Fully Leased Retail Strip
For Sale
Contact for pricing
306 Broad St, Central Falls, RI 02863
Corner retail center with a triple-net lease, laundromat, restaurant space, and on-site parking.
Property Size5,144 SF
Price / SF$157.47
Days on Market174
Property Features for 306 Broad St
General Information
Standard status
Active
Size
5,144 SF
Total Parking Spaces
10
Property subtype
RETAIL
Occupancy
100%
Net Operating Income
$56,684
Additional Details
Cap Rate
7%
Highway Access
Yes
Building Details
Buildings
1
Listing Agency:
MG Commercial
(401) 465-9224
Listed By:
Dan Feiner · License ##RES.0029089
(401) 465-9224
Source:
Moodyscre
Added: Mar 10
Changed: Aug 29
Last Checked: Aug 29 at 4:21PM
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.
This 5,144-square-foot retail strip center is fully leased under a triple-net structure. On-The-Go Laundromat occupies the building and subleases space to Fiesta Tex-Mex restaurant. The laundromat has received updated flooring, lighting, interior paint, HVAC, and duct work, while the restaurant area has been renovated to like-new condition. The property includes parking for 10 cars and occupies a corner lot at Nickerson and Broad Street.
The lease has 7 years and 10 months remaining on its original 10-year term, with yearly increases averaging 3.8% throughout the term. The property is directly across from CVS Pharmacy and near Bank of America and Dollar General, with close access to Route 95 on/off ramps. The current cap rate is 7%, while the average cap rate during the initial term is 8.1%.
The lease has 7 years and 10 months remaining on its original 10-year term, with yearly increases averaging 3.8% throughout the term. The property is directly across from CVS Pharmacy and near Bank of America and Dollar General, with close access to Route 95 on/off ramps. The current cap rate is 7%, while the average cap rate during the initial term is 8.1%.
Key Highlights
- 5,144 SF fully leased retail strip center
- Triple‑net lease with 7 years and 10 months remaining on the original 10‑year term
- On‑The‑Go Laundromat leases the building and subleases to Fiesta Tex‑Mex restaurant
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
$58,074
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
7.17%
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%
$1,161,480
$1.2M
Cap Rate 7%
$829,629
$829.6K
Cap Rate 9%
$645,267
$645.3K
Market Conditions
NOI Build-Up for 5,144 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
$92.6K $18.00/SF
− Vacancy
−$9.6K −$1.87/SF
EGI
$83.0K $16.13/SF
− OpEx
−$24.9K −$4.84/SF
NOI
$58.1K $11.29/SF
Area
Providence County, RI
Vacancy
10.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,161,480
Cap Rate 7%
$829,629
Cap Rate 9%
$645,267
Alternative Uses
Best Use
Retail
$829.6K
$725.9K – $967.9K
NOI $58,074 @ 7.0% cap · market cap 7.17%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.22M
$1.07M – $1.43M
NOI $85,650 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,746
Businesses Nearby
12k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Cumberland Farms
Shops & Services
12,376 visits/mo
0.2 miles
Demographics for 02863, RI
22,596
Population
8,341
Households
2.7
Avg Household Size
32
Median Age
12%
College-Educated
60%
High-School Grad
1.2 sq mi
ZIP Area
18,830
Density / Sq Mi
$45,921
Median Household Income
$30,050
Median Earnings
$1,118
Median Rent
$300,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Corner retail center with a triple-net lease, laundromat, restaurant space, and on-site parking.
Where is this strip mall located?
The property is located at 306 Broad St Central Falls, RI.
What is the asking price?
The asking price for this property is $810,000.
What are key features of this property?
This property features: 5,144 SF fully leased retail strip center; Triple‑net lease with 7 years and 10 months remaining on the original 10‑year term; On‑The‑Go Laundromat leases the building and subleases to Fiesta Tex‑Mex restaurant
