Building Details

Year built 1905

Listing Agency: Keller Williams Elite · Keller Williams Realty Show Phone

Added: Jun 15 Changed: Oct 16 Last Checked: Oct 19 at 10:06PM

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MLS# 73536204

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Investment Insights

Based on property information with market context.

Built in 1905, this MU1-zoned mixed-use property at 584 N Main St comprises 9 residential apartments and 2 commercial spaces, for 11 income-producing units in total. The building contains 9,332 square feet on a 0.31-acre parcel and includes a 6-car garage, on-site parking, and a common laundry area. The laundry facility offers an additional income component without relying on the property's primary residential and commercial occupancy.

The property sits within Woonsocket's commercial corridor and central business area, with access to major routes, shopping, restaurants, and local employers. Its combination of apartment units and commercial space provides a diversified operating profile within a single MU1-zoned building.

Key Highlights

• 11 income‑producing units: 9 residential apartments and 2 commercial spaces
• 9,332 square feet on a 0.31‑acre parcel
• MU1 zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$110,234

Cap Rate

8.48%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,204,680 $2.2M

Cap Rate 7%

$1,574,771 $1.6M

Cap Rate 9%

$1,224,822 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,332 SF

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 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 (±1% cap)

NOI $123,318 @ 7.0% cap · market cap 9.49%

Second Best

Mixed Use

$1.57M

$1.38M – $1.84M (±1% cap)

NOI $110,234 @ 7.0% cap · market cap 8.48%

Theoretical Best

Multifamily LT 5

$2.22M

$1.94M – $2.59M (±1% cap)

NOI $155,382 @ 7.0% cap · market cap 11.95%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Mixed-use properties

Suggested Use

Top Pick Real Estate Agency Garden Center (Bike/Boat/Book/etc) Store Parking Lot & Garage Daycare Center Acupuncture

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

9

Residential units

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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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 six-car 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: 11 income‑producing units: 9 residential apartments and 2 commercial spaces; 9,332 square feet on a 0.31‑acre parcel; MU1 zoning