Mixed-Use Live-Work
For Sale
$695,000
Pending
73 Child, Warren, RI 02885
Historic 1890 residence with two apartments, street-facing offices, multiple garage bays, and ample parking near arts and waterfront.
Property Size4,009 SF
Days on Market83
Property Features for 73 Child
General Information
Standard status
Pending
Size
4,009 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,040
Amenities
Central air
Corner Lot
Circuit Breakers
Common Area
Gas Heating
Heat Pump Cooling
Heat Pump Heating
Historic District
Hot Water Heating
Steam Heating
Building Details
Year Built
1890
Listing Agency:
RESIDENTIAL PROPERTIES LTD.
(401) 245-9600
Listed By:
DORY SKEMP
Source:
Corcoran
Added: Jun 10
Changed: Aug 22
Last Checked: Aug 14 at 6:21AM
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 RESIDENTIAL PROPERTIES LTD.
Investment Insights
Based on property information with market context.
The property at 73 Child Street is a well-established mixed-use building anchored by a historic 1890 residence containing two residential units. A street-facing addition provides professional office space, supported by a row of five garage bays. Additional improvements include a standalone workshop or studio building with an extra garage space, along with ample on-site parking.
The site is located in Warren’s arts and waterfront district. It sits adjacent to the East Bay Bike Path, about one block from Main Street, and one block from the artists’ studios at Cutler Mill. The active working waterfront along the Warren River is approximately three blocks away.
Designed as a grandfathered mixed-use property within Warren’s Business District zoning, it supports a flexible live-work environment. The combination of residential units, office space, and multiple garage and workshop/studio options can fit a range of owner-occupant and income-focused strategies for entrepreneurs, artists, makers, and other operators seeking multiple space types on one property.
The site is located in Warren’s arts and waterfront district. It sits adjacent to the East Bay Bike Path, about one block from Main Street, and one block from the artists’ studios at Cutler Mill. The active working waterfront along the Warren River is approximately three blocks away.
Designed as a grandfathered mixed-use property within Warren’s Business District zoning, it supports a flexible live-work environment. The combination of residential units, office space, and multiple garage and workshop/studio options can fit a range of owner-occupant and income-focused strategies for entrepreneurs, artists, makers, and other operators seeking multiple space types on one property.
Key Highlights
- Historic 1890 residence with 2 residential units
- Street‑facing addition includes professional office space
- Includes 5 garage bays plus ample on‑site parking
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
$56,707
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
8.16%
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%
$1,134,140
$1.1M
Cap Rate 7%
$810,100
$810.1K
Cap Rate 9%
$630,078
$630.1K
Market Conditions
NOI Build-Up for 4,009 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
$98.6K $24.60/SF
− Vacancy
−$7.9K −$1.97/SF
EGI
$90.7K $22.63/SF
− OpEx
−$34.0K −$8.49/SF
NOI
$56.7K $14.15/SF
Area
Bristol County, RI
Vacancy
8.00%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,134,140
Cap Rate 7%
$810,100
Cap Rate 9%
$630,078
Alternative Uses
Best Use
Office B
$980.0K
$857.5K – $1.14M
NOI $68,599 @ 7.0% cap · market cap 9.87%
Second Best
Mixed Use
$810.1K
$708.8K – $945.1K
NOI $56,707 @ 7.0% cap · market cap 8.16%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,886 @ 7.0% cap · market cap 13.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
845
Businesses Nearby
Explore this area
Business Placement
Demographics for 02885, RI
11,147
Population
5,546
Households
2
Avg Household Size
47
Median Age
36%
College-Educated
90%
High-School Grad
6.2 sq mi
ZIP Area
1,798
Density / Sq Mi
$89,722
Median Household Income
$53,980
Median Earnings
$1,253
Median Rent
$363,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Historic 1890 residence with two apartments, street-facing offices, multiple garage bays, and ample parking near arts and waterfront.
Where is this live-work space located?
The property is located at 73 Child Warren, RI.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Historic 1890 residence with 2 residential units; Street‑facing addition includes professional office space; Includes 5 garage bays plus ample on‑site parking
