NNN Retail Property with Corporate
For Sale
Contact for pricing
1931 Smith St, North Providence, RI 02911
Freestanding retail building with a long-term corporate lease, option periods, and direct exposure along a primary east-west connector.
Property Size7,560 SF
Lot Size1.46 Acres
Price / SF$263.99
Days on Market146
Property Features for 1931 Smith St
General Information
Standard status
Active
Size
7,560 SF
Lot size
1.46 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Net Operating Income
$129,725
Additional Details
Traffic Count
11,500 vehicles/day
Building Details
Year Built
2016
Buildings
1
Tenancy
Single
Listing Agency:
District Real Estate Advisors
(617) 448-5616
Listed By:
Tim Bulman · License #MA 9539741
Source:
Crexi
Added: Apr 8
Changed: Aug 30
Last Checked: Aug 30 at 11:14AM
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 District Real Estate Advisors
Investment Insights
Based on property information with market context.
Constructed in 2016, the freestanding retail building contains approximately 7,560 square feet on a 1.46-acre parcel. The property is occupied by Dollar General under a corporate lease with a 15-year initial term and five 5-year options, along with rent increases during the option periods.
The site fronts Smith Street, also designated Route 44, with reported traffic of 11,500+ ADT. It is 0.2 miles from town hall, 1.8 miles from Interstate 295, and 4.5 miles from downtown Providence. Rhode Island College is 1.6 miles away, while Providence College is 2.4 miles from the property.
The surrounding trade area includes more than 111,900 residents and 43,600 households within a 3-mile radius. The property is also 3.5 miles from the nearest Dollar General locations in Providence, including an inline store to the south.
The site fronts Smith Street, also designated Route 44, with reported traffic of 11,500+ ADT. It is 0.2 miles from town hall, 1.8 miles from Interstate 295, and 4.5 miles from downtown Providence. Rhode Island College is 1.6 miles away, while Providence College is 2.4 miles from the property.
The surrounding trade area includes more than 111,900 residents and 43,600 households within a 3-mile radius. The property is also 3.5 miles from the nearest Dollar General locations in Providence, including an inline store to the south.
Key Highlights
- 7,560 SF retail building constructed in 2016
- 1.46‑acre parcel with direct Smith Street frontage
- 11,500+ ADT reported along Smith Street (Route 44)
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
$91,568
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
4.59%
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%
$1,831,360
$1.8M
Cap Rate 7%
$1,308,114
$1.3M
Cap Rate 9%
$1,017,422
$1.0M
Market Conditions
NOI Build-Up for 7,560 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
$136.1K $18.00/SF
− Vacancy
−$14.0K −$1.85/SF
EGI
$122.1K $16.15/SF
− OpEx
−$30.5K −$4.04/SF
NOI
$91.6K $12.11/SF
Area
Providence County, RI
Vacancy
10.28%
Lease Rate
$18.00 /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%
$1,831,360
Cap Rate 7%
$1,308,114
Cap Rate 9%
$1,017,422
Alternative Uses
Best Use
Specialty Retail
$1.31M
$1.14M – $1.53M
NOI $91,568 @ 7.0% cap · market cap 4.59%
Second Best
Retail
$1.22M
$1.07M – $1.42M
NOI $85,349 @ 7.0% cap · market cap 4.28%
Theoretical Best
Multifamily LT 5
$1.80M
$1.57M – $2.10M
NOI $125,878 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11,500 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
627
Businesses Nearby
56k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 58%
Dining 42%
Burger King
Dining
12,043 visits/mo
0.4 miles
Dollar Tree
Shops & Services
12,003 visits/mo
0.3 miles
Dunkin' Donuts
Dining
11,358 visits/mo
0.5 miles
Cumberland Farms
Shops & Services
10,111 visits/mo
0.3 miles
Dollar General
Shops & Services
8,506 visits/mo
0.0 miles
Demographics for 02911, RI
16,384
Population
6,894
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
2.5 sq mi
ZIP Area
6,554
Density / Sq Mi
$85,803
Median Household Income
$53,209
Median Earnings
$1,480
Median Rent
$319,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Freestanding retail building with a long-term corporate lease, option periods, and direct exposure along a primary east-west connector.
Where is this nnn property located?
The property is located at 1931 Smith St North Providence, RI.
What is the asking price?
The asking price for this property is $1,995,769.
What are key features of this property?
This property features: 7,560 SF retail building constructed in 2016; 1.46‑acre parcel with direct Smith Street frontage; 11,500+ ADT reported along Smith Street (Route 44)
