First-Floor Office
For Sale
$299,000
115-521 S Water St, Providence, RI 02919
Street-level professional suite with four private offices, kitchenette, and dedicated bathroom.
Property Size843 SF
Price / SF$354.69
Days on Market187
Property Features for 115-521 S Water St
General Information
Standard status
Active
Size
843 SF
Taxes and HOA fees
Annual Taxes
$5,679
Listing Agency:
Conway Commercial Group
(401) 447-6062
Listed By:
Jim Conway · License #REB.0015809
(401) 447-6062
Source:
Exprealty
Added: Feb 25
Changed: Aug 30
Last Checked: Aug 30 at 3:54PM
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 Conway Commercial Group
Investment Insights
Based on property information with market context.
This 843-square-foot office condominium occupies the first floor of Corliss Landing and is configured for professional use. The suite includes four separate offices, a kitchenette, and a private bathroom. A full-glass frontage brings natural light into the space and supports street-level display exposure.
The property is located at 115-521 S Water St in Providence, within a professionally managed building featuring a courtyard setting. Secure parking opportunities are available to unit owners, adding practical convenience for occupants and visitors. The office layout and existing improvements provide a functional base for an owner-user or investor.
The property is located at 115-521 S Water St in Providence, within a professionally managed building featuring a courtyard setting. Secure parking opportunities are available to unit owners, adding practical convenience for occupants and visitors. The office layout and existing improvements provide a functional base for an owner-user or investor.
Key Highlights
- 843‑square‑foot first‑floor office condominium
- Four separate offices plus kitchenette and private bathroom
- Full‑glass frontage provides natural light and street‑level display exposure
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
$14,425
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
4.82%
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%
$288,500
$288.5K
Cap Rate 7%
$206,071
$206.1K
Cap Rate 9%
$160,278
$160.3K
Market Conditions
NOI Build-Up for 843 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
$22.8K $27.00/SF
− Vacancy
−$3.5K −$4.19/SF
EGI
$19.2K $22.81/SF
− OpEx
−$4.8K −$5.70/SF
NOI
$14.4K $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 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%
$288,500
Cap Rate 7%
$206,071
Cap Rate 9%
$160,278
Alternative Uses
Best Use
Office B
$206.1K
$180.3K – $240.4K
NOI $14,425 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$282.0K
$246.8K – $329.0K
NOI $19,742 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
298
Businesses Nearby
Explore this area
Business Placement
Demographics for 02919, RI
29,473
Population
11,993
Households
2.5
Avg Household Size
45
Median Age
29%
College-Educated
91%
High-School Grad
23.5 sq mi
ZIP Area
1,254
Density / Sq Mi
$87,811
Median Household Income
$56,068
Median Earnings
$1,259
Median Rent
$326,100
Median Home Value
Market
Vacancy Rate% for Office in Providence, RI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Street-level professional suite with four private offices, kitchenette, and dedicated bathroom.
Where is this office units located?
The property is located at 115-521 S Water St Providence, RI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 843‑square‑foot first‑floor office condominium; Four separate offices plus kitchenette and private bathroom; Full‑glass frontage provides natural light and street‑level display exposure
