Three-Bay Auto
For Sale
$499,000
1068 Park Avenue, Woonsocket, RI 02895
Commercial/Business,Commercial Sale, Woonsocket, RI
Property Size1,920 SF
Lot Size0.11 Acres
Price / SF$259.90
Days on Market76
Property Features for 1068 Park Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
3
Lot features
Free Standing
Standard status
Active
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2944
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Amenities
large office
basement storage
rear storage container
renovated customer waiting area
restroom
staff facilities
ample on-site parking
Building Details
Year built
1932
Floors in Building
1
Number of units
1
Building materials
Brick
Listing Agency:
Real Broker, Llc
(855) 450-0442
Listed By:
David Sepulveda
(401) 457-8383
Added: Jun 12
Changed: Aug 19
Last Checked: Aug 26 at 7:06AM
MLS# 1414614
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.
The offering combines an established automotive repair business with its brick building at 1068 Park Avenue. The 1,920-square-foot facility contains three garage bays, four vehicle lifts, diagnostic and repair equipment, tools, inventory, a business office, basement storage, and a rear storage container. Each bay is equipped with air conditioning. A renovated customer waiting area and restroom complement separate staff facilities. The property also provides on-site parking for customer vehicles, vehicles awaiting service, and storage needs.
The building was constructed in 1932 and has forced-air heating, central air, and public sewer service. An adjacent two-family residence sharing the lot is available with the garage and business, but not separately; the garage and business may also be purchased independently. The residence is described as fully rented at market rates or suitable for owner occupancy.
The building was constructed in 1932 and has forced-air heating, central air, and public sewer service. An adjacent two-family residence sharing the lot is available with the garage and business, but not separately; the garage and business may also be purchased independently. The residence is described as fully rented at market rates or suitable for owner occupancy.
Key Highlights
- 1,920‑square‑foot automotive repair facility with 3 garage bays
- 4 vehicle lifts plus diagnostic equipment, repair machines, tools, and inventory
- Each garage bay has air conditioning
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
$21,676
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
4.34%
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%
$433,520
$433.5K
Cap Rate 7%
$309,657
$309.7K
Cap Rate 9%
$240,844
$240.8K
Market Conditions
NOI Build-Up for 1,920 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
$34.6K $18.00/SF
− Vacancy
−$3.6K −$1.87/SF
EGI
$31.0K $16.13/SF
− OpEx
−$9.3K −$4.84/SF
NOI
$21.7K $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%
$433,520
Cap Rate 7%
$309,657
Cap Rate 9%
$240,844
Alternative Uses
Best Use
Retail
$309.7K
$271.0K – $361.3K
NOI $21,676 @ 7.0% cap · market cap 4.34%
Second Best
Industrial
$143.1K
$125.3K – $167.0K
NOI $10,020 @ 7.0% cap · market cap 2.01%
Theoretical Best
Multifamily LT 5
$456.7K
$399.6K – $532.8K
NOI $31,969 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Service bays
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
481
Businesses Nearby
95k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 48%
McDonald's
Dining
27,210 visits/mo
0.5 miles
Dollar Tree
Shops & Services
24,690 visits/mo
0.4 miles
Dunkin' Donuts
Dining
16,643 visits/mo
0.3 miles
Ocean State Job Lot
Shops & Services
13,564 visits/mo
0.4 miles
AutoZone
Shops & Services
4,368 visits/mo
0.4 miles
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
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- Broad Street Garage — 74 Broad St, Woonsocket, RI 02895
- Victory Auto Repair — 122 Transit St, Woonsocket, RI 02895
Frequently Asked Questions
What type of property is this?
Auto shop - Established automotive repair facility with equipment, office space, storage, and customer parking.
Where is this auto shop located?
The property is located at 1068 Park Avenue Woonsocket, RI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1,920‑square‑foot automotive repair facility with 3 garage bays; 4 vehicle lifts plus diagnostic equipment, repair machines, tools, and inventory; Each garage bay has air conditioning
