Multi-Lot Flex-Use
For Sale
$899,000
550 Prairie Avenue Providence, Providence, RI 02905
Flex-use commercial property with parking for 50 to 75 vehicles, suited to auto, contractor, and fleet operations.
Property Size2,350 SF
Price / SF$382.55
Days on Market88
Property Features for 550 Prairie Avenue Providence
General Information
Standard status
Active
Size
2,350 SF
Total Parking Spaces
75
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1.00
Building Details
Building Size
2,350 SF
Year Built
1950
Buildings
1
Stories
1
Listing Agency:
(508) 501-1443
Listed By:
Alyson Roslonek
(508) 501-1443
Source:
Milestonerealtyinc
Added: Jun 3
Changed: Aug 27
Last Checked: Aug 29 at 6:12AM
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 Alyson Roslonek
Investment Insights
Based on property information with market context.
This multi-lot flex-use commercial property in Providence, Rhode Island includes an existing commercial building described as ready for immediate use. The site is comprised of three separate lots totaling over 17,000 square feet, providing room for a combination of building use and outside operations. The property is also laid out to accommodate parking for approximately 50 to 75 vehicles, supporting businesses that require daily vehicle staging or sales-oriented display space.
Located at 550 Prairie Ave, the property is presented as having high visibility and strong traffic exposure. The site is described as being convenient to Interstate 95 and downtown Providence, supporting access for both customers and service or delivery traffic.
For owner-users, the configuration aligns well with vehicle-centric concepts such as auto sales, contractor operations, and fleet-related uses, where both an on-site building and significant parking are important. For investors, the asset’s mix of flex-ready space and vehicle capacity on a multi-lot footprint may support a range of commercial strategies consistent with the property’s current readiness and outside-operation capability.
Located at 550 Prairie Ave, the property is presented as having high visibility and strong traffic exposure. The site is described as being convenient to Interstate 95 and downtown Providence, supporting access for both customers and service or delivery traffic.
For owner-users, the configuration aligns well with vehicle-centric concepts such as auto sales, contractor operations, and fleet-related uses, where both an on-site building and significant parking are important. For investors, the asset’s mix of flex-ready space and vehicle capacity on a multi-lot footprint may support a range of commercial strategies consistent with the property’s current readiness and outside-operation capability.
Key Highlights
- Flex‑use commercial property at 550 Prairie Ave, Providence, RI (year built 1950)
- Multiple‑lot setup with three separate lots totaling over 17,000 SF
- Existing commercial building ready for immediate 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
$34,985
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
3.89%
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%
$699,700
$699.7K
Cap Rate 7%
$499,786
$499.8K
Cap Rate 9%
$388,722
$388.7K
Market Conditions
NOI Build-Up for 2,350 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
$52.2K $22.20/SF
− Vacancy
−$2.2K −$0.93/SF
EGI
$50.0K $21.27/SF
− OpEx
−$15.0K −$6.38/SF
NOI
$35.0K $14.89/SF
Area
Providence, RI
Vacancy
4.20%
Lease Rate
$22.20 /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%
$699,700
Cap Rate 7%
$499,786
Cap Rate 9%
$388,722
Alternative Uses
Best Use
Retail
$499.8K
$437.3K – $583.1K
NOI $34,985 @ 7.0% cap · market cap 3.89%
Second Best
Flex RnD
$450.5K
$394.2K – $525.6K
NOI $31,537 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$786.2K
$687.9K – $917.2K
NOI $55,034 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,540
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02905, RI
26,334
Population
10,361
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
77%
High-School Grad
3.7 sq mi
ZIP Area
7,117
Density / Sq Mi
$57,126
Median Household Income
$36,799
Median Earnings
$1,103
Median Rent
$322,700
Median Home Value
Market
Vacancy Rate% for Industrial in Providence, RI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex-use commercial property with parking for 50 to 75 vehicles, suited to auto, contractor, and fleet operations.
Where is this flex space located?
The property is located at 550 Prairie Avenue Providence Providence, RI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Flex‑use commercial property at 550 Prairie Ave, Providence, RI (year built 1950); Multiple‑lot setup with three separate lots totaling over 17,000 SF; Existing commercial building ready for immediate use
