Four-Unit Mixed-Use Income
For Sale
$899,900
620 Killingly Street, Johnston, RI 02919
Turnkey, fully occupied four-unit property with on-site parking and mixed restaurant and residential tenants.
Property Size3,377 SF
Lot Size0.30 Acres
Price / SF$266.48
Days on Market99
Property Features for 620 Killingly Street
General Information
Standard status
Active
Size
3,377 SF
Total Parking Spaces
19
Lot size
0.30 Acres
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
1
Building Details
Year Built
1996
Tenancy
Multi
Listing Agency:
RE/MAX Properties
Listed By:
Kenneth Scotti · License #13099
(401) 255-2391
Source:
Onshorerealtors
Added: Jul 19
Changed: Oct 9
Last Checked: Oct 24 at 2:17PM
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 RE/MAX Properties
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Investment Insights
Based on property information with market context.
Turnkey four-unit property with three commercial units and one residential unit, fully occupied and positioned for immediate, diversified income. One single-level building features a double unit currently leased to a pizza and pasta restaurant, with five years remaining on the lease. A second up-and-down mixed-use building includes a small business on the first floor and a residential apartment on the second floor, with month-to-month tenancy. Both buildings have newer heating systems, and the property is fully up to date on security and fire code compliance.
The property sits on a 13,068 sq. ft. lot with newly paved and lined parking for 19 vehicles. The front building includes a solid Trex stairway designed for durable, low-maintenance access.
With ample on-site parking, ongoing lease continuity in one unit, and active month-to-month occupancy in the mixed-use structure, the buildings are offered as a maintained, turnkey income property.
The property sits on a 13,068 sq. ft. lot with newly paved and lined parking for 19 vehicles. The front building includes a solid Trex stairway designed for durable, low-maintenance access.
With ample on-site parking, ongoing lease continuity in one unit, and active month-to-month occupancy in the mixed-use structure, the buildings are offered as a maintained, turnkey income property.
Key Highlights
- Four‑unit commercial property with 3 commercial units and 1 residential unit; fully occupied
- Tenant 1: singlelevel double unit leased to a pizza and pasta restaurant with 5 years remaining on the lease
- Second building is mixed‑use up‑and‑down structure: first‑floor commercial unit plus a second‑floor residential apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,229
Cap Rate
6.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,124,580
$1.1M
Cap Rate 7%
$803,271
$803.3K
Cap Rate 9%
$624,767
$624.8K
Market Conditions
NOI Build-Up for 3,377 SF
Gross rent
$85.9K $25.44/SF
− Vacancy
−$5.6K −$1.65/SF
EGI
$80.3K $23.79/SF
− OpEx
−$24.1K −$7.14/SF
NOI
$56.2K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,124,580
Cap Rate 7%
$803,271
Cap Rate 9%
$624,767
Alternative Uses
Best Use
Multifamily LT 5
$803.3K
$702.9K – $937.2K
NOI $56,229 @ 7.0% cap · market cap 6.25%
Second Best
Apartment 5plus
$637.5K
$557.8K – $743.8K
NOI $44,625 @ 7.0% cap · market cap 4.96%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
1
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
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Business Placement
Demographics for 02919, RI
29,473
Population
11,993
Households
2.5
Avg Household Size
45
Median Age
29%
College-Educated
91%
High-School Grad
23.5 sq mi
ZIP Area
1,254
Density / Sq Mi
$87,811
Median Household Income
$56,068
Median Earnings
$1,259
Median Rent
$326,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Turnkey, fully occupied four-unit property with on-site parking and mixed restaurant and residential tenants.
Where is this quadplex located?
The property is located at 620 Killingly Street Johnston, RI.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Four‑unit commercial property with 3 commercial units and 1 residential unit; fully occupied; Tenant 1: singlelevel double unit leased to a pizza and pasta restaurant with 5 years remaining on the lease; Second building is mixed‑use up‑and‑down structure: first‑floor commercial unit plus a second‑floor residential apartment
