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    245 Waterman #201 Providence, RI 2906

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    For Lease
    $700 /Mo

    First-floor office sublease in Wayland Square, available March 1.

    Type:Commercial
    Property size:
    240 SF
    Added:
    Feb 26, 2026
    Days on Market:
    33
    Last Refresh:
    Mar 26 at 2:38 am

    Property Features for 245 Waterman #201

    General Information

    Standard status
    Active
    Size
    240 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1961

    We can help!

    Listing Contact
    THE JODIE JORDAN GROUP

    Listing agent THE JODIE JORDAN GROUP License #70010221

    Listing office WILLIAM RAVEIS INSPIRE

    Listing date Feb 26, 2026

    Source Corcoran

    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 WILLIAM RAVEIS INSPIRE

    Overview

    Wayland Square Therapy Office Sublease

    This is an exceptional opportunity to sublease a well-maintained first-floor office space suitable for therapy, counseling, or psychology practices, situated in the heart of Wayland Square. The property is located within a multi-unit medical office building. The available space is one private office within a five-office suite, available Tuesday through Friday starting March 1. The suite includes a front desk and waiting area, a kitchenette closet within the unit, and shared lunchroom and restroom facilities. Four shared on-site parking spaces are provided, with ample on-street parking available nearby. Internet access is included. The location is in a desirable and walkable neighborhood, offering convenient access to local amenities and a strong professional environment. The property has a size of 240 square feet.
    Location Intelligence

    Current Use by Public Records

    Law Offices Of Fred ... Law Firm Sarah Francazio Physician Armenian Historical Association ... Historical Society Lori Meyerson Ph.D. Physician Jena Schmidt, LMHC Marriage Or Relationship Counselor

    Suggested Use

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

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

    Similar Places Nearby

    • Eastside Veterinary Clinic — 265 Gano St, Providence, RI 02906
    • Sveilich Ceri DVM — 15 1st St, East Providence, RI 02914
    • Tri-State Equine Surgical Specialists, LLC — 64 Alumni Ave, Providence, RI 02906
    • Alterman Toby L DVM — 15 1st St, East Providence, RI 02914
    • VCA Povar Animal Hospital — 15 1st St, East Providence, RI 02914

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.3873
    Latitude
    41.8279

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    FAQs

    What type of property is this?
    Medical Office Space - First-floor office sublease in Wayland Square, available March 1.
    Where is this medical office space located?
    The property is located at 245 Waterman #201 Providence, RI.
    What is the lease rate?
    The lease rate is $700 /Mo.
    What are key features of this property?
    This property features: Prime Wayland Square location in a desirable and walkable neighborhood.; Sublease of a beautifully maintained first‑floor office space.; Ideal for therapy/counseling/psychology practices.
    (401) 751-8100
    We can help!
    Listing Contact
    THE JODIE JORDAN GROUP
    Real Estate License ID: 70010221
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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.

    More about this property
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