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    Mixed-Use Building with Medical Office Title is generated by Realmo AI

    460 Smithfield Avenue Pawtucket, Pawtucket, RI 02860

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    For Sale
    $995,000

    Renovated four-unit mixed-use property with ground-floor medical office and multiple residential apartments, plus basement storage.

    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 1:45 am

    Property Features for 460 Smithfield Avenue Pawtucket

    General Information

    Standard status
    Active

    Building Details

    Year Built
    1920

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    Listing Contact
    Anna Rae

    Listing agent Anna Rae

    Listing office

    Listing date Jun 3, 2026

    Source Milestonerealtyinc

    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 Anna Rae

    HighLights

    • Completely renovated 4‑unit mixed‑use property (Year built 1920) in the Fairlawn community of Pawtucket
    • Ground‑floor fully accessible medical office plus a spacious 1‑bedroom apartment
    • Second level offers a 2‑bedroom unit and a townhouse‑style 3‑bedroom apartment extending to the third floor
    • Residential units feature quartz countertops, large kitchen islands, stainless steel appliances, and in‑unit laundry hookups
    • Full‑size basement provides storage and utility space
    • Renovations include a new exterior, interior design, structure, and a new roof

    Overview

    This renovated four-unit mixed-use property combines a fully accessible medical office space on the first level with residential living across three additional units. The first level also includes a spacious one-bedroom apartment, while the second level features a two-bedroom unit and a townhouse-style three-bedroom apartment extending up to the third floor. A full-size basement offers additional storage and utility space. The property has been renovated top to bottom, including a new exterior, interior design, structure, and roof. Residential units feature modern upgrades such as quartz countertops, large kitchen islands, stainless steel appliances, dishwashers, and in-unit laundry hookup provisions.

    Located in the Fairlawn community of Pawtucket, the property is minutes from the new train station and positioned near Tidewater Landing Soccer Stadium and Pawtucket Commons. The offering includes seller assistance of $10,000 toward a buyer’s closing costs with a good offer.

    The building suits owner-occupants or operators seeking a live-work or mixed-use setup, with ground-floor medical office space and residential units above and alongside it. With the property fully renovated and designed with accessibility in mind for the medical office, it may also be a strong fit for tenants looking for a turnkey configuration.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Creature Comforts Veterinary Services — 241 Grotto Ave A5, Pawtucket, RI 02860

    Location Insight

    • Map
    • Local Demand
    City
    Pawtucket
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4145012
    Latitude
    41.8735455

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    FAQs

    What type of property is this?
    Medical Office Space - Renovated four-unit mixed-use property with ground-floor medical office and multiple residential apartments, plus basement storage.
    Where is this medical office space located?
    The property is located at 460 Smithfield Avenue Pawtucket Pawtucket, RI.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: Completely renovated 4‑unit mixed‑use property (Year built 1920) in the Fairlawn community of Pawtucket; Ground‑floor fully accessible medical office plus a spacious 1‑bedroom apartment; Second level offers a 2‑bedroom unit and a townhouse‑style 3‑bedroom apartment extending to the third floor
    (508) 501-1443
    We can help!
    Listing Contact
    Anna Rae
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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