Restaurant Condo with Basement
New
For Sale
$300,000
65 Weybosset #116-117, Providence, RI 02903
Combined commercial units include basement storage and equipment, including a pizza oven.
Property Size900 SF
Price / SF$333.33
Days on Market4
Property Features for 65 Weybosset #116-117
General Information
Standard status
Active
Size
900 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Equipment Included
Yes
Amenities
Circuit Breakers
Building Details
Year Built
1829
Listing Agency:
CENTURY 21 LIMITLESS
(508) 567-3468
Listed By:
KYLE SEYBOTH · License #32535
Source:
Corcoran
Added: Aug 12
Changed: Aug 15
Last Checked: Aug 15 at 6:07AM
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 CENTURY 21 LIMITLESS
Investment Insights
Based on property information with market context.
This restaurant property comprises a 900-square-foot condominium formed by the combination of Units 116 and 117. The space includes modern interior details, stone finishes, a basement for storage, and equipment conveyed with the sale, including a pizza oven. The property is located at 65 Weybosset Street in downtown Providence.
The surrounding setting includes dining, cafés, nightlife, shopping, arts, and entertainment, with Providence Place, WaterFire, the Providence Riverwalk, Brown University, RISD, Johnson & Wales, the Convention Center, Amica Mutual Pavilion, and PPAC nearby. Access to I-95, I-195, Route 6, Route 10, RIPTA, major healthcare facilities, and T.F. Green Airport is also available. The building dates to 1829.
The surrounding setting includes dining, cafés, nightlife, shopping, arts, and entertainment, with Providence Place, WaterFire, the Providence Riverwalk, Brown University, RISD, Johnson & Wales, the Convention Center, Amica Mutual Pavilion, and PPAC nearby. Access to I-95, I-195, Route 6, Route 10, RIPTA, major healthcare facilities, and T.F. Green Airport is also available. The building dates to 1829.
Key Highlights
- 900‑square‑foot restaurant condominium
- Combined Units 116 and 117
- Basement provides additional storage
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
$15,974
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
5.32%
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%
$319,480
$319.5K
Cap Rate 7%
$228,200
$228.2K
Cap Rate 9%
$177,489
$177.5K
Market Conditions
NOI Build-Up for 900 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
$22.1K $24.60/SF
− Vacancy
−$841 −$0.93/SF
EGI
$21.3K $23.67/SF
− OpEx
−$5.3K −$5.92/SF
NOI
$16.0K $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 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%
$319,480
Cap Rate 7%
$228,200
Cap Rate 9%
$177,489
Alternative Uses
Best Use
Specialty Retail
$228.2K
$199.7K – $266.2K
NOI $15,974 @ 7.0% cap · market cap 5.32%
Second Best
Retail
$191.4K
$167.5K – $223.3K
NOI $13,399 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$301.1K
$263.5K – $351.3K
NOI $21,077 @ 7.0% cap · market cap 7.03%
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
5,769
Businesses Nearby
29k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 59%
Hotels & Casinos 34%
Dining 7%
Marathon
Shops & Services
8,137 visits/mo
0.5 miles
Residence Inn Providence Downtown
Hotels & Casinos
6,054 visits/mo
0.4 miles
Bank of America
Shops & Services
4,543 visits/mo
0.2 miles
Homewood Suites by Hilton Providence Downtown
Hotels & Casinos
3,707 visits/mo
0.3 miles
BayCoast Bank
Shops & Services
2,442 visits/mo
0.1 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
Market
Vacancy Rate% for Retail in Providence, RI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Combined commercial units include basement storage and equipment, including a pizza oven.
Where is this conventional restaurant located?
The property is located at 65 Weybosset #116-117 Providence, RI.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 900‑square‑foot restaurant condominium; Combined Units 116 and 117; Basement provides additional storage
