Elmwood Avenue Commercial Investment
640 Elmwood Avenue, Providence, RI 02907
- Added:
- May 15, 2026
- Days on Market:
- 18
- Last Refresh:
- Jun 1 at 3:06 pm
Property Features for 640 Elmwood Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Office
- Zoning
- C2
- Rooms
- Basement
- Parking
- 6
- Security features
- Security System
- Interior features
- Ceiling Height (9 to 12 Ft)
- Basement
- Partial
- Standard status
- Pending
- Size
- 3,274 SF
- Lot size
- 0.15 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 16948
Utilities
- Heating system
- Forced Air
- Cooling system
- Central Air
Building Details
- Year built
- 1928
- Floors in Building
- 1
- Number of units
- 4
- Building materials
- Brick
Listing agent Michelle Savastano License #REB.0016954 (401) 255-5530
Listing office Broadway Real Estate Group 335 Broadway, Providence, RI (401) 354-7969
Listing date May 15, 2026
MLS# 1412754
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Fully occupied 4‑unit commercial property generating strong, stable rental income.
- Located in the heart of historic Elmwood on a high‑traffic commercial corridor with outstanding visibility.
- Extensively renovated and rebuilt, turnkey asset reflecting exceptional pride of ownership.
- Potential for future mixed‑use residential development on the 2nd and 3rd floors.
- Meticulously maintained 3,500 square foot building with quality finishes and numerous upgrades.
- Central air conditioning and forced air heating.
Overview
Located in the heart of historic Elmwood on a well-traveled commercial corridor, this meticulously maintained 3,500 square foot four-unit commercial property offers outstanding visibility and exposure. The property is fully occupied with established commercial business storefronts, providing strong and stable rental income. Extensively renovated and rebuilt, the property was owner-occupied for more than four decades. It features numerous upgrades and quality finishes. The property is suitable for investors or future owner-users. It has potential for future mixed-use 2nd and 3rd floor residential development opportunities. The versatile commercial building combines long-term stability, functionality, and upside in a sought-after commercial setting. The lot size is 0.15 acres. The property is zoned C2.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $88.4k | $27.00 |
| − Vacancy | −$13.7k | −$4.19 |
| EGI | $74.7k | $22.81 |
| − OpEx | −$18.7k | −$5.70 |
| NOI | $56.0k | $17.11 |
3,274 SF · lease $27.00/SF/yr · vacancy 15.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$800.3K
$700.3K – $933.7K
NOI $56,022 @ 7.0% cap · market cap 8.69%
Second Best
Retail
$696.3K
$609.3K – $812.4K
NOI $48,741 @ 7.0% cap · market cap 7.56%
Theoretical Best
Office A
$1.10M
$958.4K – $1.28M
NOI $76,673 @ 7.0% cap · market cap 11.89%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Blade's Salon and barber ...
Barber Shop
Bert's Hair Salon ...
Hair Salon
Location Insight
- Map
- Local Demand
- City
- Providence
- County
- Providence
- State
- Rhode Island
- Longitude
- -71.424029
- Latitude
- 41.794663
Nearby Similar for Sale
FAQs
What type of property is this?
Storefront property - Four-unit commercial property in historic Elmwood with strong rental income.
Where is this storefront property located?
The property is located at 640 Elmwood Avenue Providence, RI.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Fully occupied 4‑unit commercial property generating strong, stable rental income.; Located in the heart of historic Elmwood on a high‑traffic commercial corridor with outstanding visibility.; Extensively renovated and rebuilt, turnkey asset reflecting exceptional pride of ownership.
