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    Restored Mill Campus Office Space Title is generated by Realmo AI

    235 Promenade St, Providence, RI 02908

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    Unique mixed-use destination with commercial office and loft-style apartments.

    Type:Office
    Property size:
    1,000,000 SF
    Lot size:
    26.00 Acres
    Added:
    Jan 9, 2023
    Days on Market:
    1238
    Last Refresh:
    May 12 at 9:40 pm

    Property Features for 235 Promenade St

    General Information

    Standard status
    Active
    Size
    1,000,000 SF
    Lot size
    26.00 Acres
    Property subtype
    Office

    Building Details

    Year Built
    1872

    We can help!

    Listing Contact
    Anthony Marcello

    Listing agent Anthony Marcello License #RI

    Listing office Foundry Rhode Island

    Listing date Jan 9, 2023

    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 Foundry Rhode Island

    HighLights

    • Restored historic mill campus on 26 acres with 1,000,000 sq ft of mixed‑use space.
    • Recently renovated common areas, restrooms, and on‑site café.
    • Listed on the National Register of Historic Places.
    • Unique blend of commercial office space and loft‑style apartment living.
    • Managed by The Foundry Associates, specializing in historic mill building restoration.
    • Home to the Foundry Clock Man art installation.

    Overview

    The Foundry Corporate Office Center is a beautifully restored mill campus featuring recently renovated common areas, restrooms, and an on-site café. This distinctive mixed-use destination offers a unique blend of commercial office space and loft-style apartment living. Once home to the iconic Brown & Sharpe Manufacturing Company, The Foundry spans 26 acres and includes 13 historic buildings comprising approximately 1,000,000 square feet of space, roughly half commercial office use and half residential. Listed on the National Register of Historic Places, the property reflects a deep commitment to preservation and thoughtful redevelopment. The Foundry is also home to the Foundry Clock Man, an iconic art installation and tribute to the industrial workers who helped shape Providence. The campus is managed by The Foundry Associates, a real estate investment firm specializing in the acquisition, development, and management of multifamily and commercial properties, with a particular focus on the restoration of historic mill buildings in Providence. Halstead Providence, located within the Foundry campus, offers 433 units and premium amenities including an indoor swimming pool, rooftop deck, two fitness centers, and garage parking.
    Property Profile Location Intelligence

    Current Use by Public Records

    Public Health Veterinarian Public Health Department Randstad Manufacturing & Logistics Employment Agency Feeney IP Law ... Law Firm Criminal Investigations Office Police Department The Foundry Corporate Office ... Business Service Center

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Law Firm Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4191973
    Latitude
    41.8287643

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    FAQs

    What type of property is this?
    Mixed-use property - Unique mixed-use destination with commercial office and loft-style apartments.
    Where is this mixed-use property located?
    The property is located at 235 Promenade St Providence, RI.
    What is the lease rate?
    The lease rate is $28 SF/Yr.
    What are key features of this property?
    This property features: Restored historic mill campus on 26 acres with 1,000,000 sq ft of mixed‑use space.; Recently renovated common areas, restrooms, and on‑site café.; Listed on the National Register of Historic Places.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Anthony Marcello
    Real Estate License ID: RI
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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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