Three-Bay Auto
New
For Sale
$799,900
329 Providence Street, West Warwick, RI 02893
Commercial building with garage capacity and a sizable outdoor site for automotive, service, or contractor operations.
Property Size1,980 SF
Lot Size0.66 Acres
Price / SF$403.99
Days on Market3
Property Features for 329 Providence Street
General Information
Standard status
Active
Size
1,980 SF
Lot size
0.66 Acres
Property subtype
Commercial
Site & Location
Traffic Count
14,000 vehicles/day
Road Access
Yes
Additional Details
Service Bays
3
Building Details
Year Built
1950
Buildings
1
Listing Agency:
RI Real Estate Services
(401) 885-5400
Listed By:
Sean Carlino Esq. · License #REB.0018093
(401) 640-6010
Source:
Lockandkeyre
Added: Sep 2
Changed: Sep 4
Last Checked: Sep 4 at 2:50PM
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 RI Real Estate Services
Investment Insights
Based on property information with market context.
This 1,980-square-foot commercial building includes three garage bays and sits on a 28,900-square-foot lot. The configuration supports automotive, service, contractor, or owner-user operations, with additional outdoor area for parking, storage, expansion, or other improvements subject to municipal approvals. Built in 1950, the property combines enclosed workspace with a flexible site layout.
The property is located at 329 Providence Street in West Warwick along a commercial corridor reporting more than 14,000 daily traffic impressions. Bald Hill Road and surrounding retail, business, and transportation routes are within a short drive. Supplemental income associated with the property may convey to the new owner, subject to the applicable terms.
The property is located at 329 Providence Street in West Warwick along a commercial corridor reporting more than 14,000 daily traffic impressions. Bald Hill Road and surrounding retail, business, and transportation routes are within a short drive. Supplemental income associated with the property may convey to the new owner, subject to the applicable terms.
Key Highlights
- 1,980‑square‑foot commercial building with three garage bays
- 28,900‑square‑foot lot providing substantial outdoor area
- More than 14,000 daily traffic impressions along the commercial corridor
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
$25,595
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
3.20%
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%
$511,900
$511.9K
Cap Rate 7%
$365,643
$365.6K
Cap Rate 9%
$284,389
$284.4K
Market Conditions
NOI Build-Up for 1,980 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
$37.5K $18.96/SF
− Vacancy
−$976 −$0.49/SF
EGI
$36.6K $18.47/SF
− OpEx
−$11.0K −$5.54/SF
NOI
$25.6K $12.93/SF
Area
Kent County, RI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$511,900
Cap Rate 7%
$365,643
Cap Rate 9%
$284,389
Alternative Uses
Best Use
Retail
$365.6K
$319.9K – $426.6K
NOI $25,595 @ 7.0% cap · market cap 3.20%
Second Best
Industrial
$131.6K
$115.2K – $153.5K
NOI $9,212 @ 7.0% cap · market cap 1.15%
Theoretical Best
Specialty Retail
$495.9K
$433.9K – $578.6K
NOI $34,713 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Service bays
14,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
58k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 35%
Dining 31%
Home Improvements & Furnishings 24%
Apparel 10%
Dunkin' Donuts
Dining
15,362 visits/mo
0.1 miles
Harbor Freight Tools
Home Improvements & Furnishings
13,615 visits/mo
0.5 miles
Speedway
Shops & Services
10,805 visits/mo
0.1 miles
Guitar Center
Shops & Services
9,499 visits/mo
0.4 miles
Famous Footwear
Apparel
4,328 visits/mo
0.5 miles
Demographics for 02893, RI
31,030
Population
15,103
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
7.8 sq mi
ZIP Area
3,978
Density / Sq Mi
$73,903
Median Household Income
$49,087
Median Earnings
$1,249
Median Rent
$293,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- reliable tires warehouse — 1104 Bald Hill Rd, Warwick, RI 02886
- Porcelli Auto Center — 301 Providence St, West Warwick, RI 02893
- Natick Autobody — 322 Providence St, West Warwick, RI 02893
- Providence Street Garage — 326 Providence St, West Warwick, RI 02893
- Barber's Auto Sales & Body Inc — 334 Providence St, West Warwick, RI 02893
Frequently Asked Questions
What type of property is this?
Auto shop - Commercial building with garage capacity and a sizable outdoor site for automotive, service, or contractor operations.
Where is this auto shop located?
The property is located at 329 Providence Street West Warwick, RI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 1,980‑square‑foot commercial building with three garage bays; 28,900‑square‑foot lot providing substantial outdoor area; More than 14,000 daily traffic impressions along the commercial corridor
