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15 Thomas St 3,888 SF 100% Leased Retail Building North Providence, RI 02911 $1,490,000 ($383.23/SF)
Executive Summary
Introducing 15 Thomas Street—a prime, turnkey mixed-use property delivering strong, diversified income & exceptional versatility for both investors & owner-occupants. The property is thoughtfully configured to maximize revenue potential across commercial & residential uses. The first floor has two well-finished commercial suites: a polished real estate office featuring two private rooms, a half bath, & central AC, & a stylish three-room move-in ready bridal salon, ideal for a service retailer or boutique. The lower level expands the income stream with a nail salon & a 1-bed, 1-bath apartment. Both commercial & residential tenants enjoy modern amenities, gas heat, & central AC. Upstairs, the second & third floors offer a spacious townhouse-style apartment with six beds, two full baths, & a generous common area. This unit is currently leased as workforce housing, providing excellent monthly returns. For added value, the site features a detached cottage. ** Ample on-site parking accommodates both commercial clients & residents, & the property’s CV zoning supports a mix of uses for ongoing stability.**Strategically located with quick access to Route 44 & I-295, 15 Thomas Street is in a vibrant neighborhood with strong tenant interest. Ideal for investors or owners seeking reliable cash flow, asset appreciation, or a hybrid live-work opportunity, this meticulously maintained property delivers an unmatched return on investment and future upside.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$148,550
|
$38.21
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$148,550
|
$38.21
|
| Taxes |
$9,426
|
$2.42
|
| Operating Expenses |
$29,686
|
$7.64
|
| Total Expenses |
$39,112
|
$10.06
|
| Net Operating Income |
$109,438
|
$28.15
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $148,550 |
| Annual Per SF | $38.21 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $148,550 |
| Annual Per SF | $38.21 |
| Taxes | |
|---|---|
| Annual | $9,426 |
| Annual Per SF | $2.42 |
| Operating Expenses | |
|---|---|
| Annual | $29,686 |
| Annual Per SF | $7.64 |
| Total Expenses | |
|---|---|
| Annual | $39,112 |
| Annual Per SF | $10.06 |
| Net Operating Income | |
|---|---|
| Annual | $109,438 |
| Annual Per SF | $28.15 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Freestanding
Building Size
3,888 SF
Building Class
C
Year Built
1950
Price
$1,490,000
Price Per SF
$383.23
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Slab To Slab
10’
Building FAR
0.22
Lot Size
0.40 AC
Zoning
CV
Parking
12 Spaces (3.09 Spaces per 1,000 SF Leased)
Frontage
50’ on Thomas St
Amenities
- Corner Lot
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Dipetrillo Properties
- Real Estate
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Dipetrillo Properties | Real Estate | - | - | - |
Walk Score®
Very Walkable (82)
Nearby Major Retailers
Property Taxes
| Parcel Number | NPRO-000014-000000-000466 | Total Assessment | $403,700 (2025) |
| Land Assessment | $118,100 (2025) | Annual Taxes | $9,426 ($2.42/SF) |
| Improvements Assessment | $285,600 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
NPRO-000014-000000-000466
Land Assessment
$118,100 (2025)
Improvements Assessment
$285,600 (2025)
Total Assessment
$403,700 (2025)
Annual Taxes
$9,426 ($2.42/SF)
Tax Year
2024
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15 Thomas St
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