Three-Story Mixed-Use
For Sale
$550,000
863 Broad Street, Central Falls, RI 02863
Commercial/Business,Commercial Sale, Central Falls, RI
Property Size1,264 SF
Lot Size0.10 Acres
Price / SF$435.13
Days on Market11
Property Features for 863 Broad Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-D
Parking
6
Interior features
Ceiling Height (7 to 9 Ft)
Subdivision
Central Falls Business District
Lot features
Corner Lot, Fenced, Sidewalks, Downtown, Free Standing
Standard status
Active
Size
1,264 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7264
Utilities
Heating system
Natural Gas, Central, Baseboard
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
1
Listing Agency:
Lettieri & Associates-Realtors
(401) 331-9866
Listed By:
Lois Lettieri
(401) 523-5536
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 29 at 6:06PM
MLS# 1421071
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-story mixed-use building contains 1,264 square feet, with commercial space on the first floor and residential areas on the second and third floors. The ground level also provides access to a 630-square-foot storage and shed area. Interior features include ceiling heights ranging from 7 to 9 feet, while heating is provided by natural gas, central, and baseboard systems. Window unit cooling is present, and a fire alarm system serves all three floors.
The property sits on a 0.1011-acre lot at 863 Broad Street in Central Falls, Rhode Island. It carries C-D zoning and uses public water. A natural-gas boiler serving the second and third floors was installed 6 years ago. The entire building is currently occupied under month-to-month arrangements, with the first-floor commercial component and upper-level residential space operating within the same structure.
The property sits on a 0.1011-acre lot at 863 Broad Street in Central Falls, Rhode Island. It carries C-D zoning and uses public water. A natural-gas boiler serving the second and third floors was installed 6 years ago. The entire building is currently occupied under month-to-month arrangements, with the first-floor commercial component and upper-level residential space operating within the same structure.
Key Highlights
- 1,264‑square‑foot mixed‑use building on a 0.1011‑acre lot
- Commercial first floor with residential areas on the second and third floors
- 630‑square‑foot storage and shed area accessible from the first floor
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
$16,703
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
3.04%
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%
$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
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
$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 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%
$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
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,021
Businesses Nearby
43k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 48%
Dunkin' Donuts
Dining
22,563 visits/mo
0.4 miles
Cumberland Farms
Shops & Services
12,376 visits/mo
0.3 miles
Family Dollar
Shops & Services
6,135 visits/mo
0.0 miles
Advance Auto Parts
Shops & Services
2,177 visits/mo
0.1 miles
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C-D-zoned building combines ground-floor commercial space with residential areas above and month-to-month occupancy.
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: 1,264‑square‑foot mixed‑use building on a 0.1011‑acre lot; Commercial first floor with residential areas on the second and third floors; 630‑square‑foot storage and shed area accessible from the first floor
