Renovated Four-Unit Mixed-Use
For Sale
$960,000
460 Smithfield Avenue, Pawtucket, RI 02860
Residential Income, Pawtucket, RI
Property Size4,968 SF
Lot Size0.06 Acres
Price / SF$193.24
Days on Market92
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 7, Bedroom 1, Bathroom 2, Bedroom 5, Bathroom 4, Bedroom 9, Basement, Bathroom 3, Bedroom 4, Bathroom 5, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 8
Parking
3
Parking features
None
Interior features
Cathedral Ceilings
Basement
Storage Space, Unfinished, Full
Appliances
Gas 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
Natural Gas, 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 #1000714
(401) 699-3209
Added: May 27
Changed: Aug 21
Last Checked: Aug 26 at 6:06AM
MLS# 1413656
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 renovated mixed-use property combines a fully accessible medical office with three residential apartments in a four-unit configuration. The first level includes the office and a one-bedroom apartment, while the second level offers a two-bedroom unit and a townhouse-style three-bedroom apartment extending to the third floor. A full-size basement provides additional storage and utility space.
The 4968-square-foot property sits on 0.06 acres in Pawtucket’s Fairlawn community and is zoned RT. Improvements include a new roof, updated exterior and interior finishes, structural work, vinyl siding, vinyl flooring, and modern residential kitchens with quartz countertops, large islands, stainless steel appliances, dishwashers, and in-unit laundry hookups. The property is near a new train station, Tidewater Landing Soccer Stadium, and Pawtucket Commons.
The 4968-square-foot property sits on 0.06 acres in Pawtucket’s Fairlawn community and is zoned RT. Improvements include a new roof, updated exterior and interior finishes, structural work, vinyl siding, vinyl flooring, and modern residential kitchens with quartz countertops, large islands, stainless steel appliances, dishwashers, and in-unit laundry hookups. The property is near a new train station, Tidewater Landing Soccer Stadium, and Pawtucket Commons.
Key Highlights
- Four‑unit mixed‑use property with a fully accessible medical office and three residential apartments
- Residential unit mix includes one‑bedroom, two‑bedroom, and townhouse‑style three‑bedroom apartments
- 4968 square feet on 0.06 acres, zoned RT
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
$65,650
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
6.84%
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%
$1,313,000
$1.3M
Cap Rate 7%
$937,857
$937.9K
Cap Rate 9%
$729,444
$729.4K
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
$127.0K $25.56/SF
− Vacancy
−$7.6K −$1.53/SF
EGI
$119.4K $24.03/SF
− OpEx
−$53.7K −$10.81/SF
NOI
$65.6K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,313,000
Cap Rate 7%
$937,857
Cap Rate 9%
$729,444
Alternative Uses
Best Use
Apartment 5plus
$937.9K
$820.6K – $1.09M
NOI $65,650 @ 7.0% cap · market cap 6.84%
Second Best
Office B
$917.4K
$802.7K – $1.07M
NOI $64,215 @ 7.0% cap · market cap 6.69%
Theoretical Best
Multifamily LT 5
$1.18M
$1.03M – $1.38M
NOI $82,720 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
3
Residential 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 accessible medical office space and three upgraded residential apartments with basement storage.
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 $960,000.
What are key features of this property?
This property features: Four‑unit mixed‑use property with a fully accessible medical office and three residential apartments; Residential unit mix includes one‑bedroom, two‑bedroom, and townhouse‑style three‑bedroom apartments; 4968 square feet on 0.06 acres, zoned RT
