Office Unit with Deeded
For Sale
$299,000
4-80 Pitman St, Providence, RI 02911
Condominium office layout includes a reception area, private rooms, kitchen, dining space, bathroom, and updated systems.
Property Size1,245 SF
Price / SF$240.16
Days on Market131
Property Features for 4-80 Pitman St
General Information
Standard status
Active
Size
1,245 SF
Total Parking Spaces
2
Taxes and HOA fees
Annual Taxes
$2,346
Listing Agency:
Residential Properties Ltd.
(401) 954-1159
Listed By:
The Rockwell & Pierard Team
(401) 954-1159
Source:
Exprealty
Added: Apr 23
Changed: Aug 29
Last Checked: Aug 30 at 11:48PM
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 Residential Properties Ltd.
Investment Insights
Based on property information with market context.
This 1245 SF office condominium at 4-80 Pitman St includes a waiting area, three offices, a full kitchen with dining area, and a full bathroom. The unit also features an updated fire system and electrical service, supporting a range of professional office configurations.
Located in Providence’s Wayland Square area, the property conveys with two deeded parking spaces in the rear lot. The existing layout provides separate work areas alongside shared reception and amenity space.
Located in Providence’s Wayland Square area, the property conveys with two deeded parking spaces in the rear lot. The existing layout provides separate work areas alongside shared reception and amenity space.
Key Highlights
- 1245 SF office condominium in the Wayland Square area
- Three offices plus a waiting area
- Full kitchen with adjoining dining area
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
$21,304
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
7.13%
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%
$426,080
$426.1K
Cap Rate 7%
$304,343
$304.3K
Cap Rate 9%
$236,711
$236.7K
Market Conditions
NOI Build-Up for 1,245 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
$33.6K $27.00/SF
− Vacancy
−$5.2K −$4.19/SF
EGI
$28.4K $22.81/SF
− OpEx
−$7.1K −$5.70/SF
NOI
$21.3K $17.11/SF
Area
Providence, RI
Vacancy
15.50%
Lease Rate
$27.00 /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%
$426,080
Cap Rate 7%
$304,343
Cap Rate 9%
$236,711
Alternative Uses
Best Use
Office B
$304.3K
$266.3K – $355.1K
NOI $21,304 @ 7.0% cap · market cap 7.13%
Second Best
Healthcare Medical
$282.9K
$247.5K – $330.0K
NOI $19,801 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$416.5K
$364.5K – $485.9K
NOI $29,156 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
914
Businesses Nearby
Explore this area
Business Placement
Demographics for 02911, RI
16,384
Population
6,894
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
2.5 sq mi
ZIP Area
6,554
Density / Sq Mi
$85,803
Median Household Income
$53,209
Median Earnings
$1,480
Median Rent
$319,300
Median Home Value
Market
Vacancy Rate% for Office in Providence, RI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Condominium office layout includes a reception area, private rooms, kitchen, dining space, bathroom, and updated systems.
Where is this office units located?
The property is located at 4-80 Pitman St Providence, RI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1245 SF office condominium in the Wayland Square area; Three offices plus a waiting area; Full kitchen with adjoining dining area
