Three-Unit Retail
For Sale
$899,999
5 Forbes Street, East Providence, RI 02915
Three-unit retail property with parking and frontage; two tenants remain, seller vacates at closing.
Property Size6,701 SF
Days on Market87
Property Features for 5 Forbes Street
General Information
Standard status
Active
Size
6,701 SF
Total Parking Spaces
30
Property subtype
Commercial
Additional Details
Business Included
Yes
Building Details
Building Size
6,701 SF
Year Built
1930
Buildings
1
Stories
1
Units
1
Tenancy
Multi
Listing Agency:
REMAX Revolution
(401) 479-6233
Listed By:
Robert Fox · License #RES.0045429
(401) 479-6233
Source:
Liongatere
Added: Jun 1
Changed: Aug 23
Last Checked: Aug 26 at 9:51AM
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 REMAX Revolution
Investment Insights
Based on property information with market context.
5 Forbes Street is a 3-unit retail property configured for flexible tenant uses. The seller will vacate at closing, leaving available space for an owner-user or a new mix of tenants, while two tenants will remain in place. The property totals 6,701 square feet and is offered for sale as a multi-tenant asset.
The building is positioned for storefront activity with street frontage and parking, as described in the seller’s remarks. It is located in Riverside, Rhode Island, with access to Providence and surrounding communities also noted in the marketing materials.
For prospective tenants, the available unit(s) can support a range of neighborhood-oriented concepts, including retail, restaurant, café, office, or service use, depending on lease structure and final configuration. Investors and owner-users can evaluate the remaining tenancy and the seller’s move-out to plan for either continued multi-tenant operations or a repositioning strategy. This combination of in-place tenants and near-term availability can simplify planning around occupancy timing and future space programming.
The building is positioned for storefront activity with street frontage and parking, as described in the seller’s remarks. It is located in Riverside, Rhode Island, with access to Providence and surrounding communities also noted in the marketing materials.
For prospective tenants, the available unit(s) can support a range of neighborhood-oriented concepts, including retail, restaurant, café, office, or service use, depending on lease structure and final configuration. Investors and owner-users can evaluate the remaining tenancy and the seller’s move-out to plan for either continued multi-tenant operations or a repositioning strategy. This combination of in-place tenants and near-term availability can simplify planning around occupancy timing and future space programming.
Key Highlights
- 3‑unit retail property in Riverside, RI (built 1960)
- Two tenants will remain in place; seller will vacate at closing
- Available space suitable for retail, restaurant, café, office, or service use
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
$75,652
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
8.41%
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%
$1,513,040
$1.5M
Cap Rate 7%
$1,080,743
$1.1M
Cap Rate 9%
$840,578
$840.6K
Market Conditions
NOI Build-Up for 6,701 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
$120.6K $18.00/SF
− Vacancy
−$12.5K −$1.87/SF
EGI
$108.1K $16.13/SF
− OpEx
−$32.4K −$4.84/SF
NOI
$75.7K $11.29/SF
Area
Providence County, RI
Vacancy
10.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,513,040
Cap Rate 7%
$1,080,743
Cap Rate 9%
$840,578
Alternative Uses
Best Use
Retail
$1.08M
$945.7K – $1.26M
NOI $75,652 @ 7.0% cap · market cap 8.41%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.59M
$1.39M – $1.86M
NOI $111,575 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
316
Businesses Nearby
Explore this area
Business Placement
Demographics for 02915, RI
16,603
Population
7,746
Households
2.1
Avg Household Size
47
Median Age
36%
College-Educated
92%
High-School Grad
5.5 sq mi
ZIP Area
3,019
Density / Sq Mi
$90,558
Median Household Income
$61,062
Median Earnings
$1,482
Median Rent
$317,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Three-unit retail property with parking and frontage; two tenants remain, seller vacates at closing.
Where is this retail space located?
The property is located at 5 Forbes Street East Providence, RI.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: 3‑unit retail property in Riverside, RI (built 1960); Two tenants will remain in place; seller will vacate at closing; Available space suitable for retail, restaurant, café, office, or service use
