Building Details

Year Built 1930

Listing Agency: RE/MAX PROPERTIES Show Phone

Listed By: PAUL HARRISON · License #RES.0042365 Show Phone

Source: Corcoran

Added: Jan 29 Changed: Oct 3 Last Checked: Oct 16 at 9:23AM

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Investment Insights

Based on property information with market context.

This versatile commercial property is suitable for professional, medical, or general office use. It can also be converted into a residential dwelling. Formerly a dental office, the space includes plumbing in each treatment room. The layout is functional and ready for immediate occupancy or easy reconfiguration. The building features a newer roof and a heating system that is three years old. The property offers solid construction and excellent adaptability. It is suitable for investors, business owners, or developers seeking a commercial space with residential conversion potential. The property size is 1313 square feet. The property is sold as is.

Key Highlights

• Versatile commercial property suitable for professional, medical, or general office use
• Potential for residential conversion
• Equipped with plumbing in each treatment room

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,467

Cap Rate

7.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$449,340 $449.3K

Cap Rate 7%

$320,957 $321.0K

Cap Rate 9%

$249,633 $249.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,313 SF

Gross rent

$35.5K $27.00/SF

− Vacancy

−$5.5K −$4.19/SF

EGI

$30.0K $22.81/SF

− OpEx

−$7.5K −$5.70/SF

NOI

$22.5K $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%

$449,340

Cap Rate 7%

$320,957

Cap Rate 9%

$249,633

Alternative Uses

Best Use

Office B

$321.0K

$280.8K – $374.5K (±1% cap)

NOI $22,467 @ 7.0% cap · market cap 7.49%

Second Best

Healthcare Medical

$298.3K

$261.0K – $348.1K (±1% cap)

NOI $20,883 @ 7.0% cap · market cap 6.96%

Theoretical Best

Office A

$439.3K

$384.4K – $512.5K (±1% cap)

NOI $30,749 @ 7.0% cap · market cap 10.25%

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

Property Analytics

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Current Use

Atwill Michael DDS Dental Office Atwill-Conroy Dental Providence Dental Office Haggarty Kristofer DDS Dental Office Atwill Conroy Dental ... Dental Office Conroy William DDS Dental Office

Suggested Use

Top Pick Real Estate Agency Skin Care Clinic HVAC Service Grocery & Convenience Store Food Market Building Supply

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

545

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 02908, RI

38,507

Population

17,160

Households

2.2

Avg Household Size

32

Median Age

29%

College-Educated

84%

High-School Grad

3.4 sq mi

ZIP Area

11,326

Density / Sq Mi

$74,341

Median Household Income

$42,947

Median Earnings

$1,381

Median Rent

$293,800

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?

Medical Office Space - Versatile commercial space suitable for office or residential conversion.

Where is this medical office space located?

The property is located at 1196 Smith Providence, RI.

What is the asking price?

The asking price for this property is $299,900.

What are key features of this property?

This property features: Versatile commercial property suitable for professional, medical, or general office use; Potential for residential conversion; Equipped with plumbing in each treatment room