Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    215 Willett Ave East Providence, RI 02915

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    1,170 SF retail building on 0.37-acre corner lot.

    Property Features for 215 Willett Ave

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Michael Nolan
    Source: Cbre

    Listing Agency: CBRE | Boston Listing Agent: Michael Nolan

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Retail Space on Corner Lot

    This is a former Cumberland Farms location featuring an existing 1,170 square foot building situated on a 0.37-acre corner lot. The property is a free-standing building. Bank of America Corporate Office, CVS Pharmacy and Dean Bank are located within 1 mile of the property.
    Location Intelligence

    Current Use by Public Records

    401 Sneakers (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Shaw's

    Location Insight

    • Map
    • Local Demand
    City
    East Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.3556077
    Latitude
    41.7745937

    Nearby Similar for Lease

    • $25 SF/Yr
      2,376 SF

      Updated Corner Office Space Available

      Newly updated office space in a convenient location.
      400 Massasoit Ave, East Providence, RI 02914
      View Details
    • Contact for pricing
      46,000 SF

      East Providence Office/Medical Building

      Four-story, 46,000 SF office/medical building in East Providence, RI.
      401 Wampanoag Trl, East Providence, RI 02915
      View Details
    • $1,300 /Mo
      535 SF

      East Providence Retail/Office Space

      First-floor unit with parking and street visibility on Warren Avenue.
      494 Warren Ave, East Providence, RI 02914
      View Details
    • Contact for pricing
      16,000 SF

      East Providence Office Space Available

      Class A office space for lease near Downtown Providence.
      50 Jordan St, East Providence, RI 02914
      View Details
    • Contact for pricing
      7,602 SF

      East Providence Office Space Available

      7,602 square foot office space for rent.
      70 Catamore Blvd, East Providence, RI 02914
      View Details
    • $18 SF/Yr

      Retail/Office Space in East Providence

      Well-maintained plaza with retail/warehouse tenants, ideal for retail/office.
      1235 Wampanoag Trl, East Providence, RI 02915
      View Details
    • $5,000 /Mo
      3,795 SF

      East Providence Retail Space Available

      First-floor retail space with drive-up window and ample parking.
      999 South Broadway, East Providence, RI 02914
      View Details
    • $1,400 /Mo
      466 SF

      East Providence Commercial Unit For Rent

      Versatile commercial unit on high-visibility Pawtucket Avenue available now.
      2761 Pawtucket Ave, East Providence, RI 02914
      View Details
    • $10 SF/Yr
      52,592 SF

      Former School Building For Lease

      52,600 SF former school building with kitchen and parking.
      55 Turner Ave, East Providence, RI 02915
      View Details
    • $18 SF/Yr
      32,001 SF

      East Providence Retail/Office Space

      Well-maintained plaza with retail/office tenants, high-traffic location.
      1235 Wampanoag Trl, East Providence, RI 02915
      View Details
    • Contact for pricing
      7,602 SF

      East Providence Office Space

      7,602 square foot office space available for rent.
      70 Catamore Blvd, East Providence, RI 02914
      View Details
    • Contact for pricing
      2,000 SF

      East Providence Office Space Available

      Recently renovated office space in East Providence, Rhode Island.
      120 Amaral St, Riverside, RI 02915
      View Details

    FAQs

    What type of property is this?
    Grocery and convenience store - 1,170 SF retail building on 0.37-acre corner lot.
    Where is this grocery and convenience store located?
    The property is located at 215 Willett Ave East Providence, RI.
    What are key features of this property?
    This property features: - Freestanding 1,170 SF building on a 0.37-acre corner lot.; - Former Cumberland Farms location.; - Proximity to Bank of America Corporate Office (within 1 mile).
    (617) 774-8344
    Request Owner's contact information
    215 Willett Ave East Providence, RI 02915
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    215 Willett Ave
    East Providence, RI 02915
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    215 Willett Ave East Providence, RI 02915
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Michael Nolan
    (617) 774-8344 (617) 912-7000
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!