First-Floor Office Condo in
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521 South Water Street UNIT 115, Providence, RI 02903
Professional office condo with street-level exposure in central Providence.
Property Size843 SF
Price / SF$354.69
Days on Market166
Property Features for 521 South Water Street UNIT 115
General Information
Standard status
Active
Size
843 SF
Class
C
Total Parking Spaces
1
Property subtype
Retail, Office
Zoning
W2
Building Details
Year Built
1985
Year Renovated
2012
Buildings
1
Stories
3
Units
1
Listing Agency:
Conway Commercial Group
(401) 447-6062
Listed By:
Jim Conway · License #RI REB.0015809
Source:
Crexi
Added: Feb 26
Changed: Aug 8
Last Checked: Aug 8 at 2:43PM
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 Conway Commercial Group
Investment Insights
Based on property information with market context.
This first-floor professional office condo is located in the Corliss Landing Building. The suite features 4 separate offices, a kitchenette, and a private bathroom. The full glass front provides natural light and street-level exposure. The property includes access to a park-like courtyard. The complex is professionally managed and offers secure parking opportunities for unit owners. The property is situated in the center of Providence and is surrounded by amenities. The unit size is 843 square feet.
Key Highlights
- First‑floor professional office condo in the iconic Corliss Landing Building
- Ideally suited for investor or user
- Built out with 4 separate offices, kitchenette, and private bathroom
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
$14,425
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
4.82%
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%
$288,500
$288.5K
Cap Rate 7%
$206,071
$206.1K
Cap Rate 9%
$160,278
$160.3K
Market Conditions
NOI Build-Up for 843 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
$22.8K $27.00/SF
− Vacancy
−$3.5K −$4.19/SF
EGI
$19.2K $22.81/SF
− OpEx
−$4.8K −$5.70/SF
NOI
$14.4K $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%
$288,500
Cap Rate 7%
$206,071
Cap Rate 9%
$160,278
Alternative Uses
Best Use
Office B
$206.1K
$180.3K – $240.4K
NOI $14,425 @ 7.0% cap · market cap 4.82%
Second Best
Retail
$179.3K
$156.9K – $209.2K
NOI $12,550 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$282.0K
$246.8K – $329.0K
NOI $19,742 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,343
Businesses Nearby
Explore this area
Business Placement
Demographics for 02903, RI
13,264
Population
6,588
Households
2
Avg Household Size
33
Median Age
53%
College-Educated
89%
High-School Grad
1.7 sq mi
ZIP Area
7,802
Density / Sq Mi
$62,987
Median Household Income
$40,294
Median Earnings
$1,640
Median Rent
$365,600
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 - Professional office condo with street-level exposure in central Providence.
Where is this office units located?
The property is located at 521 South Water Street UNIT 115 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: First‑floor professional office condo in the iconic Corliss Landing Building; Ideally suited for investor or user; Built out with **4 separate offices, kitchenette, and private bathroom**
