Mixed-Use Property with Retail
For Sale
$499,000
559 Branch Avenue, Providence, RI 02904
Two updated residential apartments sit above a first-floor commercial space with large front windows and rear amenities.
Property Size1,188 SF
Price / SF$420.03
Days on Market41
Property Features for 559 Branch Avenue
General Information
Standard status
Active
Size
1,188 SF
Property subtype
General Commercial
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,414
Amenities
backyard with covered pergola
3
2 Parking Spaces.
Building Details
Year Built
1920
Stories
3
Listing Agency:
Churchill & Banks Co., LLC
(401) 439-0582
Listed By:
Lindsay Pettinelli · License #RES.0043494
(401) 439-0582
Source:
Xome
Added: Jul 4
Changed: Aug 12
Last Checked: Aug 12 at 3:39AM
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 Churchill & Banks Co., LLC
Investment Insights
Based on property information with market context.
This mixed-use property offers a first-floor commercial level and two updated residential apartments above. The commercial space includes large front windows for visibility, along with additional storage space, a dedicated rear room, and a bathroom. A hardwired fire alarm and smoke detection system is in place and is described as up to code and recently inspected.
Outside, there is a sizable backyard with a covered pergola. The property is positioned for convenient access to major highways, with shopping, restaurants, and downtown Providence indicated nearby.
The second-floor apartment features three bedrooms with an updated kitchen, plus a spacious living and dining area and a generously sized bathroom. The third-floor unit includes two bedrooms, an updated kitchen, and a living room.
Outside, there is a sizable backyard with a covered pergola. The property is positioned for convenient access to major highways, with shopping, restaurants, and downtown Providence indicated nearby.
The second-floor apartment features three bedrooms with an updated kitchen, plus a spacious living and dining area and a generously sized bathroom. The third-floor unit includes two bedrooms, an updated kitchen, and a living room.
Key Highlights
- First‑floor commercial space with large front windows, plus additional storage, a dedicated rear room, and a bathroom
- Two updated residential apartments above the commercial level
- Second‑floor unit has 3 bedrooms, an updated kitchen, and a spacious living and dining area
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
$20,061
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
4.02%
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%
$401,220
$401.2K
Cap Rate 7%
$286,586
$286.6K
Cap Rate 9%
$222,900
$222.9K
Market Conditions
NOI Build-Up for 1,188 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
$30.7K $25.80/SF
− Vacancy
−$2.0K −$1.68/SF
EGI
$28.7K $24.12/SF
− OpEx
−$8.6K −$7.24/SF
NOI
$20.1K $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%
$401,220
Cap Rate 7%
$286,586
Cap Rate 9%
$222,900
Alternative Uses
Best Use
Multifamily LT 5
$286.6K
$250.8K – $334.4K
NOI $20,061 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$257.4K
$225.2K – $300.3K
NOI $18,019 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$397.5K
$347.8K – $463.7K
NOI $27,822 @ 7.0% cap · market cap 5.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
832
Businesses Nearby
Explore this area
Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two updated residential apartments sit above a first-floor commercial space with large front windows and rear amenities.
Where is this mixed-use property located?
The property is located at 559 Branch Avenue Providence, RI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: First‑floor commercial space with large front windows, plus additional storage, a dedicated rear room, and a bathroom; Two updated residential apartments above the commercial level; Second‑floor unit has 3 bedrooms, an updated kitchen, and a spacious living and dining area
