Add Listing
    For Sale
    • 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

    203 Lexington Ave North Providence, RI 02904

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contract
    $1,775,000

    Two 6-unit buildings with on-site parking near Mineral Spring.

    Property Features for 203 Lexington Ave

    General Information

    Standard status
    Contract

    Building Details

    Year built
    1986

    We can help!

    Listing Contact
    Brenda L. Marchwicki
    Brenda L. Marchwicki
    Source: Corcoran

    Listing Agency: BISMARC PROPERTIES, LLC Listing Agent: Brenda L. Marchwicki

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

    Learn more

    Overview

    Two Garden-Style Apartment Buildings

    This is a unique opportunity to own two garden-style buildings, each containing six units. Constructed in 1986, each building has 6,144 square feet of gross building area, totaling 12,288 square feet. The two-bedroom apartments offer approximately 895 square feet of space, while the one-bedroom apartments provide approximately 560 square feet. The property is located just off Mineral Spring Avenue at 203 Lexington Avenue and 3 Coleman Street. Situated on a 19,783 square foot lot, the property includes approximately 30 paved on-site parking spaces. Electrical service is provided by a 200 amp main service, with each apartment having an individual 100-amp panel. Each building features a common laundry setup, individual gas-fired FHW boilers, individual gas-fired hot water tanks, and wall air conditioning units in the apartments. A fire alarm system and smoke detectors are in place. The roof at Lexington was replaced approximately in 2020. The property is located in a multi-zone area (R-8 1/3rd and CP Commercial Professional 2/3rd).
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

    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
    -71.4465838
    Latitude
    41.8653705

    Nearby Similar for Sale

    • Contact for pricing
      1,800 SF

      North Providence Commercial Space Available

      High-traffic location, flexible layout, ideal for retail or office.
      1410 Mineral Spring Ave, North Providence, RI 02904
      View Details
    • $350,000
      750 SF

      North Providence Commercial Business Opportunity

      Established business and property for sale in a prime location.
      1007 Charles St, North Providence, RI 02904
      View Details
    • Contact for pricing
      3,000 SF

      Industrial Flex Space Available

      Two industrial flex units available for lease.
      19 Humbert St, North Providence, RI 02911
      View Details
    • Contact for pricing
      0.21 Acres

      Mixed-Use Property in North Providence

      Commercial space with on-site residency in a high-traffic location.
      1441 Mineral Spring Ave, North Providence, RI 02904
      View Details
    • Contact for pricing
      1.15 Acres

      Prime Commercial Space, North Providence

      High-traffic location, flexible layout, ideal for retail or office.
      1410 Mineral Spring Ave, North Providence, RI 02904
      View Details
    • Contact for pricing
      1.15 Acres

      High-Traffic Commercial Space Available

      Thriving business opportunity in North Providence with excellent visibility.
      1410 Mineral Spring Ave, North Providence, RI 02904
      View Details
    • $475,000
      Pending

      North Providence Two-Family Home

      Well-maintained two-family home in desirable North Providence location.
      10 Hampshire St, North Providence, RI 02904
      View Details
    • $1,300,000
      Pending

      North Providence Commercial Building

      Commercial building in premier business district with ample parking.
      1305 Mineral Spring Ave, North Providence, RI 02904
      View Details
    • $424,900
      Pending

      Versatile Commercial Space For Sale

      Over 9,000 sq ft, ground-level loading, high visibility.
      50 Waterman Ave, North Providence, RI 02911
      View Details
    • $1,199,000
      Pending

      North Providence Banquet Facility For Sale

      Banquet facility and restaurant serving the community since the 1930s.
      1113 Charles St, North Providence, RI 02904
      View Details
    • $1,490,000
      0.40 Acres

      Turnkey Mixed-Use Investment Opportunity

      Mixed-use property with commercial and residential income streams.
      15 Thomas St, North Providence, RI 02911
      View Details
    • $475,000

      One-Story Office Building with Expansion

      One-story office building with expansion potential in North Providence.
      1531 Mineral Spring Ave, North Providence, RI 02904
      View Details

    FAQs

    What type of property is this?
    Apartment building - Two 6-unit buildings with on-site parking near Mineral Spring.
    Where is this apartment building located?
    The property is located at 203 Lexington Ave North Providence, RI.
    What is the asking price?
    The asking price for this property is $1,775,000.
    What are key features of this property?
    This property features: - Two garden-style buildings totaling 12,288 sq ft with 6 units each.; - Located just off Mineral Spring Avenue.; - Approximately 30 on-site parking spaces.
    (401) 276-8300
    Request Owner's contact information
    203 Lexington Ave North Providence, RI 02904
    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.
    203 Lexington Ave
    North Providence, RI 02904
    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
    203 Lexington Ave North Providence, RI 02904
    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
    Brenda L. Marchwicki
    Brenda L. Marchwicki
    Real Estate License ID: C14896
    (401) 276-8300 (401) 692-0100
    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!