23 Broad StPawtucket, RI 02860

Property Details for 23 Broad St

Year built

1900

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.23 AC

Property size (Sq ft)

29,617 SF

Zone code

CD

Property type

Other commercial real estate

Property subtype

Showrooms

APN

PAWT M:43 L:0560

APU

PAWTM43L0560

Description

This exceptional three-story brick building, located at 23 Broad Street in Pawtucket, Rhode Island, presents a unique investment opportunity. Originally constructed in 1888 and significantly renovated in 1923 and again in the mid-to-late 20th century, this 29,617 square foot property boasts a rich history and substantial potential. The building, encompassing addresses 9-27 Broad Street, features ground floor storefront units and is zoned CD (Commercial Downtown), offering flexibility for a variety of uses. Its exposed brick and historical character create an ideal canvas for adaptive reuse or redevelopment into residential, office, creative, or loft spaces. The 0.23-acre lot provides ample space for future development. The property's prime location offers convenient access to amenities and transportation options, enhancing its appeal to both residents and businesses. Annual property taxes are $11,495. This is a rare chance to acquire a landmark building in a thriving Rhode Island community for $1,600,000. The building's history includes tenancies by a commercial school and a clothing store.

• CAP approach

  CAP return

  Valuation

  6%

  $7,197,965

  6.5%

  $6,644,276

  7%

  $6,169,684

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,751,788

  Geo Method

  $9,751,788

• Alternative Use

  Use

  Valuation

  Residential

  $5,604,695

  Hospitality

  $5,133,870

  Educational

  $4,271,320

  Medical

  $4,418,217

  Retail

  $6,644,276

Location Insight

City

Pawtucket

County

Providence

State

Rhode Island

Latitude

41.8787

Longitude

-71.3861

CBSA code

39300

CBSA name

PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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