Adjacent Flex Office-Industrial
For Sale
$1,150,000
Pending
160 Georgia Avenue Providence, Providence, RI 02905
Two adjacent office, light manufacturing, and warehouse-style buildings with flexible layouts and on-site parking.
Property Size9,572 SF
Days on Market90
Property Features for 160 Georgia Avenue Providence
General Information
Standard status
Pending
Size
9,572 SF
Total Parking Spaces
10
Additional Details
Highway Access
Yes
Building Details
Building Size
9,572 SF
Year Built
1950
Buildings
2
Stories
1
Listing Agency:
(508) 501-1443
Listed By:
Stephen Rose
(508) 501-1443
Source:
Milestonerealtyinc
Added: Jun 4
Changed: Aug 31
Last Checked: Aug 31 at 12:48PM
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 Stephen Rose
Investment Insights
Based on property information with market context.
This offering includes two adjacent office/industrial/flex properties at 160 and 174 Georgia Avenue. The buildings are configured with adaptable floor plans intended to support a range of uses, including office, light manufacturing, warehousing, and contractor or service operations. On-site parking is available, and the properties include industrial power availability and functional clear heights to support practical day-to-day operations.
The properties are positioned in a Providence industrial corridor with convenient access to I-95, I-195, and Route 10, enabling regional connectivity throughout the Providence metro area. Suitable for businesses that need both workplace space and production, storage, or distribution flexibility, the site presents a multi-building configuration for consolidation or expansion planning.
For owner-users, the flexible layouts can accommodate a mix of office and industrial needs, whether you’re operating fabrication, service, or small manufacturing. Investors may also find the two-building setup useful for pursuing a multi-building strategy or managing separate operational spaces under one acquisition. As presented, the asset is designed to serve tenants and operators who value adaptable space, industrial power, and on-site parking within a connectivity-focused Providence location.
The properties are positioned in a Providence industrial corridor with convenient access to I-95, I-195, and Route 10, enabling regional connectivity throughout the Providence metro area. Suitable for businesses that need both workplace space and production, storage, or distribution flexibility, the site presents a multi-building configuration for consolidation or expansion planning.
For owner-users, the flexible layouts can accommodate a mix of office and industrial needs, whether you’re operating fabrication, service, or small manufacturing. Investors may also find the two-building setup useful for pursuing a multi-building strategy or managing separate operational spaces under one acquisition. As presented, the asset is designed to serve tenants and operators who value adaptable space, industrial power, and on-site parking within a connectivity-focused Providence location.
Key Highlights
- Two adjacent buildings at 160 & 174 Georgia Ave in Providence, RI 02905, built in 1950
- Flexible office/industrial/manufacturing layouts suitable for a wide range of uses
- Configured for office, light manufacturing, warehouse, flex, contractor, service, and distribution uses
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
$94,677
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
8.23%
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%
$1,893,540
$1.9M
Cap Rate 7%
$1,352,529
$1.4M
Cap Rate 9%
$1,051,967
$1.1M
Market Conditions
NOI Build-Up for 9,572 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
$143.6K $15.00/SF
− Vacancy
−$8.3K −$0.87/SF
EGI
$135.3K $14.13/SF
− OpEx
−$40.6K −$4.24/SF
NOI
$94.7K $9.89/SF
Area
Providence, RI
Vacancy
5.80%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,893,540
Cap Rate 7%
$1,352,529
Cap Rate 9%
$1,051,967
Alternative Uses
Best Use
Flex RnD
$1.84M
$1.61M – $2.14M
NOI $128,455 @ 7.0% cap · market cap 11.17%
Second Best
Industrial
$1.35M
$1.18M – $1.58M
NOI $94,677 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$3.20M
$2.80M – $3.74M
NOI $224,165 @ 7.0% cap · market cap 19.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
882
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02905, RI
26,334
Population
10,361
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
77%
High-School Grad
3.7 sq mi
ZIP Area
7,117
Density / Sq Mi
$57,126
Median Household Income
$36,799
Median Earnings
$1,103
Median Rent
$322,700
Median Home Value
Market
Vacancy Rate% for Industrial in Providence, RI
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Frequently Asked Questions
What type of property is this?
Flex space - Two adjacent office, light manufacturing, and warehouse-style buildings with flexible layouts and on-site parking.
Where is this flex space located?
The property is located at 160 Georgia Avenue Providence Providence, RI.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two adjacent buildings at 160 & 174 Georgia Ave in Providence, RI 02905, built in 1950; Flexible office/industrial/manufacturing layouts suitable for a wide range of uses; Configured for office, light manufacturing, warehouse, flex, contractor, service, and distribution uses
