Brick Flex Space with High
New
For Sale
$499,900
461 Douglas Avenue, Providence, RI 02908
Commercial/Business,Commercial Sale, Providence, RI
Property Size3,100 SF
Lot Size0.09 Acres
Price / SF$160.22
Days on Market2
Property Features for 461 Douglas Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
3
Subdivision
Providence College
Lot features
Downtown
Standard status
Active
Size
3,120 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9370
Building Details
Year built
1930
Floors in Building
1
Number of units
1
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
Changed: Sep 1
Last Checked: Sep 1 at 5:06PM
MLS# 1421845
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.
Located at 461 Douglas Avenue in Providence, this 3,120-square-foot flex property is a brick commercial building constructed in 1930. The interior has been cleared back for a future buildout, allowing the next owner to plan the space around its intended operation. Existing features include overhead doors, a separate man-door entrance, high ceilings, and newer 3-phase, 400-amp power service.
The property occupies 0.09 acres along Douglas Avenue, identified in the listing as a high-traffic thoroughfare. Its physical configuration supports consideration for tradesman operations, storage, warehouse functions, or retail use, subject to applicable requirements. The building may also be acquired with the separately identified 5-bedroom, 2,200-square-foot home associated with the listing.
The property occupies 0.09 acres along Douglas Avenue, identified in the listing as a high-traffic thoroughfare. Its physical configuration supports consideration for tradesman operations, storage, warehouse functions, or retail use, subject to applicable requirements. The building may also be acquired with the separately identified 5-bedroom, 2,200-square-foot home associated with the listing.
Key Highlights
- 3,120‑square‑foot flex building on 0.09 acres
- Brick construction dating to 1930
- Overhead doors plus a separate man‑door entrance
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
$41,870
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
8.38%
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%
$837,400
$837.4K
Cap Rate 7%
$598,143
$598.1K
Cap Rate 9%
$465,222
$465.2K
Market Conditions
NOI Build-Up for 3,120 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
$69.3K $22.20/SF
− Vacancy
−$4.8K −$1.55/SF
EGI
$64.4K $20.65/SF
− OpEx
−$22.5K −$7.23/SF
NOI
$41.9K $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%
$837,400
Cap Rate 7%
$598,143
Cap Rate 9%
$465,222
Alternative Uses
Best Use
Flex RnD
$598.1K
$523.4K – $697.8K
NOI $41,870 @ 7.0% cap · market cap 8.38%
Second Best
Warehouse
$491.5K
$430.0K – $573.4K
NOI $34,402 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$1.04M
$913.3K – $1.22M
NOI $73,067 @ 7.0% cap · market cap 14.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Gutted commercial space features overhead doors, high ceilings, and newer three-phase power for a customized buildout.
Where is this flex space located?
The property is located at 461 Douglas Avenue Providence, RI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 3,120‑square‑foot flex building on 0.09 acres; Brick construction dating to 1930; Overhead doors plus a separate man‑door entrance
