Renovated Mixed-Use Investment
For Sale
$1,050,000
Pending
735 Broadway, Pawtucket, RI 02861
Fully renovated 6-unit building with residential and commercial spaces.
Property Size6,420 SF
Lot Size0.05 Acres
Days on Market201
Property Features for 735 Broadway
General Information
Standard status
Pending
Size
6,420 SF
Lot size
0.05 Acres
Property subtype
Commercial
Building Details
Year Built
1930
Listing Agency:
KELLER WILLIAMS REALTY NRI
(401) 333-4900
Listed By:
SPECTRUM REC REAL ESTATE CONSULTANTS
Source:
Corcoran
Added: Jan 22
Changed: Jul 6
Last Checked: Jul 23 at 6:39AM
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
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 = 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
$84,837
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
8.08%
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%
$1,696,740
$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
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
$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 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%
$1,696,740
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
Specialty Retail
$1.11M
$972.0K – $1.30M
NOI $77,760 @ 7.0% cap · market cap 7.41%
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
611
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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.
