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

    155 Elmgrove Ave Providence, RI 02906

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $25 SF/Yr

    Office space for rent in a walkable, vibrant neighborhood.

    Property Features for 155 Elmgrove Ave

    General Information

    Standard status
    Active

    Building Details

    Year built
    1955

    We can help!

    Listing Contact
    Stacia Pietropaolo
    Source: Corcoran

    Listing Agency: RE/MAX PROFESSIONALS Listing Agent: Stacia Pietropaolo

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

    Learn more

    Overview

    East Side Office Space Available

    Office space is available on the second floor, located above The Butcher Shop Deli. The property is situated in a highly accessible and appealing East Side location, characterized by a lively neighborhood atmosphere. The location is very walkable to food and shops. A bus stop is located directly across the street. Multiple office suite and meeting room configurations are possible, with available spaces ranging from 152 square feet to 2,520 square feet. Street parking is available.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.3908407
    Latitude
    41.8349525

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      Westminster Square

      Flexible workspace in San Jose Airport
      10 Dorrance St, Providence, RI 02903
      View Details
    • $700 /Mo
      240 SF

      Wayland Square Therapy Office Sublease

      First-floor office sublease in Wayland Square, available March 1.
      245 Waterman St, Providence, RI 02906
      View Details
    • $2,600 /Mo
      1,073 SF

      Renovated Office Suite For Rent

      Newly renovated 1,073 sq ft office suite for lease.
      959 N Main St, Providence, RI 02904
      View Details
    • $700 /Mo

      Commercial Space on Manton Avenue

      Versatile commercial space with high visibility and strong traffic exposure.
      962 Manton Ave, Providence, RI 02909
      View Details
    • $700 /Mo

      Manton Avenue Commercial Space Available

      Versatile commercial space for office, retail, or service-based businesses.
      964 Manton Ave, Providence, RI 02909
      View Details
    • $1,250 /Mo

      Versatile Commercial Space for Rent

      Commercial space with flexible layout suitable for various business uses.
      944 Manton Ave, Providence, RI 02909
      View Details
    • $1.00 SF/Yr
      45,000 SF

      Industrial Building Near Major Routes

      45,000 SF industrial building with convenient highway access for lease.
      Providence, RI 02905
      View Details
    • $795 /Mo
      300 SF

      Renovated Office Space on Broadway

      Lower level office with private bathroom and kitchenette for rent.
      390 Broadway, Providence, RI 02909
      View Details
    • $795 /Mo
      250 SF

      Renovated Office Space on Broadway

      Lower level office with private bathroom and kitchenette for rent.
      390 Broadway, Providence, RI 02909
      View Details
    • $7,000 /Mo

      West End Commercial Brick Building

      Commercial space in the heart of the West End.
      1611 Westminster St, Providence, RI 02909
      View Details
    • Contact for pricing
      2,735 SF

      Downtown Providence Office Space Available

      Office suites for rent in downtown Providence with parking.
      3 Steeple St, Providence, RI 02903
      View Details
    • Contact for pricing
      1,100 SF

      Retail Space with Strong Parking

      Retail space with excellent visibility, access, and uniquely strong parking.
      361 Reservoir Ave, Providence, RI 02907
      View Details

    FAQs

    What type of property is this?
    Office units - Office space for rent in a walkable, vibrant neighborhood.
    Where is this office units located?
    The property is located at 155 Elmgrove Ave Providence, RI.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: - Multiple office suite configurations possible, from 152 SF to 2,520 SF.; - Highly accessible East Side location.; - Charming neighborhood with fun vibes.
    (401) 884-6050
    Request Owner's contact information
    155 Elmgrove Ave Providence, RI 02906
    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.
    155 Elmgrove Ave
    Providence, RI 02906
    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
    155 Elmgrove Ave Providence, RI 02906
    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
    Stacia Pietropaolo
    (401) 884-6050 (401) 286-5931
    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!