Former Coffee Shop Redevelopment
For Sale
$509,000
60 Gano St, Providence, RI 02903
Former coffee shop in an R-4 Residential zoning district, sold as-is where-is, with redevelopment potential subject to approvals.
Property Size960 SF
Price / SF$530.21
Days on Market121
Property Features for 60 Gano St
General Information
Standard status
Active
Size
960 SF
Property subtype
Multi-Family
Zoning
R-4
Additional Details
Highway Access
Yes
Building Details
Year Built
1960
Listing Agency:
Salzberg Real Estate Agency
Listed By:
Tina Rose · License #RES.0032508
(401) 824-6262
Source:
Alpernandmesenbourg
Added: Jun 24
Changed: Oct 3
Last Checked: Oct 21 at 12:23AM
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 Salzberg Real Estate Agency
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Investment Insights
Based on property information with market context.
This former coffee shop property offers a redevelopment opportunity in Providence’s waterfront neighborhood. The site is located in an R-4 Residential zoning district and may offer potential for residential redevelopment and other permitted uses, subject to municipal approvals. The property is sold as-is where-is, with the buyer responsible for due diligence on zoning, permitted uses, and development potential.
The property sits directly across from ongoing Washington Bridge corridor improvements and planned public open space enhancements. It also provides walking-distance access to India Point Park, waterfront recreation, bike paths, marinas, and restaurants, with convenient access to I-195 and I-95 as well as nearby hospitals and universities on the East Side.
The property sits directly across from ongoing Washington Bridge corridor improvements and planned public open space enhancements. It also provides walking-distance access to India Point Park, waterfront recreation, bike paths, marinas, and restaurants, with convenient access to I-195 and I-95 as well as nearby hospitals and universities on the East Side.
Key Highlights
- Former coffee shop with 1960 year built, sold as‑is where‑is
- Located in an R‑4 Residential zoning district
- Redevelopment potential for residential and other permitted uses, subject to municipal approvals
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,039
Cap Rate
3.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$340,780
$340.8K
Cap Rate 7%
$243,414
$243.4K
Cap Rate 9%
$189,322
$189.3K
Market Conditions
NOI Build-Up for 960 SF
Gross rent
$23.6K $24.60/SF
− Vacancy
−$897 −$0.93/SF
EGI
$22.7K $23.67/SF
− OpEx
−$5.7K −$5.92/SF
NOI
$17.0K $17.75/SF
Area
Providence, RI
Vacancy
3.80%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$340,780
Cap Rate 7%
$243,414
Cap Rate 9%
$189,322
Alternative Uses
Best Use
Specialty Retail
$243.4K
$213.0K – $284.0K
NOI $17,039 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$321.2K
$281.0K – $374.7K
NOI $22,482 @ 7.0% cap · market cap 4.42%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,848
Businesses Nearby
2k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 100%
Hilton Garden Inn Providence
Hotels & Casinos
2,367 visits/mo
0.2 miles
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Providence, RI
Similar Off Market Nearby
- Coffee Exchange — 207 Wickenden St, Providence, RI 02903
- Caspian — 239 wickenden st, providence, ri 02903
- Small Format — 335 Wickenden St, Providence, RI 02903
- Brown Bee Coffee — 404 Benefit St, Providence, RI 02903
- The Rose Room Cafe — 460 Wickenden St, Providence, RI 02903
Frequently Asked Questions
What type of property is this?
Coffee shop - Former coffee shop in an R-4 Residential zoning district, sold as-is where-is, with redevelopment potential subject to approvals.
Where is this coffee shop located?
The property is located at 60 Gano St Providence, RI.
What is the asking price?
The asking price for this property is $509,000.
What are key features of this property?
This property features: Former coffee shop with 1960 year built, sold as‑is where‑is; Located in an R‑4 Residential zoning district; Redevelopment potential for residential and other permitted uses, subject to municipal approvals
