Mixed-Use Property with
For Sale
$699,900
686 N Broadway, East Providence, RI 02914
Mixed-use property featuring a laundromat and residential units.
Property Size4,217 SF
Lot Size0.23 Acres
Price / SF$165.97
Days on Market325
Property Features for 686 N Broadway
General Information
Standard status
Active
Size
4,217 SF
Lot size
0.23 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,496
Amenities
Central air
Corner Lot
Central Air Cooling
Circuit Breakers
Window Units Cooling
Building Details
Year Built
1920
Listing Agency:
GREEN ISLAND REALTY, INC.
(401) 461-2063
Listed By:
CORA ZHANG · License #744516048
Source:
Corcoran
Added: Sep 30, 2025
Changed: Aug 14
Last Checked: Aug 14 at 9:51AM
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 GREEN ISLAND REALTY, INC.
Investment Insights
Based on property information with market context.
This mixed-use property offers a business and real estate package for sale. It features an owner-operated laundromat equipped with 31 washers and 23 dryers, along with 6 rental income streams from residential units. The established laundromat business presents significant growth potential, complemented by steady rental income from long-term tenants. The property is situated in a high-traffic location, close to various amenities. The property size is 4217 square feet. This property is being sold as is.
Key Highlights
- Mixed‑use property featuring an established laundromat and 6 rental units.
- Laundromat equipped with 31 washers and 23 dryers.
- Steady rental income** from long‑term tenants.
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
$55,726
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
7.96%
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%
$1,114,520
$1.1M
Cap Rate 7%
$796,086
$796.1K
Cap Rate 9%
$619,178
$619.2K
Market Conditions
NOI Build-Up for 4,217 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
$107.8K $25.56/SF
− Vacancy
−$6.5K −$1.53/SF
EGI
$101.3K $24.03/SF
− OpEx
−$45.6K −$10.81/SF
NOI
$55.7K $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%
$1,114,520
Cap Rate 7%
$796,086
Cap Rate 9%
$619,178
Alternative Uses
Best Use
Apartment 5plus
$796.1K
$696.6K – $928.8K
NOI $55,726 @ 7.0% cap · market cap 7.96%
Second Best
Mixed Use
$711.6K
$622.7K – $830.2K
NOI $49,813 @ 7.0% cap · market cap 7.12%
Theoretical Best
Multifamily LT 5
$1.00M
$877.7K – $1.17M
NOI $70,215 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,174
Businesses Nearby
12k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Bank of America
Shops & Services
6,676 visits/mo
0.4 miles
Family Dollar
Shops & Services
5,376 visits/mo
0.3 miles
Demographics for 02914, RI
22,140
Population
10,082
Households
2.2
Avg Household Size
43
Median Age
25%
College-Educated
82%
High-School Grad
4.9 sq mi
ZIP Area
4,518
Density / Sq Mi
$60,838
Median Household Income
$43,696
Median Earnings
$1,165
Median Rent
$309,600
Median Home Value
Market
Vacancy Rate% for Retail 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?
Mixed-use property - Mixed-use property featuring a laundromat and residential units.
Where is this mixed-use property located?
The property is located at 686 N Broadway East Providence, RI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Mixed‑use property featuring an established laundromat and 6 rental units.; Laundromat equipped with **31 washers and 23 dryers.**; Steady rental income** from long‑term tenants.
