, Bathroom 3, Bedroom 8, Bedroom 2, Bathroom 1, Bathroom 4, Bathroom 5, Bedroom 9, Bedroom 3, Bedroom 4, Bedroom 7, Basement, Bedroom 5
Parking
3
Parking features
None
Interior features
Cathedral Ceilings
Basement
Full, Storage Space, Unfinished
Appliances
Electric Water Heater, Dishwasher, Microwave, Oven/Range, Refrigerator
Standard status
Active
Size
4,968 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3602
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Building Details
Year built
1920
Floors in Building
3
Number of units
4
Flooring type
Vinyl
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Leading Edge · Keller Williams Realty
(401) 333-4900
Listed By:
April Holland · License #RES.0043718
(401) 699-3209
Added: Sep 2
Last Checked: Sep 2 at 12:06PM
MLS# 1422229
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 4,968-square-foot mixed-use property combines a fully accessible medical office with three residential apartments. The first floor includes the office and a one-bedroom apartment, while the second floor contains a two-bedroom unit and a three-bedroom townhouse-style apartment that continues to the third level. A full basement provides storage and utility space.
The property has undergone a comprehensive renovation that includes the exterior, interior, structural components, and roof. Residential improvements include quartz countertops, large kitchen islands, stainless steel appliances, dishwashers, and in-unit laundry hookups. Additional features include cathedral ceilings, vinyl flooring, vinyl siding, electric heat, and a public sewer connection.
Situated in Pawtucket’s Fairlawn community near the new train station, Tidewater Landing Soccer Stadium, and Pawtucket Commons, the property offers a combination of commercial and residential space in a 0.06-acre parcel. Zoning is RT.
The property has undergone a comprehensive renovation that includes the exterior, interior, structural components, and roof. Residential improvements include quartz countertops, large kitchen islands, stainless steel appliances, dishwashers, and in-unit laundry hookups. Additional features include cathedral ceilings, vinyl flooring, vinyl siding, electric heat, and a public sewer connection.
Situated in Pawtucket’s Fairlawn community near the new train station, Tidewater Landing Soccer Stadium, and Pawtucket Commons, the property offers a combination of commercial and residential space in a 0.06-acre parcel. Zoning is RT.
Key Highlights
- 4,968‑square‑foot mixed‑use property on a 0.06‑acre parcel
- Fully accessible medical office plus 1‑bedroom, 2‑bedroom, and 3‑bedroom apartments
- Three‑bedroom townhouse‑style unit extends from the second level 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
$82,720
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
8.71%
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%
$1,654,400
$1.7M
Cap Rate 7%
$1,181,714
$1.2M
Cap Rate 9%
$919,111
$919.1K
Market Conditions
NOI Build-Up for 4,968 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
$126.4K $25.44/SF
− Vacancy
−$8.2K −$1.65/SF
EGI
$118.2K $23.79/SF
− OpEx
−$35.5K −$7.14/SF
NOI
$82.7K $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%
$1,654,400
Cap Rate 7%
$1,181,714
Cap Rate 9%
$919,111
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.03M – $1.38M
NOI $82,720 @ 7.0% cap · market cap 8.71%
Second Best
Apartment 5plus
$937.9K
$820.6K – $1.09M
NOI $65,650 @ 7.0% cap · market cap 6.91%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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?
Mixed-use property - Includes a medical office and three upgraded residential apartments with flexible multi-level layouts.
Where is this mixed-use property located?
The property is located at 460 Smithfield Avenue Pawtucket, RI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 4,968‑square‑foot mixed‑use property on a 0.06‑acre parcel; Fully accessible medical office plus 1‑bedroom, 2‑bedroom, and 3‑bedroom apartments; Three‑bedroom townhouse‑style unit extends from the second level to the third floor
