Two-Unit Storefront
For Sale
$495,000
1-699 Willett Ave, Riverside, RI 02915
Two leased storefront units with off-street parking serve a high-traffic commercial setting.
Property Size3,900 SF
Price / SF$126.92
Days on Market90
Property Features for 1-699 Willett Ave
General Information
Standard status
Active
Size
3,900 SF
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$9,716
Listing Agency:
Paiva Realty Group
(401) 474-1504
Listed By:
Richard Thomas
(401) 474-1504
Source:
Exprealty
Added: May 12
Changed: Aug 8
Last Checked: Aug 9 at 10:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Paiva Realty Group
Investment Insights
Based on property information with market context.
This 3,900-square-foot storefront property is configured as two separate units, both currently leased. The building is described as being in good condition and includes off-street parking for visitors and occupants.
The property is located on Willett Ave in Riverside, Rhode Island, within a high-traffic area. Its two-unit layout and existing leases provide a straightforward commercial configuration for retail-oriented occupancy.
The property is located on Willett Ave in Riverside, Rhode Island, within a high-traffic area. Its two-unit layout and existing leases provide a straightforward commercial configuration for retail-oriented occupancy.
Key Highlights
- 3,900‑square‑foot storefront property
- Two separate units within the building
- Both units are currently leased
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
$44,029
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
8.89%
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%
$880,580
$880.6K
Cap Rate 7%
$628,986
$629.0K
Cap Rate 9%
$489,211
$489.2K
Market Conditions
NOI Build-Up for 3,900 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
$70.2K $18.00/SF
− Vacancy
−$7.3K −$1.87/SF
EGI
$62.9K $16.13/SF
− OpEx
−$18.9K −$4.84/SF
NOI
$44.0K $11.29/SF
Area
Providence County, RI
Vacancy
10.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$880,580
Cap Rate 7%
$628,986
Cap Rate 9%
$489,211
Alternative Uses
Best Use
Retail
$629.0K
$550.4K – $733.8K
NOI $44,029 @ 7.0% cap · market cap 8.89%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$927.7K
$811.7K – $1.08M
NOI $64,937 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
272
Businesses Nearby
1k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Dunkin' Donuts
Dining
1,304 visits/mo
0.4 miles
Demographics for 02915, RI
16,603
Population
7,746
Households
2.1
Avg Household Size
47
Median Age
36%
College-Educated
92%
High-School Grad
5.5 sq mi
ZIP Area
3,019
Density / Sq Mi
$90,558
Median Household Income
$61,062
Median Earnings
$1,482
Median Rent
$317,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Tiffany Weddings — 47 palmer ave, riverside, ri 02915
Frequently Asked Questions
What type of property is this?
Storefront property - Two leased storefront units with off-street parking serve a high-traffic commercial setting.
Where is this storefront property located?
The property is located at 1-699 Willett Ave Riverside, RI.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 3,900‑square‑foot storefront property; Two separate units within the building; Both units are currently leased
