Brick Flex Space with Drive-In
New
For Sale
$1,150,000
457 Douglas Avenue, Providence, RI 02908
Commercial/Business,Commercial Sale, Providence, RI
Property Size5,054 SF
Lot Size0.18 Acres
Price / SF$227.54
Days on Market1
Property Features for 457 Douglas Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
3
Subdivision
Providence College
Lot features
Downtown, Free Standing, Urban
Standard status
Active
Size
5,054 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15333
Utilities
Heating system
Forced Air, Central
Cooling system
Central Air
Building Details
Year built
1928
Floors in Building
1
Number of units
2
Building materials
Brick
Listing Agency:
Bhhs Commonwealth Real Estate · Berkshire Hathaway HomeServices
(401) 886-6100
Listed By:
Allen Gammons · License #REB.0015256
(401) 742-6050
Added: Aug 31
Last Checked: Aug 31 at 11:06PM
MLS# 1422015
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick flex property at 457 Douglas Avenue presents a largely open starting point for a new interior buildout. The building has high ceilings, overhead doors with drive-in access, and upgraded 400-amp 3-phase electrical service. Central air, central heating, and forced-air heat are also identified. The structure dates to 1928 and occupies a 0.18-acre site.
The property is positioned along Douglas Avenue in Providence, with the source information describing exposure to commercial traffic. Its stated use possibilities include trades, storage, light distribution, and retail, giving the space a range of practical commercial applications. The interior has been fully gutted, allowing the next owner to configure the premises around its operational needs.
The property is positioned along Douglas Avenue in Providence, with the source information describing exposure to commercial traffic. Its stated use possibilities include trades, storage, light distribution, and retail, giving the space a range of practical commercial applications. The interior has been fully gutted, allowing the next owner to configure the premises around its operational needs.
Key Highlights
- 400‑amp 3‑phase power service
- High ceilings with overhead drive‑in doors
- Fully gutted interior ready for custom buildout
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
$67,824
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
5.90%
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%
$1,356,480
$1.4M
Cap Rate 7%
$968,914
$968.9K
Cap Rate 9%
$753,600
$753.6K
Market Conditions
NOI Build-Up for 5,054 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
$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 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%
$1,356,480
Cap Rate 7%
$968,914
Cap Rate 9%
$753,600
Alternative Uses
Best Use
Flex RnD
$968.9K
$847.8K – $1.13M
NOI $67,824 @ 7.0% cap · market cap 5.90%
Second Best
Warehouse
$796.1K
$696.6K – $928.8K
NOI $55,726 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,359 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 400-amp 3-phase power for a custom buildout.
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: 400‑amp 3‑phase power service; High ceilings with overhead drive‑in doors; Fully gutted interior ready for custom buildout
