Building Details

Building Size 27,180 SF

Year Built 1976

Buildings 1

Stories 3

Tenancy Multi

Listing Agency: MG Commercial

Listed By: Leeds Mitchell IV, SIOR · License #RI #REB.0019529 Show Phone

Source: Mgcommercial

Added: Oct 7 Last Checked: Oct 7 at 1:55PM

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Investment Insights

Based on property information with market context.

This three-story medical office property was built in 1976 and contains 27,180 square feet. An elevator serves a mix of medical and professional suites ranging from approximately 800 to 5,300 square feet. The building is approximately 93% occupied, with nine occupied suites and one 1,941-square-foot space available for lease.

On-site and street parking are available, and Miriam Hospital is within walking distance. The property has undergone upgrades and refurbishment and is handicap accessible.

Key Highlights

• 27,180‑square‑foot medical office building with three stories
• Suite sizes range from approximately 800 to 5,300 square feet
• Approximately 93% occupied, with nine occupied suites

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$465,084

Cap Rate

8.46%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$9,301,680 $9.3M

Cap Rate 7%

$6,644,057 $6.6M

Cap Rate 9%

$5,167,600 $5.2M

Market Conditions

NOI Build-Up for 27,180 SF

Gross rent

$733.9K $27.00/SF

− Vacancy

−$113.7K −$4.19/SF

EGI

$620.1K $22.81/SF

− OpEx

−$155.0K −$5.70/SF

NOI

$465.1K $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 Rate 5%

$9,301,680

Cap Rate 7%

$6,644,057

Cap Rate 9%

$5,167,600

Alternative Uses

Best Use

Office B

$6.64M

$5.81M – $7.75M (±1% cap)

NOI $465,084 @ 7.0% cap · market cap 8.46%

Second Best

Healthcare Medical

$6.18M

$5.40M – $7.20M (±1% cap)

NOI $432,292 @ 7.0% cap · market cap 7.87%

Theoretical Best

Office A

$9.09M

$7.96M – $10.61M (±1% cap)

NOI $636,523 @ 7.0% cap · market cap 11.58%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Children’s Medical Group Pediatrician Passport Health Providence ... Medical Clinic Handel Center for Spine, ... Medical Clinic Diabetes & Endocrinology Associates Medical Clinic Smith Jean MD Physician

Suggested Use

Top Pick Dental Office Real Estate Agency HVAC Service Kitchen & Bath Showroom Daycare Center (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

10

Office units

93%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,747

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

11.3% 2019

11.9% 2020

11.1% 2021

12.7% 2022

12.3% 2023

12.6% 2024

12.8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Office building - Multi-tenant suites accommodate medical and professional office users in a building with on-site and street parking.

Where is this office building located?

The property is located at 100 Highland Avenue Providence, RI.

What is the asking price?

The asking price for this property is $5,495,000.

What are key features of this property?

This property features: 27,180‑square‑foot medical office building with three stories; Suite sizes range from approximately 800 to 5,300 square feet; Approximately 93% occupied, with nine occupied suites