8-Unit Retail
New
For Sale
$2,650,000
53 Providence Street, West Warwick, RI 02893
Commercial/Business,Commercial Sale, West Warwick, RI
Property Size13,520 SF
Lot Size0.76 Acres
Price / SF$196.01
Days on Market2
Property Features for 53 Providence Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B
Parking
18
Interior features
Ceiling Height (9 to 12 Ft), Ceiling Height (12 to 15 Ft)
Lot features
Downtown, Strip Store
Standard status
Active
Size
13,520 SF
Lot size
0.76 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
24000
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Building Details
Year built
1974
Floors in Building
1
Number of units
9
Building materials
Masonry
Listing Agency:
Keller Williams Coastal · Keller Williams Realty
(401) 845-9200
Listed By:
Theary Alves
(401) 481-1248
Added: Sep 15
Last Checked: Sep 16 at 9:06PM
MLS# 1422877
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 8-unit retail property contains 13,520 square feet on a 0.763-acre parcel. The building dates to 1974 and features masonry construction, central air conditioning, natural gas heating, and ceiling heights ranging from 9 to 15 feet. The property is fully occupied and zoned B, providing an established commercial setting for the existing occupants.
Located at 53 Providence Street in West Warwick, the property is near the Route 2 commercial corridor in Warwick and convenient to Downtown West Warwick. The site also offers access to major roadways, nearby businesses, shopping, and surrounding amenities, with on-site parking supporting daily customer and tenant use.
Located at 53 Providence Street in West Warwick, the property is near the Route 2 commercial corridor in Warwick and convenient to Downtown West Warwick. The site also offers access to major roadways, nearby businesses, shopping, and surrounding amenities, with on-site parking supporting daily customer and tenant use.
Key Highlights
- 8‑unit retail property with 13,520 square feet
- 100% occupancy with an established commercial tenant base
- 0.763‑acre parcel at 53 Providence Street, West Warwick, RI 02893
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
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Open Analytics
Current Use
Lease Details
100%
Occupancy
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
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Frequently Asked Questions
What type of property is this?
Retail space - Masonry construction with central air, natural gas heating, and on-site parking supports a practical commercial configuration.
Where is this retail space located?
The property is located at 53 Providence Street 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 retail property with 13,520 square feet; 100% occupancy with an established commercial tenant base; 0.763‑acre parcel at 53 Providence Street, West Warwick, RI 02893
