Mixed-Use Property with Development
For Sale
$899,000
Pending
60 Rathbun, Woonsocket, RI 02895
Seven-unit mixed-use property with land for expansion.
Property Size6,400 SF
Days on Market316
Property Features for 60 Rathbun
General Information
Standard status
Pending
Size
6,400 SF
Property subtype
Commercial
Building Details
Year Built
1900
Listing Agency:
KELLER WILLIAMS REALTY
(508) 695-4545
Listed By:
TALIB HUSSAIN · License #449585701
Source:
Corcoran
Added: Sep 30, 2025
Changed: Jul 10
Last Checked: Jul 23 at 9:34AM
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 REALTY
Investment Insights
Based on property information with market context.
This mixed-use property features six residential apartments and one retail space. The property includes a sizable parcel of land that offers potential for an additional buildable lot. The residential units include balconies, eat-in kitchens, spacious living rooms, and full baths. The unit mix consists of four 2-bedroom apartments, one 4-bedroom apartment, and one studio. Ample off-street parking is available. Recent upgrades include a newer roof, updated balconies and porches, and a compliant water meter. The property has a strong rental history and consistent returns. The property is located in Woonsocket, RI.
Key Highlights
- Strong cash‑flow generation with a solid rental history.
- Potential for an additional buildable lot for expansion.
- Mixed‑use property featuring 6 residential units and 1 retail space.
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
$75,600
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
8.41%
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%
$1,512,000
$1.5M
Cap Rate 7%
$1,080,000
$1.1M
Cap Rate 9%
$840,000
$840.0K
Market Conditions
NOI Build-Up for 6,400 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
$134.4K $21.00/SF
− Vacancy
−$13.4K −$2.10/SF
EGI
$121.0K $18.90/SF
− OpEx
−$45.4K −$7.09/SF
NOI
$75.6K $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%
$1,512,000
Cap Rate 7%
$1,080,000
Cap Rate 9%
$840,000
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,573 @ 7.0% cap · market cap 9.41%
Second Best
Mixed Use
$1.08M
$945.0K – $1.26M
NOI $75,600 @ 7.0% cap · market cap 8.41%
Theoretical Best
Multifamily LT 5
$1.52M
$1.33M – $1.78M
NOI $106,563 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,432
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 - Seven-unit mixed-use property with land for expansion.
Where is this mixed-use property located?
The property is located at 60 Rathbun Woonsocket, RI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Strong cash‑flow generation with a solid rental history.; Potential for an additional buildable lot for expansion.; Mixed‑use property featuring 6 residential units and 1 retail space.
