Renovated Mixed-Use Investment
735 Broadway, Pawtucket, RI 02861
For Sale
$1,050,000
Pending
Fully renovated 6-unit building with residential and commercial spaces.
Property Size6,420 SF
Lot Size0.05 Acres
Days on Market295
Property Features for 735 Broadway
General Information
Standard status
Size
Lot size
Property subtype
Taxes and HOA fees
Annual Taxes
Amenities
Circuit Breakers
Gas Heating
Building Details
Year Built
Listing Agency:
KELLER WILLIAMS REALTY NRI
(401) 333-4900
Listed By:
SPECTRUM REC REAL ESTATE CONSULTANTS
(401) 334-3334
Source:
Corcoran
Added: Jan 22
Changed: Nov 10
Last Checked: Nov 12 at 7:37AM
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 KELLER WILLIAMS REALTY NRI
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Investment Insights
Based on property information with market context.
This mixed-use property offers an investment opportunity with an income exceeding $120,000 and a 9.5% cap rate. Located on the Pawtucket/Massachusetts border, the fully renovated building features 6 units, including 5 residential units and 1 commercial unit. The first floor is occupied by a restaurant with a long-term lease, where the tenant contributes to property taxes. The remaining space comprises 5 residential units, totaling 10 bedrooms and 6 bathrooms, including one 3-bed, 2-bath unit. All residential units have been renovated with new kitchens, granite countertops, stone herringbone backsplashes, stainless appliances, new windows, and updated bathrooms. A new fire panel has been installed. The property is located within 9 minutes of the commuter rail.
Key Highlights
- High Income Potential: Generates over $120,000 annually with a 9.5% cap rate.
- Mixed‑Use Property: Features both residential (5 units) and commercial (1 restaurant) spaces.
- Fully Renovated: All 5 residential units are renovated floor to ceiling with new kitchens and updated bathrooms.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$84,837
Cap Rate
8.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,696,740
$1.7M
Cap Rate 7%
$1,211,957
$1.2M
Cap Rate 9%
$942,633
$942.6K
Market Conditions
NOI Build-Up for 6,420 SF
Gross rent
$164.1K $25.56/SF
− Vacancy
−$9.8K −$1.53/SF
EGI
$154.2K $24.03/SF
− OpEx
−$69.4K −$10.81/SF
NOI
$84.8K $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 Rate 5%
$1,696,740
Cap Rate 7%
$1,211,957
Cap Rate 9%
$942,633
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,837 @ 7.0% cap · market cap 8.08%
Second Best
Mixed Use
$1.08M
$948.0K – $1.26M
NOI $75,836 @ 7.0% cap · market cap 7.22%
Theoretical Best
Multifamily LT 5
$1.53M
$1.34M – $1.78M
NOI $106,896 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
611
Businesses Nearby
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Business Placement
Demographics for 02861, RI
27,833
Population
11,928
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
3.6 sq mi
ZIP Area
7,731
Density / Sq Mi
$83,044
Median Household Income
$47,384
Median Earnings
$1,278
Median Rent
$285,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Mixed-use properties in Providence County, RI
Properties on Market for Mixed-use properties in Providence County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully renovated 6-unit building with residential and commercial spaces.
Where is this mixed-use property located?
The property is located at 735 Broadway Pawtucket, RI.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: High Income Potential: Generates over $120,000 annually with a 9.5% cap rate.; Mixed‑Use Property: Features both residential (5 units) and commercial (1 restaurant) spaces.; Fully Renovated: All 5 residential units are renovated floor to ceiling with new kitchens and updated bathrooms.
