Retail Property on Route
For Sale
Contact for pricing
35 Highland Ave, East Providence, RI
Corner retail location with strong parking and high traffic.
Property Size5,366 SF
Lot Size0.93 Acres
Price / SF$354.08
Days on Market548
Property Features for 35 Highland Ave
General Information
Standard status
Active
Size
5,366 SF
Lot size
0.93 Acres
Property subtype
RETAIL
Listing Agency:
Hayes & Sherry
(401) 273-7429
Listed By:
William F. Greene
Source:
Moodyscre
Added: Feb 5, 2025
Changed: Jul 6
Last Checked: Aug 7 at 8:40AM
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 Hayes & Sherry
Investment Insights
Based on property information with market context.
This retail property is situated on a corner location at the start of the Route 6 retail corridor, positioned at a traffic lighted intersection on the Rhode Island/Massachusetts state line. The property benefits from strong parking and dense traffic along Route 6, offering excellent sight-lines and access. Full utilities are available, including sewer. The property size is 5366 square feet.
Key Highlights
- High‑traffic location on Route 6 retail corridor.
- Corner lot at a traffic‑lighted intersection.
- Strong parking.
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
$60,580
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
3.19%
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%
$1,211,600
$1.2M
Cap Rate 7%
$865,429
$865.4K
Cap Rate 9%
$673,111
$673.1K
Market Conditions
NOI Build-Up for 5,366 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
$96.6K $18.00/SF
− Vacancy
−$10.0K −$1.87/SF
EGI
$86.5K $16.13/SF
− OpEx
−$26.0K −$4.84/SF
NOI
$60.6K $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%
$1,211,600
Cap Rate 7%
$865,429
Cap Rate 9%
$673,111
Alternative Uses
Best Use
Retail
$865.4K
$757.3K – $1.01M
NOI $60,580 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.28M
$1.12M – $1.49M
NOI $89,346 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
992
Businesses Nearby
165k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 71%
Shops & Services 27%
Beauty & Spa 1%
Hotels & Casinos 1%
Wendy's
Dining
25,026 visits/mo
0.3 miles
Ocean State Job Lot
Shops & Services
24,271 visits/mo
0.4 miles
Chili's Grill & Bar
Dining
22,028 visits/mo
0.2 miles
Exxon
Shops & Services
19,498 visits/mo
0.4 miles
IHOP
Dining
16,878 visits/mo
0.2 miles
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Corner retail location with strong parking and high traffic.
Where is this storefront property located?
The property is located at 35 Highland Ave East Providence, RI.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: High‑traffic location on Route 6 retail corridor.; Corner lot at a traffic‑lighted intersection.; Strong parking.
