Building Details

Year Built 1928

Buildings 1

Building Size 3,100 SF

Construction brick

Listing Agency: BHHS Commonwealth Real Estate Show Phone

Listed By: Allen Gammons · License #REB.0015256 Show Phone

Source: Lockandkeyre

Added: Aug 31 Changed: Oct 19 Last Checked: Oct 19 at 9:35AM

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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 BHHS Commonwealth Real Estate

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Investment Insights

Based on property information with market context.

This flex-space property at 457 Douglas Avenue in Providence features brick construction, high ceilings, and overhead drive-in doors. The interior has been fully gutted, creating a clean starting point for a custom buildout. Upgraded 400-amp, 3-phase power supports a range of commercial operations.

Built in 1928, the building has exposure along Douglas Avenue and is positioned for uses including trades, storage, light distribution, or retail, as supported by the existing configuration and utility service. The property is offered for sale.

Key Highlights

• Fully gutted interior ready for a custom buildout
• 400‑amp 3‑phase power service
• High ceilings with overhead drive‑in doors

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$67,824

Cap Rate

5.90%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,356,480 $1.4M

Cap Rate 7%

$968,914 $968.9K

Cap Rate 9%

$753,600 $753.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,054 SF

Gross rent

$112.2K $22.20/SF

− Vacancy

−$7.9K −$1.55/SF

EGI

$104.3K $20.65/SF

− OpEx

−$36.5K −$7.23/SF

NOI

$67.8K $13.42/SF

Area

Providence, RI

Vacancy

7.00%

Lease Rate

$22.20 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,356,480

Cap Rate 7%

$968,914

Cap Rate 9%

$753,600

Alternative Uses

Best Use

Flex RnD

$968.9K

$847.8K – $1.13M (±1% cap)

NOI $67,824 @ 7.0% cap · market cap 5.90%

Second Best

Warehouse

$796.1K

$696.6K – $928.8K (±1% cap)

NOI $55,726 @ 7.0% cap · market cap 4.85%

Theoretical Best

Office A

$1.69M

$1.48M – $1.97M (±1% cap)

NOI $118,359 @ 7.0% cap · market cap 10.29%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Carpet & Flooring Store Storage Facility Catering Service Acupuncture Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

1,327

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 02908, RI

38,507

Population

17,160

Households

2.2

Avg Household Size

32

Median Age

29%

College-Educated

84%

High-School Grad

3.4 sq mi

ZIP Area

11,326

Density / Sq Mi

$74,341

Median Household Income

$42,947

Median Earnings

$1,381

Median Rent

$293,800

Median Home Value

Market

Vacancy Rate% for Industrial in Providence, RI

0.2% 2019

0.1% 2020

0.1% 2021

0% 2022

0.4% 2023

0.1% 2024

0.4% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Gutted commercial building offers high ceilings, drive-in access, and upgraded 400-amp three-phase power.

Where is this flex space located?

The property is located at 457 Douglas Avenue Providence, RI.

What is the asking price?

The asking price for this property is $1,150,000.

What are key features of this property?

This property features: Fully gutted interior ready for a custom buildout; 400‑amp 3‑phase power service; High ceilings with overhead drive‑in doors