Freestanding Office
For Sale
$549,999
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$161.67
Days on Market48
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
Changed: Oct 21
Last Checked: Oct 24 at 2:11PM
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.
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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 / Yr
$43,974
Cap Rate
8.00%
Suggested Prices Based on Cap Rates
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
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 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 8.00%
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 10.30%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
987
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Northeast region
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 $549,999.
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
