Office Condominium with
For Sale
$299,000
80 Pitman Street, Providence, RI 02906
Commercial/Business,Commercial Sale, Providence, RI
Property Size1,245 SF
Price / SF$240.16
Days on Market126
Property Features for 80 Pitman Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
2
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Full
Subdivision
Wayland Area
Lot features
Assoc. Fee, Sidewalks, Urban
Standard status
Active
Size
1,245 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2346
HOA Fee
$200 Monthly
Utilities
Heating system
Baseboard
Building Details
Year built
1870
Floors in Building
1
Number of units
1
Building materials
Frame
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
The Rockwell & Pierard Team
(401) 954-1159
Added: Apr 23
Changed: Aug 19
Last Checked: Aug 26 at 3:06PM
MLS# 1410821
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.
Investment Insights
Based on property information with market context.
This 1,245-square-foot office condominium is arranged with a reception area, three private offices, a full kitchen with dining space, and one full bathroom. The unit includes a basement, frame construction, baseboard heating, and ceiling heights ranging from 7 to 9 feet. Electrical and fire systems have been updated.
Two deeded parking spaces in the rear lot are included with the property. The condominium is located in the Wayland Square area of Providence, providing a defined setting for professional office use.
Two deeded parking spaces in the rear lot are included with the property. The condominium is located in the Wayland Square area of Providence, providing a defined setting for professional office use.
Key Highlights
- 1,245‑square‑foot office condominium in Providence’s Wayland Square area
- Layout includes waiting area, 3 offices, full kitchen with dining area, and full bathroom
- Two deeded parking spaces in the rear lot convey with the property
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,304
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.13%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$426,080
$426.1K
Cap Rate 7%
$304,343
$304.3K
Cap Rate 9%
$236,711
$236.7K
Market Conditions
NOI Build-Up for 1,245 SF
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.
Gross rent
$33.6K $27.00/SF
− Vacancy
−$5.2K −$4.19/SF
EGI
$28.4K $22.81/SF
− OpEx
−$7.1K −$5.70/SF
NOI
$21.3K $17.11/SF
Area
Providence, RI
Vacancy
15.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$426,080
Cap Rate 7%
$304,343
Cap Rate 9%
$236,711
Alternative Uses
Best Use
Office B
$304.3K
$266.3K – $355.1K
NOI $21,304 @ 7.0% cap · market cap 7.13%
Second Best
Healthcare Medical
$282.9K
$247.5K – $330.0K
NOI $19,801 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$416.5K
$364.5K – $485.9K
NOI $29,156 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,185
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
Market
Vacancy Rate% for Office in Providence, RI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible professional office layout with dedicated rear-lot parking and updated electrical and fire systems.
Where is this office units located?
The property is located at 80 Pitman Street Providence, RI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1,245‑square‑foot office condominium in Providence’s Wayland Square area; Layout includes waiting area, 3 offices, full kitchen with dining area, and full bathroom; Two deeded parking spaces in the rear lot convey with the property
