Three-Story Office Building with Passenger
For Sale
Contact for pricing
999 S Broadway, East Providence, RI 02914
Multi-story office building with drive-up lanes, a bank vault, and parking for tenants and visitors.
Property Size11,385 SF
Price / SF$175.67
Days on Market424
Property Features for 999 S Broadway
General Information
Standard status
Active
Size
11,385 SF
Property subtype
OFFICE
Listing Agency:
Coldwell Banker Realty | East Greenwich
(401) 739-9500
Listed By:
Michael Saccoccio
(401) 486-2911
Source:
Moodyscre
Added: Jul 8, 2025
Changed: Sep 2
Last Checked: Sep 1 at 10:47PM
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 Coldwell Banker Realty | East Greenwich
Investment Insights
Based on property information with market context.
999 S Broadway, East Providence, RI 02914. This three-story, 11,385-square-foot brick office building is serviced by a passenger elevator and offers flexible floor-by-floor occupancy.
The first floor (3,795 sq. ft.) is currently vacant and was previously used as a credit union branch. The building includes a bank vault, drive-up lanes, and teller windows, which can support a range of office and service-oriented concepts. The second floor (3,795 sq. ft.) is currently occupied by the building owner operating a medical practice, and it is available under a lease-back agreement with a three-year lease and two optional one-year extensions. The third floor (3,795 sq. ft.) is currently leased to an advertising agency.
The property offers excellent visibility and ample onsite parking. Additional parking is available across the street for staff and company vehicles. It is located just minutes from Route 95 and downtown Providence, with approximately a 45-minute drive to Boston.
The first floor (3,795 sq. ft.) is currently vacant and was previously used as a credit union branch. The building includes a bank vault, drive-up lanes, and teller windows, which can support a range of office and service-oriented concepts. The second floor (3,795 sq. ft.) is currently occupied by the building owner operating a medical practice, and it is available under a lease-back agreement with a three-year lease and two optional one-year extensions. The third floor (3,795 sq. ft.) is currently leased to an advertising agency.
The property offers excellent visibility and ample onsite parking. Additional parking is available across the street for staff and company vehicles. It is located just minutes from Route 95 and downtown Providence, with approximately a 45-minute drive to Boston.
Key Highlights
- 11,385‑square‑foot three‑story brick office building served by a passenger elevator
- First floor (3,795 sq. ft.) is vacant; previously operated as a credit union branch
- Bank vault plus drive‑up lanes and teller windows for adaptable service use
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
$147,160
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
7.36%
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%
$2,943,200
$2.9M
Cap Rate 7%
$2,102,286
$2.1M
Cap Rate 9%
$1,635,111
$1.6M
Market Conditions
NOI Build-Up for 11,385 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
$228.2K $20.04/SF
− Vacancy
−$31.9K −$2.81/SF
EGI
$196.2K $17.23/SF
− OpEx
−$49.1K −$4.31/SF
NOI
$147.2K $12.93/SF
Area
Providence County, RI
Vacancy
14.00%
Lease Rate
$20.04 /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%
$2,943,200
Cap Rate 7%
$2,102,286
Cap Rate 9%
$1,635,111
Alternative Uses
Best Use
Office B
$2.10M
$1.84M – $2.45M
NOI $147,160 @ 7.0% cap · market cap 7.36%
Second Best
Healthcare Medical
$1.58M
$1.38M – $1.84M
NOI $110,318 @ 7.0% cap · market cap 5.52%
Theoretical Best
Multifamily LT 5
$2.71M
$2.37M – $3.16M
NOI $189,566 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,022
Businesses Nearby
Explore this area
Business Placement
Demographics for 02914, RI
22,140
Population
10,082
Households
2.2
Avg Household Size
43
Median Age
25%
College-Educated
82%
High-School Grad
4.9 sq mi
ZIP Area
4,518
Density / Sq Mi
$60,838
Median Household Income
$43,696
Median Earnings
$1,165
Median Rent
$309,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-story office building with drive-up lanes, a bank vault, and parking for tenants and visitors.
Where is this office building located?
The property is located at 999 S Broadway East Providence, RI.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 11,385‑square‑foot three‑story brick office building served by a passenger elevator; First floor (3,795 sq. ft.) is vacant; previously operated as a credit union branch; Bank vault plus drive‑up lanes and teller windows for adaptable service use
