Four-Unit Mixed-Use
For Sale
$899,900
620 Killingly Street, Johnston, RI 02919
Commercial/Business,Commercial Sale, Johnston, RI
Property Size3,377 SF
Lot Size0.30 Acres
Price / SF$266.48
Days on Market38
Property Features for 620 Killingly Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
15
Interior features
Ceiling Height (7 to 9 Ft)
Subdivision
Killingly
Lot features
Free Standing, Suburban
Standard status
Active
Size
3,377 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13252
Utilities
Cooling system
Central Air
Building Details
Year built
1930
Number of units
3
Building materials
Brick, Masonry
Listing Agency:
Re/Max Properties · RE/MAX International
(401) 232-3900
Listed By:
Kenneth Scotti · License #13099
(401) 354-4971
Added: Jul 16
Changed: Jul 27
Last Checked: Aug 22 at 2:06AM
MLS# 1417126
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 property includes four units across two buildings, comprising three commercial spaces and one residential apartment. The 3,377-square-foot improvements include a single-level structure with a double commercial unit leased to a pizza and pasta restaurant, along with a second building configured with commercial space on the first floor and an apartment above. Both buildings have newer heating systems, central air, brick and masonry construction, and ceiling heights from 7 to 9 feet.
The property occupies a 0.3-acre lot at 620 Killingly Street in Johnston, Rhode Island. Parking has been newly paved and lined for 19 vehicles. The restaurant lease has 5 years remaining, while the other commercial and residential occupants are on month-to-month arrangements. The property is fully occupied, and the front building includes a Trex stairway.
The property occupies a 0.3-acre lot at 620 Killingly Street in Johnston, Rhode Island. Parking has been newly paved and lined for 19 vehicles. The restaurant lease has 5 years remaining, while the other commercial and residential occupants are on month-to-month arrangements. The property is fully occupied, and the front building includes a Trex stairway.
Key Highlights
- Four‑unit mix: three commercial units and one residential apartment
- 3,377 square feet across two buildings on a 0.3‑acre lot
- Newly paved and lined parking for 19 vehicles
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
$40,903
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
4.55%
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%
$818,060
$818.1K
Cap Rate 7%
$584,329
$584.3K
Cap Rate 9%
$454,478
$454.5K
Market Conditions
NOI Build-Up for 3,377 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
$60.8K $18.00/SF
− Vacancy
−$6.2K −$1.85/SF
EGI
$54.5K $16.15/SF
− OpEx
−$13.6K −$4.04/SF
NOI
$40.9K $12.11/SF
Area
Providence County, RI
Vacancy
10.28%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$818,060
Cap Rate 7%
$584,329
Cap Rate 9%
$454,478
Alternative Uses
Best Use
Specialty Retail
$584.3K
$511.3K – $681.7K
NOI $40,903 @ 7.0% cap · market cap 4.55%
Second Best
Mixed Use
$569.9K
$498.6K – $664.9K
NOI $39,891 @ 7.0% cap · market cap 4.43%
Theoretical Best
Multifamily LT 5
$803.3K
$702.9K – $937.2K
NOI $56,229 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
63k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Dining 33%
Beauty & Spa 2%
Electronics 1%
Dunkin' Donuts
Dining
18,842 visits/mo
0.1 miles
Cumberland Farms
Shops & Services
18,472 visits/mo
0.3 miles
Shell
Shops & Services
16,316 visits/mo
0.3 miles
Seasons Corner Market
Shops & Services
6,046 visits/mo
0.3 miles
Hometown Pizza
Dining
1,930 visits/mo
0.1 miles
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied two-building property combines commercial and residential space with on-site parking and updated building systems.
Where is this mixed-use property 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 mix: three commercial units and one residential apartment; 3,377 square feet across two buildings on a 0.3‑acre lot; Newly paved and lined parking for 19 vehicles
