Multi-Lot Flex-Use
550 Prairie Avenue Providence Providence, RI 02905
550 Prairie Avenue Providence, Providence, RI, 02905
$899,000
For Sale
$899,000
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 Market44
Property Features for 550 Prairie Avenue Providence
General Information
- Standard status
- Active
- Size
- 2,350 SF
Building Details
- Year Built
- 1950
Listing Agency
(508) 501-1443
Listed by
Alyson Roslonek
(508) 501-1443
Source
Milestonerealtyinc
Added: Jun 3 Checked: Jul 16 at 3:00 am
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
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $52.2k | $22.20 |
| − Vacancy | −$2.2k | −$0.93 |
| EGI | $50.0k | $21.27 |
| − OpEx | −$15.0k | −$6.38 |
| NOI | $35.0k | $14.89 |
2,350 SF · lease $22.20/SF/yr · vacancy 4.20% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
P & J Auto ...
Car Dealership
OVO Towing
Auto Repair Shop
Similar For Sale Nearby
Similar Off Market Nearby
- Fire Works Catering — 840 Allens Ave, Providence, RI 02905
FAQs
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
