Listing Agency: Conway Commercial Group

Listed By: Jim Conway · License #REB.0015809 Show Phone

Source: Exprealty

Added: Jul 3 Changed: Oct 15 Last Checked: Oct 16 at 10:07AM

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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.

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 / Yr

$14,425

Cap Rate

4.82%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$288,500 $288.5K

Cap Rate 7%

$206,071 $206.1K

Cap Rate 9%

$160,278 $160.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 843 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $19,742 @ 7.0% cap · market cap 6.60%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Office Units

Suggested Use

Top Pick Real Estate Agency Auto Parts Store (Bike/Boat/Book/etc) Store HVAC Service Accounting Firm Skin Care Clinic

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

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

11.3% 2019

11.9% 2020

11.1% 2021

12.7% 2022

12.3% 2023

12.6% 2024

12.8% 2025

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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