Remodeled Mixed-Use
New
For Sale
$829,900
605 Broadway, Pawtucket, RI 02860
Three two-bedroom units accompany a finished first-floor commercial space.
Property Size4,846 SF
Price / SF$171.25
Days on Market1
Property Features for 605 Broadway
General Information
Standard status
Active
Size
4,846 SF
Property subtype
Multi-Family
Building Details
Year Built
1930
Listing Agency:
INNOVATE Real Estate
Listed By:
Filomena Silva · License #RES.0033998
(401) 489-2323
Source:
Alpernandmesenbourg
Added: Sep 4
Last Checked: Sep 4 at 2:29PM
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 INNOVATE Real Estate
Investment Insights
Based on property information with market context.
This 4,846-square-foot mixed-use property, built in 1930, combines a remodeled first-floor commercial setting with three residential units. The commercial space includes a kitchen area, two half baths, decorative electric fireplace, architectural columns, updated flooring, bar and pendant lighting, and installed connections for TVs and speakers. Tables and chairs are excluded from the sale.
Each residential unit contains two bedrooms and includes a stove, refrigerator, and multiple updates. The property also provides a fire system and off-street parking. Its setting near shopping, restaurants, public transportation, highways, and other local amenities supports a range of commercial and residential occupancy possibilities.
Each residential unit contains two bedrooms and includes a stove, refrigerator, and multiple updates. The property also provides a fire system and off-street parking. Its setting near shopping, restaurants, public transportation, highways, and other local amenities supports a range of commercial and residential occupancy possibilities.
Key Highlights
- 4,846 SF mixed‑use property built in 1930
- Remodeled first‑floor bar/lounge setting with kitchen space and two half baths
- Three residential units, each with 2 bedrooms, a stove, and a refrigerator
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
$64,038
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
7.72%
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%
$1,280,760
$1.3M
Cap Rate 7%
$914,829
$914.8K
Cap Rate 9%
$711,533
$711.5K
Market Conditions
NOI Build-Up for 4,846 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
$123.9K $25.56/SF
− Vacancy
−$7.4K −$1.53/SF
EGI
$116.4K $24.03/SF
− OpEx
−$52.4K −$10.81/SF
NOI
$64.0K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,280,760
Cap Rate 7%
$914,829
Cap Rate 9%
$711,533
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.01M – $1.34M
NOI $80,688 @ 7.0% cap · market cap 9.72%
Second Best
Apartment 5plus
$914.8K
$800.5K – $1.07M
NOI $64,038 @ 7.0% cap · market cap 7.72%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
887
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
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 - Three two-bedroom units accompany a finished first-floor commercial space.
Where is this mixed-use property located?
The property is located at 605 Broadway Pawtucket, RI.
What is the asking price?
The asking price for this property is $829,900.
What are key features of this property?
This property features: 4,846 SF mixed‑use property built in 1930; Remodeled first‑floor bar/lounge setting with kitchen space and two half baths; Three residential units, each with 2 bedrooms, a stove, and a refrigerator
