12-Unit Mixed-Use
For Sale
$1,299,900
584 N Main St, Woonsocket, RI 02895
Combined residential and commercial occupancy with on-site parking, a garage, and shared laundry facilities.
Property Size9,332 SF
Price / SF$139.29
Days on Market34
Property Features for 584 N Main St
General Information
Standard status
Active
Size
9,332 SF
Additional Details
Gross Income
$146,400
Road Access
Yes
Multifamily Units
9
Amenities
common laundry area
Building Details
Year Built
1905
Listing Agency:
Keller Williams Elite
(508) 695-4545
Listed By:
Talib Hussain · License #449585701
Source:
Lyvrealty
Added: Jul 28
Changed: Aug 29
Last Checked: Aug 25 at 5:06AM
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 Elite
Investment Insights
Based on property information with market context.
This mixed-use property contains 12 units within a 9,332-square-foot building, combining 9 residential apartments with 3 commercial spaces. Built in 1905, the property also includes a 6-car garage, on-site parking, and a common laundry area that may support additional income generation.
The building is positioned along N Main Street in Woonsocket’s commercial corridor, with access to major routes, shopping, restaurants, and local employers. Its combination of apartment and commercial occupancy creates a varied tenant profile within a single property. The address is 584 N Main St, Woonsocket, RI 02895.
The building is positioned along N Main Street in Woonsocket’s commercial corridor, with access to major routes, shopping, restaurants, and local employers. Its combination of apartment and commercial occupancy creates a varied tenant profile within a single property. The address is 584 N Main St, Woonsocket, RI 02895.
Key Highlights
- 12 total units: 9 residential apartments and 3 commercial spaces
- 9,332‑square‑foot mixed‑use property built in 1905
- 6‑car garage included
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
$110,234
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
8.48%
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%
$2,204,680
$2.2M
Cap Rate 7%
$1,574,771
$1.6M
Cap Rate 9%
$1,224,822
$1.2M
Market Conditions
NOI Build-Up for 9,332 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
$196.0K $21.00/SF
− Vacancy
−$19.6K −$2.10/SF
EGI
$176.4K $18.90/SF
− OpEx
−$66.1K −$7.09/SF
NOI
$110.2K $11.81/SF
Area
Providence County, RI
Vacancy
10.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,204,680
Cap Rate 7%
$1,574,771
Cap Rate 9%
$1,224,822
Alternative Uses
Best Use
Apartment 5plus
$1.76M
$1.54M – $2.06M
NOI $123,318 @ 7.0% cap · market cap 9.49%
Second Best
Mixed Use
$1.57M
$1.38M – $1.84M
NOI $110,234 @ 7.0% cap · market cap 8.48%
Theoretical Best
Multifamily LT 5
$2.22M
$1.94M – $2.59M
NOI $155,382 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
855
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
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 - Combined residential and commercial occupancy with on-site parking, a garage, and shared laundry facilities.
Where is this mixed-use property located?
The property is located at 584 N Main St Woonsocket, RI.
What is the asking price?
The asking price for this property is $1,299,900.
What are key features of this property?
This property features: 12 total units: 9 residential apartments and 3 commercial spaces; 9,332‑square‑foot mixed‑use property built in 1905; 6‑car garage included
