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    Elmwood Avenue Commercial Investment Opportunity Title is generated by Realmo AI

    640 Elmwood Avenue, Providence, RI 02907

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    Claim this Listing
    New
    For Sale
    $645,000

    COMMERCIAL - Providence, RI

    Type:Office
    Property size:
    3,274 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $197/SF
    Added:
    May 15, 2026
    Days on Market:
    1
    Last Refresh:
    May 15 at 2:06 pm

    Property Features for 640 Elmwood Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    C2
    Parking
    6
    Interior features
    Ceiling Height (9 to 12 Ft)
    Standard status
    Active
    Size
    3,274 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    16948

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1960
    Floors in Building
    1
    Number of units
    4
    Building materials
    Brick

    We can help!

    Listing Contact
    Michelle Savastano

    Listing agent Michelle Savastano License #REB.0016954

    Listing office Broadway Real Estate Group 335 Broadway, Providence, RI

    Listing date May 15, 2026

    MLS# 1412754

    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.

    HighLights

    • Fully occupied 4‑unit commercial property generating strong, stable rental income.
    • Located in the heart of historic Elmwood on a high‑traffic commercial corridor with outstanding visibility.
    • Extensively renovated and rebuilt, turnkey asset reflecting exceptional pride of ownership.
    • Potential for future mixed‑use residential development on the 2nd and 3rd floors.
    • Meticulously maintained 3,500 square foot building with quality finishes and numerous upgrades.
    • Central air conditioning and forced air heating.

    Overview

    Located in the heart of historic Elmwood on a well-traveled commercial corridor, this meticulously maintained 3,500 square foot four-unit commercial property offers outstanding visibility and exposure. The property is fully occupied with established commercial business storefronts, providing strong and stable rental income. Extensively renovated and rebuilt, the property was owner-occupied for more than four decades. It features numerous upgrades and quality finishes. The property is suitable for investors or future owner-users. It has potential for future mixed-use 2nd and 3rd floor residential development opportunities. The versatile commercial building combines long-term stability, functionality, and upside in a sought-after commercial setting. The lot size is 0.15 acres. The property is zoned C2.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Blade's Salon and barber ... Barber Shop Bert's Hair Salon ... Hair Salon

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.424029
    Latitude
    41.794663

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    FAQs

    What type of property is this?
    Storefront property - Four-unit commercial property in historic Elmwood with strong rental income.
    Where is this storefront property located?
    The property is located at 640 Elmwood Avenue Providence, RI.
    What is the asking price?
    The asking price for this property is $645,000.
    What are key features of this property?
    This property features: Fully occupied 4‑unit commercial property generating strong, stable rental income.; Located in the heart of historic Elmwood on a high‑traffic commercial corridor with outstanding visibility.; Extensively renovated and rebuilt, turnkey asset reflecting exceptional pride of ownership.
    (401) 255-5530
    We can help!
    Listing Contact
    Michelle Savastano
    Real Estate License ID: REB.0016954
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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