Restaurant-Brewery Retail
For Sale
Contact for pricing
36 Exchange Terrace Lower Level, Providence, RI 02903
Restaurant and brewery improvements include furniture, fixtures, and equipment.
Property Size4,900 SF
Price / SF$275.51
Days on Market96
Property Features for 36 Exchange Terrace Lower Level
General Information
Standard status
Active
Size
4,900 SF
Property subtype
Retail
Investment Type
Owner/User
Additional Details
Furnished
Yes
Highway Access
Yes
Equipment Included
Yes
Amenities
signage exposure
Building Details
Tenancy
Single
Listing Agency:
Sweeney Real Estate &Appraisal
(401) 331-9300
Listed By:
Jay Kern · License #RI
Source:
Crexi
Added: May 27
Changed: Aug 30
Last Checked: Jun 5 at 5:48AM
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 Sweeney Real Estate &Appraisal
Investment Insights
Based on property information with market context.
This 4,900-square-foot retail condominium in downtown Providence features an existing restaurant and brewery build-out. Furniture, fixtures, and equipment are included, supporting a ready-to-use hospitality configuration without requiring a separate FF&E package.
The property is located at 36 Exchange Ter with signage exposure along Exchange Terrace. Access to and from I-95 is nearby, and the site is walkable to the Amtrak/MBTA station. Track 15, Courtyard Marriott, and Providence Place Mall are identified as neighboring properties.
The property is located at 36 Exchange Ter with signage exposure along Exchange Terrace. Access to and from I-95 is nearby, and the site is walkable to the Amtrak/MBTA station. Track 15, Courtyard Marriott, and Providence Place Mall are identified as neighboring properties.
Key Highlights
- 4,900 SF retail condominium with restaurant and brewery build‑out
- Furniture, fixtures, and equipment included
- Signage exposure along Exchange Terrace
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
$86,970
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
6.44%
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%
$1,739,400
$1.7M
Cap Rate 7%
$1,242,429
$1.2M
Cap Rate 9%
$966,333
$966.3K
Market Conditions
NOI Build-Up for 4,900 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
$120.5K $24.60/SF
− Vacancy
−$4.6K −$0.93/SF
EGI
$116.0K $23.67/SF
− OpEx
−$29.0K −$5.92/SF
NOI
$87.0K $17.75/SF
Area
Providence, RI
Vacancy
3.80%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,739,400
Cap Rate 7%
$1,242,429
Cap Rate 9%
$966,333
Alternative Uses
Best Use
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $86,970 @ 7.0% cap · market cap 6.44%
Second Best
Retail
$1.04M
$911.9K – $1.22M
NOI $72,948 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,752 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,462
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02903, RI
13,264
Population
6,588
Households
2
Avg Household Size
33
Median Age
53%
College-Educated
89%
High-School Grad
1.7 sq mi
ZIP Area
7,802
Density / Sq Mi
$62,987
Median Household Income
$40,294
Median Earnings
$1,640
Median Rent
$365,600
Median Home Value
Market
Vacancy Rate% for Industrial in Providence, RI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant and brewery improvements include furniture, fixtures, and equipment.
Where is this conventional restaurant located?
The property is located at 36 Exchange Terrace Lower Level Providence, RI.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 4,900 SF retail condominium with restaurant and brewery build‑out; Furniture, fixtures, and equipment included; Signage exposure along Exchange Terrace
