Mixed-Use Quadplex with
For Sale
$829,900
605 Broadway, Pawtucket, RI 02860
MULTI_FAMILY - Pawtucket, RI
Property Size4,846 SF
Lot Size0.10 Acres
Price / SF$171.25
Days on Market47
Property Features for 605 Broadway
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CG
Bedrooms
6
Bathrooms
4
Full bathrooms
3
Half bathrooms
2
Rooms
Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 2, Basement, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 5, Bathroom 1, Bathroom 2
Parking features
None
Window features
Insulated Windows
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Wet Bar, Plumbing (Mixed), Insulation (Unknown)
Fireplace
1
Basement
Storage Space, Unfinished, Full
Appliances
Gas Water Heater, Microwave, Oven/Range, Refrigerator
Lot features
Fenced, Paved Driveway, Sidewalks
Standard status
Active
Size
4,846 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7773
Utilities
Heating system
Natural Gas, Baseboard
Building Details
Year built
1930
Floors in Building
4
Number of units
4
Flooring type
Laminate, Hardwood
Building materials
Dry Wall, Plaster, Masonry, Vinyl Siding
Listing Agency:
Innovate Real Estate
(401) 323-8292
Listed By:
Filomena Silva · License #RES.0033998
(401) 489-2323
Added: Jun 26
Changed: Aug 2
Last Checked: Aug 11 at 5:06PM
MLS# 1416395
Copyright © 2026 State Wide MLS of Rhode Island, 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.
This mixed-use quadplex offers a remodeled first-floor bar/lounge setting and three residential units. The commercial space includes a kitchen area, two half baths, a decorative electric fireplace, decorative columns, updated flooring, and stylish bar and pendant lighting. The residential units are each two-bedroom layouts with stoves and refrigerators, along with many updates. Interior details include drywall and plaster walls, stairs, wet bar elements, mixed plumbing, and flooring that includes laminate and hardwood. The property is also equipped with a fire system, and it features a natural gas baseboard heating setup with a gas water heater.
Built in 1930, the property sits on a 0.1004-acre lot and has a total property size of 4,846 SF. It is located in CG zoning, with access to shopping, restaurants, public transportation, highways, and other local amenities.
With its combination of a hospitality-style first floor and multiple residential units, the property is set up to support varied occupancy and rental-income strategies.
Built in 1930, the property sits on a 0.1004-acre lot and has a total property size of 4,846 SF. It is located in CG zoning, with access to shopping, restaurants, public transportation, highways, and other local amenities.
With its combination of a hospitality-style first floor and multiple residential units, the property is set up to support varied occupancy and rental-income strategies.
Key Highlights
- Remodeled first‑floor bar/lounge with kitchen area, two half baths, decorative electric fireplace, and stylish bar/pendant lighting
- Three residential units, each with two bedrooms plus stoves and refrigerators
- CG 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
$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
Lease Details
3
Residential units
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,059
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - First-floor bar/lounge space has been remodeled, with three residential units offering two bedrooms each in CG zoning.
Where is this quadplex 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: Remodeled first‑floor bar/lounge with kitchen area, two half baths, decorative electric fireplace, and stylish bar/pendant lighting; Three residential units, each with two bedrooms plus stoves and refrigerators; CG zoning
