PRIME MIXED-USE OPPORTUNITY IN FEDERAL HILL'S RESTAURANT ROW. Commercial + Two Residential Units Exceptional investment opportunity. This turnkey mixed-use property features an established restaurant space with an impressive 34-year legacy, complemented by two income-generating residential units above. COMMERCIAL HIGHLIGHTS: Fully equipped restaurant space with decades of successful operation Prime location on historic Atwells Avenue with high foot traffic Existing kitchen infrastructure and dining room setup Established customer base and neighborhood recognition Versatile space suitable for continued restaurant operation or new business venture RESIDENTIAL FEATURES: Two well-maintained rental units providing steady income stream Separate entrances ensuring privacy for commercial and residential tenants Ideal urban location attractive to quality tenants Additional revenue potential through property improvements Perfect for investors seeking a proven commercial space with built-in residential income, or entrepreneurs ready to write the next chapter of this property's story. Whether maintaining the existing restaurant concept or launching a new venture, this turnkey property offers immediate operational capability with significant upside potential. This rare opportunity combines Providence's rich culinary heritage with modern investment potential. Don't miss the chance to own a piece of Federal Hill's vibrant business community.
Property Details
Property Features
Property Information:
Year Built: 1922
Listing Office:
Office Name: Compass / Lila Delman Compass
Office Phone: (401) 274-1644
Interior Features
Interior Information:
Appliances: Gas Water Heater
Basement: Yes
Flooring Type: Ceramic Tile, Hardwood, Laminate
Interior: Tub Shower
Bedroom and Bathroom Information:
Partial Bathrooms: 1
Full Bathrooms: 2
Total Bedroom Count: 5
Exterior Features
Parking Information:
Parking: No Garage
Lot Features
Lot Information:
Lot Size: 0.07 Acres
Utilities
Utilities Information:
Heating: Natural Gas, Steam
Cooling: None
Price Information
Listing Price Info
Price Summary:
List Price: $650,000
Tax Information:
Annual Amount: $6,841
Tax Year: 2020
What can I afford?
Understand what home price range makes sense for your budget.
Housing Market Comparison
See how this home compares to others in Providence, RI.
Calculate your estimated monthly expenses for this listing. Play with the values below to better understand your monthly payment and utilities.
$3,312
Per Month
Principal & Interest
$3,245
Home PriceThe dollar amount you pay for the home.
$
Interest RateMortgage interest rates fluctuate, but they're typically in the 5% to 9% range. Your rate will be calculated based on personal details including your credit score.
%
Down PaymentThe initial money paid at closing that is usually a percentage of the purchase price. Most loans require at least 3% down, but a 0% down payment may be possible if you're eligible for a VA or USDA loan.
$%
Loan TermThis is how long you'll pay on the loan. A longer term gives you smaller payments, while a shorter term saves you money on interest.
Property Taxes
$0
Property Taxes -Annual CostEvery homeowner pays taxes to their local government based on their home's value and the property tax rates for the county or city. Most areas charge property taxes semiannually.
$/ Year
Mortgage Insurance
$0
Mortgage Insurance -Monthly PremiumMortgage insurance helps secure a mortgage with a lower down payment. It typically costs 0.1% - 2% of your loan amount per year.
$/ Month
Homeowners Insurance
$67
Homeowners Insurance -Monthly PremiumMost homeowners pay about $1,000 a year for homeowners insurance, but the cost varies based on your location, home and coverage.
$/ Month
Homeowners Association (HOA)
$0
Homeowners Association -Monthly FeesHomeowners Association (HOA) fees can range from $30 per month to $500+ per month. Be sure to ask your agent about HOA fees on a home as it can impact your affordability or check the online home listing.
$/ Month
Utilities
$0
Utilities - Monthly CostYou'll need to budget for utilities as a homeowner, which typically includes water and sewer, gas and electric, internet and cable. Cost will depend on your location and the size of your home. On a monthly basis, Americans pay $239 - $442 per month.
$/ Month
Recommended Financing
30-Year Fixed
Rate/APR
7.5% / 6.68%
Total Monthly Payment
$2,015
Powered By
Advertisement
NMLS#3030
Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
4
/10
William D'Abate Elementary School
60 Kossuth St
Distance between this listing and this school0.26 miles
Public District Grades KG-5
4
/10
George J. West Elementary School
145 Beaufort St
Distance between this listing and this school0.40 miles
Public District Grades KG-5
3
/10
Achievement First Providence
370 Hartford Ave
Distance between this listing and this school0.64 miles
Public Charter Grades KG-4
Nearby Schools
5
/10
Af Providence Mayoral Middle School
370 Hartford Ave
Distance between this listing and this school0.64 miles
Public Charter Grades 5-8
4
/10
Paul Cuffee Middle School
30 Barton St
Distance between this listing and this school0.82 miles
Public Charter Grades 6-8
2
/10
West Broadway Middle School
29 Bainbridge Ave
Distance between this listing and this school0.85 miles
Public District Grades 5-8
Nearby Schools
1
/10
Mount Pleasant High School
434 Mount Pleasant Ave
Distance between this listing and this school1.03 miles
Public District Grades 9-12
5
/10
Providence Career Technical
41 Fricker St
Distance between this listing and this school1.49 miles
Public District Grades 9-12
10
/10
Classical High School
770 Westminster St
Distance between this listing and this school1.54 miles
The neighbors living near this home have an average income of $32,561. Residents of Providence, RI typically earn less than $35k each year. Most families are single, no kids. Residents of this area typically have high school diploma education.
This home is located at 948 Atwells Ave in Providence, RI and zip code 02909 in the Olneyville neighborhood. This home, which was built in 1922, sits on a 0.07 acre lot. Features: 5 bedrooms, 3 bathrooms. It has been listed on Rocket Homes since January 10, 2025 and is currently priced at $650,000.
Providence, RI housing market in December 2024 saw over 66 listings sold above listed price, more than 19 sold at listed price and over 38 sold below. The number of homes for sale in Providence, RI decreased by 13.9% between November 2024 and December 2024. Listings spent 29 days on the market in December 2024, and had a median list price of $490,441 during the same period.
From Rocket Homes Real Estate and based on county public records data.