Eight-Unit Strip
New
For Sale
$2,650,000
53 Providence, West Warwick, RI 02893
Fully occupied commercial property with on-site parking serving tenants and customers.
Property Size13,520 SF
Price / SF$196.01
Days on Market3
Property Features for 53 Providence
General Information
Standard status
Active
Size
13,520 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Asking Price
$2,650,000
Taxes and HOA fees
Annual Taxes
$24,000
Amenities
Central air
Central Air Cooling
Gas Heating
Building Details
Year Built
1974
Tenancy
Multi
Listing Agency:
KELLER WILLIAMS COASTAL
(401) 845-9200
Listed By:
THEARY ALVES
Source:
Corcoran
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 16 at 2:37PM
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 KELLER WILLIAMS COASTAL
Investment Insights
Based on property information with market context.
Located at 53 Providence in West Warwick, Rhode Island, this strip mall contains 8 commercial units within 13,520 square feet. The property was built in 1974 and is reported at 100% occupancy, providing an established multi-tenant configuration.
On-site parking supports tenant and customer access. The property is positioned near the Route 2 commercial corridor and offers proximity to Downtown West Warwick, area businesses, shopping, surrounding amenities, and major roadways.
On-site parking supports tenant and customer access. The property is positioned near the Route 2 commercial corridor and offers proximity to Downtown West Warwick, area businesses, shopping, surrounding amenities, and major roadways.
Key Highlights
- 8‑unit commercial property
- 13,520 square feet
- 100% occupancy
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
$174,772
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
6.60%
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%
$3,495,440
$3.5M
Cap Rate 7%
$2,496,743
$2.5M
Cap Rate 9%
$1,941,911
$1.9M
Market Conditions
NOI Build-Up for 13,520 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
$256.3K $18.96/SF
− Vacancy
−$6.7K −$0.49/SF
EGI
$249.7K $18.47/SF
− OpEx
−$74.9K −$5.54/SF
NOI
$174.8K $12.93/SF
Area
Kent County, RI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$3,495,440
Cap Rate 7%
$2,496,743
Cap Rate 9%
$1,941,911
Alternative Uses
Best Use
Retail
$2.50M
$2.18M – $2.91M
NOI $174,772 @ 7.0% cap · market cap 6.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.39M
$2.96M – $3.95M
NOI $237,033 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
605
Businesses Nearby
59k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 30%
Groceries 16%
Dunkin' Donuts
Dining
13,252 visits/mo
0.5 miles
Dollar Tree
Shops & Services
10,691 visits/mo
0.2 miles
Jerry's Supermarket IGA
Groceries
9,410 visits/mo
0.1 miles
Shell
Shops & Services
8,674 visits/mo
0.2 miles
Family Dollar
Shops & Services
6,609 visits/mo
0.4 miles
Demographics for 02893, RI
31,030
Population
15,103
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
7.8 sq mi
ZIP Area
3,978
Density / Sq Mi
$73,903
Median Household Income
$49,087
Median Earnings
$1,249
Median Rent
$293,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Strip mall - Fully occupied commercial property with on-site parking serving tenants and customers.
Where is this strip mall located?
The property is located at 53 Providence West Warwick, RI.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: 8‑unit commercial property; 13,520 square feet; 100% occupancy
