Restaurant Condo with
For Sale
Contact for pricing
373 Westminster Street 1st Floor, Providence, RI 02903
First-floor commercial condo configured for restaurant operations with furnishings, equipment, and seating already in place.
Property Size3,740 SF
Price / SF$481.28
Days on Market95
Property Features for 373 Westminster Street 1st Floor
General Information
Standard status
Active
Size
3,740 SF
Property subtype
Retail
Investment Type
Owner/User
Space & Availability
Floor
1
Furnished
Yes
Restaurant
Seating Capacity
150
Equipment Included
Yes
Additional Details
Highway Access
Yes
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 29
Last Checked: Aug 29 at 2:51PM
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.
The first-floor condominium at 373 Westminster Street provides 3,740± SF of restaurant-oriented commercial space in downtown Providence’s Financial District. The property is configured for restaurant and pizzeria operations and includes furniture, fixtures, and equipment. Seating capacity is 150, supporting a substantial dining layout within the existing premises.
The property sits across from the Federal Center Building and benefits from both vehicular and pedestrian activity in the surrounding district. Access to I-95 and RT-6 is nearby, connecting the site with broader Providence-area routes. The combination of an established restaurant layout, included equipment, and a downtown Financial District setting creates a clearly defined operating profile for restaurant users.
The property sits across from the Federal Center Building and benefits from both vehicular and pedestrian activity in the surrounding district. Access to I-95 and RT-6 is nearby, connecting the site with broader Providence-area routes. The combination of an established restaurant layout, included equipment, and a downtown Financial District setting creates a clearly defined operating profile for restaurant users.
Key Highlights
- 3,740± SF first‑floor restaurant condominium
- Furniture, fixtures, and equipment included
- 150‑seat capacity
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
$66,381
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
3.69%
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%
$1,327,620
$1.3M
Cap Rate 7%
$948,300
$948.3K
Cap Rate 9%
$737,567
$737.6K
Market Conditions
NOI Build-Up for 3,740 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
$92.0K $24.60/SF
− Vacancy
−$3.5K −$0.93/SF
EGI
$88.5K $23.67/SF
− OpEx
−$22.1K −$5.92/SF
NOI
$66.4K $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%
$1,327,620
Cap Rate 7%
$948,300
Cap Rate 9%
$737,567
Alternative Uses
Best Use
Specialty Retail
$948.3K
$829.8K – $1.11M
NOI $66,381 @ 7.0% cap · market cap 3.69%
Second Best
Retail
$795.4K
$696.0K – $928.0K
NOI $55,679 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,586 @ 7.0% cap · market cap 4.87%
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
6,292
Businesses Nearby
37k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 42%
Dining 31%
Hotels & Casinos 26%
Burger King
Dining
9,666 visits/mo
0.5 miles
Residence Inn Providence Downtown
Hotels & Casinos
6,054 visits/mo
0.2 miles
7-Eleven
Shops & Services
5,967 visits/mo
0.4 miles
Bank of America
Shops & Services
4,543 visits/mo
0.3 miles
Homewood Suites by Hilton Providence Downtown
Hotels & Casinos
3,707 visits/mo
0.5 miles
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 Retail in Providence, RI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - First-floor commercial condo configured for restaurant operations with furnishings, equipment, and seating already in place.
Where is this conventional restaurant located?
The property is located at 373 Westminster Street 1st Floor Providence, RI.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 3,740± SF first‑floor restaurant condominium; Furniture, fixtures, and equipment included; 150‑seat capacity
