Three-Story Mixed-Use
For Sale
$550,000
863 Broad Street, Central Falls, RI 02863
Commercial space occupies the ground level, with residential floors above and on-site parking.
Property Size1,264 SF
Price / SF$435.13
Days on Market54
Property Features for 863 Broad Street
General Information
Standard status
Active
Size
1,264 SF
Property subtype
Commercial
Occupancy
100%
Building Details
Year Built
1900
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Lettieri & Associates-Realtors
(401) 331-9866
Listed By:
Lois Lettieri · License #REB.0006765
(401) 523-5536
Source:
Lockandkeyre
Added: Aug 19
Changed: Oct 10
Last Checked: Oct 9 at 10:50PM
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 Lettieri & Associates-Realtors
Investment Insights
Based on property information with market context.
This three-story mixed-use property combines a commercial ground floor with residential space on the second and third levels. The first floor includes access to a storage or shed area, while a fire alarm system serves all three floors. A gas boiler installed 6 years ago supplies the upper levels.
The building is located at 863 Broad Street in Central Falls, within a populated business district described as a gateway for retail activity. Six parking spaces are available on site. The property was built in 1900 and is currently occupied throughout under month-to-month arrangements, providing flexibility for continued occupancy or future owner use subject to applicable requirements.
The building is located at 863 Broad Street in Central Falls, within a populated business district described as a gateway for retail activity. Six parking spaces are available on site. The property was built in 1900 and is currently occupied throughout under month-to-month arrangements, providing flexibility for continued occupancy or future owner use subject to applicable requirements.
Key Highlights
- Ground‑floor commercial space with residential areas on the second and third floors
- Fire alarm system serving all 3 floors
- Gas boiler for the second and third floors installed 6 years ago
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,703
Cap Rate
3.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$334,060
$334.1K
Cap Rate 7%
$238,614
$238.6K
Cap Rate 9%
$185,589
$185.6K
Market Conditions
NOI Build-Up for 1,264 SF
Gross rent
$32.3K $25.56/SF
− Vacancy
−$1.9K −$1.53/SF
EGI
$30.4K $24.03/SF
− OpEx
−$13.7K −$10.81/SF
NOI
$16.7K $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 Rate 5%
$334,060
Cap Rate 7%
$238,614
Cap Rate 9%
$185,589
Alternative Uses
Best Use
Apartment 5plus
$238.6K
$208.8K – $278.4K
NOI $16,703 @ 7.0% cap · market cap 3.04%
Second Best
Specialty Retail
$218.7K
$191.4K – $255.2K
NOI $15,310 @ 7.0% cap · market cap 2.78%
Theoretical Best
Multifamily LT 5
$300.7K
$263.1K – $350.8K
NOI $21,046 @ 7.0% cap · market cap 3.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,021
Businesses Nearby
Explore this area
Business Placement
Demographics for 02863, RI
22,596
Population
8,341
Households
2.7
Avg Household Size
32
Median Age
12%
College-Educated
60%
High-School Grad
1.2 sq mi
ZIP Area
18,830
Density / Sq Mi
$45,921
Median Household Income
$30,050
Median Earnings
$1,118
Median Rent
$300,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space occupies the ground level, with residential floors above and on-site parking.
Where is this mixed-use property located?
The property is located at 863 Broad Street Central Falls, RI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Ground‑floor commercial space with residential areas on the second and third floors; Fire alarm system serving all 3 floors; Gas boiler for the second and third floors installed 6 years ago
