Freestanding Office
New
For Sale
$599,000
1 Grove Avenue, East Providence, RI 02914
Finished lower-level space and off-street parking support continued professional office use.
Property Size3,402 SF
Price / SF$176.07
Days on Market2
Property Features for 1 Grove Avenue
General Information
Standard status
Active
Size
3,402 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1910
Buildings
1
Listing Agency:
C.D. Puleo Realty, Inc.
Listed By:
Gabriella Aiello · License #51827
Source:
Lavonnelopes
Added: Sep 8
Last Checked: Sep 8 at 3:17AM
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 C.D. Puleo Realty, Inc.
Investment Insights
Based on property information with market context.
This freestanding office property, built in 1910, contains approximately 3,402 SF of finished space across above-grade and lower-level areas. The current layout includes approximately 2,268 SF of above-grade finished space and an additional 1,134 SF finished lower level. A third-floor area provides the possibility of additional usable space, subject to finishing and approval.
The property is served by municipal water and sewer and includes off-street parking. Its location at 1 Grove Avenue in East Providence offers access to Providence. The building is currently configured for professional office use, with potential conversion to a 2 3-family residential property subject to buyer due diligence and all required municipal approvals.
The property is served by municipal water and sewer and includes off-street parking. Its location at 1 Grove Avenue in East Providence offers access to Providence. The building is currently configured for professional office use, with potential conversion to a 2 3-family residential property subject to buyer due diligence and all required municipal approvals.
Key Highlights
- Approximately 3,402 SF of currently finished space
- Approximately 2,268 SF of above‑grade finished area plus a 1,134 SF finished lower level
- Additional third‑floor area could bring total usable space to over 4,500 SF if finished and approved
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
$43,974
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
7.34%
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%
$879,480
$879.5K
Cap Rate 7%
$628,200
$628.2K
Cap Rate 9%
$488,600
$488.6K
Market Conditions
NOI Build-Up for 3,402 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
$68.2K $20.04/SF
− Vacancy
−$9.5K −$2.81/SF
EGI
$58.6K $17.23/SF
− OpEx
−$14.7K −$4.31/SF
NOI
$44.0K $12.93/SF
Area
Providence County, RI
Vacancy
14.00%
Lease Rate
$20.04 /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%
$879,480
Cap Rate 7%
$628,200
Cap Rate 9%
$488,600
Alternative Uses
Best Use
Office B
$628.2K
$549.7K – $732.9K
NOI $43,974 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$809.2K
$708.1K – $944.1K
NOI $56,645 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
987
Businesses Nearby
Explore this area
Business Placement
Demographics for 02914, RI
22,140
Population
10,082
Households
2.2
Avg Household Size
43
Median Age
25%
College-Educated
82%
High-School Grad
4.9 sq mi
ZIP Area
4,518
Density / Sq Mi
$60,838
Median Household Income
$43,696
Median Earnings
$1,165
Median Rent
$309,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Finished lower-level space and off-street parking support continued professional office use.
Where is this office building located?
The property is located at 1 Grove Avenue East Providence, RI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Approximately 3,402 SF of currently finished space; Approximately 2,268 SF of above‑grade finished area plus a 1,134 SF finished lower level; Additional third‑floor area could bring total usable space to over 4,500 SF if finished and approved
