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    Drive-Through Retail/Restaurant Site Title is generated by Realmo AI

    1951-1967 Mineral Spring Avenue, North Providence, RI 02904

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    A flexible retail and QSR-ready site with drive-thru option and traffic-light access on a busy corridor.

    Type:Retail, Restaurant
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 2:42 am

    Property Features for 1951-1967 Mineral Spring Avenue

    General Information

    Standard status
    Active
    Property subtype
    Retail, Restaurant

    Spaces For Lease

    at 1951-1967 Mineral Spring Avenue Contact us

    We can help!

    Listing Contact
    Leeds Mitchell
    Leeds Mitchell

    Listing agent Leeds Mitchell License #REB 0019529

    Listing office MG Commercial

    Listing date Jun 3, 2026

    Source Crexi

    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 MG Commercial

    HighLights

    • Prime Mineral Spring Avenue retail/restaurant site at a traffic light with access from four streets
    • Flexible space sizes available from 1,500 to 8,000 SF with drive‑thru option
    • Heavy traffic corridor with 20,500 CPD traffic count on Mineral Spring Avenue
    • Located in North Providence, RI on Mineral Spring Avenue in a busy trade area
    • Nearby access: 0.8 miles to the Route 44 intersection, 2 miles to Route 146 N/S, and 2.3 miles to I‑295 N/S
    • Area revitalization includes nearby businesses such as Providence Bagel, Tropical Smoothie, TD Bank, and Wendy’s

    Overview

    This is a drive-through capable retail/restaurant development site with flexible space sizes ranging from 1,500 to 8,000 square feet. The property is positioned at a traffic light and offers access from four streets, supporting a range of retail and office layouts for different tenant needs.

    Situated on Mineral Spring Avenue in North Providence, RI, the site is located about 0.8 miles from the intersection of Route 44, roughly 2 miles from Route 146 (north/south), and approximately 2.3 miles from I-295 (north/south). Mineral Spring Avenue is described as having recently undergone revitalization with new nearby businesses including Providence Bagel, Tropical Smoothie, TD Bank, and Wendy’s. The location also features an identified traffic count of 20,500 CPD.

    With the drive-thru option and multiple ingress/egress points, the site is well suited for QSR concepts and other retail or office users seeking straightforward access and a high-visibility setting. Leasing flexibility across a broad range of sizes can help tenants match their operating model without being constrained to a single footprint.
    Location Intelligence

    Current Use by Public Records

    Drive through restaurants

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    North Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4699856
    Latitude
    41.8602229

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    FAQs

    What type of property is this?
    Drive through restaurant - A flexible retail and QSR-ready site with drive-thru option and traffic-light access on a busy corridor.
    Where is this drive through restaurant located?
    The property is located at 1951-1967 Mineral Spring Avenue North Providence, RI.
    What are key features of this property?
    This property features: Prime Mineral Spring Avenue retail/restaurant site at a traffic light with access from four streets; Flexible space sizes available from 1,500 to 8,000 SF with drive‑thru option; Heavy traffic corridor with 20,500 CPD traffic count on Mineral Spring Avenue
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Leeds Mitchell
    Leeds Mitchell
    Real Estate License ID: REB 0019529
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    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.

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