106 Main StWoonsocket, RI 02895

Property Details for 106 Main St

Year built

1888

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.03 AC

Property size (Sq ft)

1,154 SF

Zone code

C1

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

WOON M:14U L:127 U:12

APU

WOONM14UL127U12

Description

This exceptional mixed-use property, located at 106 Main Street in Woonsocket, Rhode Island, presents a unique investment opportunity. The Honan Block, a historically significant building constructed in 1879 and listed on the National Register of Historic Places, comprises two interconnected buildings totaling 6,400 square feet on a 5,227.2 square foot lot. The property features five units: two commercial spaces and three residential apartments. The commercial units consist of a retail store currently leased for $1,050 per month and a café/restaurant leased for $1,100 per month. The three residential units offer a mix of sizes and layouts. Unit 1A is a spacious 2,000 square foot, three-bedroom, two-bathroom apartment leased for $2,295 per month. Units 2B and 3C are each 1,100 square feet, featuring two bedrooms and one bathroom, currently leased for $1,200 and $1,295 per month respectively. Each unit has been thoughtfully updated while preserving the building's historic charm, showcasing features such as tin ceilings, brick walls, and expansive windows. Residential units boast loft-like floor plans, hardwood floors, high ceilings, and abundant natural light. The property benefits from recent upgrades including updated windows, modern wiring, and plumbing. This offering is ideal for both owner-occupants and investors seeking a high-yield, historically significant property in a desirable downtown location. The asking price for this exceptional property is $799,000.

• CAP approach

  CAP return

  Valuation

  6%

  $190,791

  6.5%

  $176,114

  7%

  $163,535

• Comparable approach

  Method

  Valuation

  Relative Method

  $150,782

  Geo Method

  $150,782

• Alternative Use

  Use

  Valuation

  Residential

  $218,382

  Hospitality

  $200,037

  Educational

  $166,428

  Medical

  $172,152

  Retail

  $258,888

Location Insight

City

Woonsocket

County

Providence

State

Rhode Island

Latitude

42.0022

Longitude

-71.5148

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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