Office Building with Full
New
For Sale
$1,350,000
209 Elmwood Avenue, Providence, RI 02907
Open-span interiors, rooftop HVAC, and ADA-compliant restrooms support flexible office configurations.
Property Size7,496 SF
Days on Market5
Property Features for 209 Elmwood Avenue
General Information
Standard status
Active
Size
7,496 SF
Class
B
Total Parking Spaces
25
Property subtype
Office
Site & Location
Highway Access
Yes
Public Transit
Yes
Amenities
ADA-compliant restrooms
full basement
Building Details
Building Size
7,496 SF
Year Built
1925
Buildings
1
Listing Agency:
MG Commercial
(401) 474-4879
Listed By:
Whitney Rugg · License #RI #RES.0049709
(401) 474-4879
Source:
Mgcommercial
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 7:42PM
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
Investment Insights
Based on property information with market context.
Built in 1925, this office building features an open-span interior that can accommodate multiple configurations. A full basement adds storage and support space, while four ADA-compliant restrooms serve the building. The property also includes rooftop HVAC units that have received regular service from licensed professionals. Ongoing capital improvements, renovations, and preventative maintenance have been completed during the ownership period.
The building occupies a prominent corner lot with approximately 25 off-street parking spaces. Access is available to Downtown Providence, I-95, major hospitals, and public transportation, connecting the property with key employment, healthcare, and transit destinations in the surrounding area.
The building occupies a prominent corner lot with approximately 25 off-street parking spaces. Access is available to Downtown Providence, I-95, major hospitals, and public transportation, connecting the property with key employment, healthcare, and transit destinations in the surrounding area.
Key Highlights
- 1925 office building with open‑span interior layout
- Full basement provides storage and support space
- Four (4) ADA‑compliant restrooms
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
$119,222
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
8.83%
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%
$2,384,440
$2.4M
Cap Rate 7%
$1,703,171
$1.7M
Cap Rate 9%
$1,324,689
$1.3M
Market Conditions
NOI Build-Up for 7,496 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
$211.4K $28.20/SF
− Vacancy
−$12.7K −$1.69/SF
EGI
$198.7K $26.51/SF
− OpEx
−$79.5K −$10.60/SF
NOI
$119.2K $15.90/SF
Area
Providence, RI
Vacancy
6.00%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
40.00%
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%
$2,384,440
Cap Rate 7%
$1,703,171
Cap Rate 9%
$1,324,689
Alternative Uses
Best Use
Office B
$1.83M
$1.60M – $2.14M
NOI $128,266 @ 7.0% cap · market cap 9.50%
Second Best
Healthcare Medical
$1.70M
$1.49M – $1.99M
NOI $119,222 @ 7.0% cap · market cap 8.83%
Theoretical Best
Office A
$2.51M
$2.19M – $2.93M
NOI $175,547 @ 7.0% cap · market cap 13.00%
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
1,493
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
Median Home Value
Market
Vacancy Rate% for Office in Providence, RI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Open-span interiors, rooftop HVAC, and ADA-compliant restrooms support flexible office configurations.
Where is this office building located?
The property is located at 209 Elmwood Avenue Providence, RI.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 1925 office building with open‑span interior layout; Full basement provides storage and support space; Four (4) ADA‑compliant restrooms
