Mixed-Use Building with
For Sale
$1,299,900
584 N Main St, Woonsocket, RI 02895
Commercial Sale, Woonsocket, RI
Property Size9,332 SF
Lot Size0.31 Acres
Price / SF$139.29
Days on Market82
Property Features for 584 N Main St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MU1
Zoning description
Legal Conforming
Directions
Use GPS
Standard status
Active
APN
M:19E L:72 U:47,561931
Size
9,332 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9992
Amenities
garage
common laundry area
Building Details
Year built
1905
Listing Agency:
Keller Williams Elite · Keller Williams Realty
(508) 695-4545
Added: Jun 15
Changed: Sep 4
Last Checked: Sep 4 at 7:06PM
MLS# 73536204
Copyright © 2026 MLS Property Information Network 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.
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.
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 = 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
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 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
