Two-Unit Mixed-Use
New
For Sale
$639,900
980 Eddie Dowling Highway, North Smithfield, RI 02896
Separate entrances and driveways serve the residential and office portions of the property.
Property Size2,852 SF
Price / SF$224.37
Days on Market4
Property Features for 980 Eddie Dowling Highway
General Information
Standard status
Active
Size
2,852 SF
Property subtype
MultiFamily
Zoning
BH
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
1
Property Use
Mixed-Use
Building Details
Year Built
1950
Buildings
1
Listing Agency:
The Greene Realty Group
Listed By:
Derek Greene · License #REB.0016396
(888) 278-5840
Source:
Lockandkeyre
Added: Oct 26
Changed: Oct 29
Last Checked: Oct 28 at 3:07PM
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 The Greene Realty Group
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Investment Insights
Based on property information with market context.
This two-unit mixed-use property in North Smithfield pairs an approximately 1,557-square-foot residence with an approximately 1,295-square-foot office. Each unit has a separate entrance, and the residential portion includes two recently installed full bathrooms. The office has a half bath; the residence does not have a kitchen. Three unfinished basements provide approximately 1,506 square feet of additional space, according to the assessor. The building was constructed in 1950 and is offered as-is.
A Town of North Smithfield zoning compliance certificate confirms that the business use may continue and that the residential use is a legal preexisting nonconforming use in the BH zone. The property has dual driveways and a rear yard. The configuration also presents the possibility of pursuing separate residential and commercial condominium units, subject to buyer due diligence.
A Town of North Smithfield zoning compliance certificate confirms that the business use may continue and that the residential use is a legal preexisting nonconforming use in the BH zone. The property has dual driveways and a rear yard. The configuration also presents the possibility of pursuing separate residential and commercial condominium units, subject to buyer due diligence.
Key Highlights
- Approximately 1,557 SF residential unit and 1,295 SF office unit
- Three unfinished basements totaling approximately 1,506 SF per assessor
- Separate entrances and dual driveways serve the two units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,864
Cap Rate
5.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$737,280
$737.3K
Cap Rate 7%
$526,629
$526.6K
Cap Rate 9%
$409,600
$409.6K
Market Conditions
NOI Build-Up for 2,852 SF
Gross rent
$57.2K $20.04/SF
− Vacancy
−$8.0K −$2.81/SF
EGI
$49.2K $17.23/SF
− OpEx
−$12.3K −$4.31/SF
NOI
$36.9K $12.93/SF
Area
Providence County, RI
Vacancy
14.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$737,280
Cap Rate 7%
$526,629
Cap Rate 9%
$409,600
Alternative Uses
Best Use
Office B
$526.6K
$460.8K – $614.4K
NOI $36,864 @ 7.0% cap · market cap 5.76%
Second Best
Mixed Use
$481.3K
$421.1K – $561.5K
NOI $33,689 @ 7.0% cap · market cap 5.26%
Theoretical Best
Multifamily LT 5
$678.4K
$593.6K – $791.5K
NOI $47,487 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
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Business Placement
Demographics for 02896, RI
11,154
Population
4,759
Households
2.3
Avg Household Size
48
Median Age
34%
College-Educated
94%
High-School Grad
23.0 sq mi
ZIP Area
485
Density / Sq Mi
$109,436
Median Household Income
$57,420
Median Earnings
$1,282
Median Rent
$423,500
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Separate entrances and driveways serve the residential and office portions of the property.
Where is this mixed-use property located?
The property is located at 980 Eddie Dowling Highway North Smithfield, RI.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: Approximately 1,557 SF residential unit and 1,295 SF office unit; Three unfinished basements totaling approximately 1,506 SF per assessor; Separate entrances and dual driveways serve the two units
