Turnkey Fast-Casual Restaurant
For Sale
$329,000
65 Weybosset #122 & 123 & 023, Providence, RI 02903
Three combined retail units inside Arcade Providence’s indoor shopping mall, currently set up for fast-casual food service.
Property Size1,278 SF
Price / SF$257.43
Days on Market104
Property Features for 65 Weybosset #122 & 123 & 023
General Information
Standard status
Active
Size
1,278 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,560
Amenities
Central air
Central Air Cooling
Historic District
Building Details
Year Built
1828
Listing Agency:
BOND BROKERAGE
(401) 533-1021
Listed By:
DON MARTONE
Source:
Corcoran
Added: May 1
Changed: Aug 8
Last Checked: Aug 11 at 9:28AM
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 BOND BROKERAGE
Investment Insights
Based on property information with market context.
Position your business inside Arcade Providence, an 1828 National Historic Landmark. This turnkey commercial condo combines three units into a single space totaling 1,278 SF, including 412 SF of semi-finished lower-level storage. The interior has been renovated with over $180,000 in recent improvements, and the space is currently configured for fast-casual food service.
Located in Providence’s downtown indoor retail environment within America’s first indoor shopping mall, the offering benefits from the Arcade Providence setting and visibility associated with a landmark retail destination.
Located in Providence’s downtown indoor retail environment within America’s first indoor shopping mall, the offering benefits from the Arcade Providence setting and visibility associated with a landmark retail destination.
Key Highlights
- 1,278 SF combined commercial condo inside Arcade Providence, America’s first indoor shopping mall
- Three combined units currently configured for fast‑casual food service (includes 412 SF semi‑finished lower‑level storage)
- Built in 1828 and located within the 1828 National Historic Landmark, Arcade Providence
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
$22,683
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
6.89%
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%
$453,660
$453.7K
Cap Rate 7%
$324,043
$324.0K
Cap Rate 9%
$252,033
$252.0K
Market Conditions
NOI Build-Up for 1,278 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
$31.4K $24.60/SF
− Vacancy
−$1.2K −$0.93/SF
EGI
$30.2K $23.67/SF
− OpEx
−$7.6K −$5.92/SF
NOI
$22.7K $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%
$453,660
Cap Rate 7%
$324,043
Cap Rate 9%
$252,033
Alternative Uses
Best Use
Specialty Retail
$324.0K
$283.5K – $378.1K
NOI $22,683 @ 7.0% cap · market cap 6.89%
Second Best
Retail
$271.8K
$237.8K – $317.1K
NOI $19,026 @ 7.0% cap · market cap 5.78%
Theoretical Best
Office A
$427.6K
$374.1K – $498.8K
NOI $29,929 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,282
Businesses Nearby
29k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Hotels & Casinos 33%
Dining 6%
Marathon
Shops & Services
8,137 visits/mo
0.4 miles
Residence Inn Providence Downtown
Hotels & Casinos
6,054 visits/mo
0.3 miles
Bank of America
Shops & Services
4,543 visits/mo
0.3 miles
Homewood Suites by Hilton Providence Downtown
Hotels & Casinos
3,707 visits/mo
0.4 miles
BayCoast Bank
Shops & Services
2,442 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
Market
Vacancy Rate% for Retail in Providence, RI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Three combined retail units inside Arcade Providence’s indoor shopping mall, currently set up for fast-casual food service.
Where is this retail space located?
The property is located at 65 Weybosset #122 & 123 & 023 Providence, RI.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: 1,278 SF combined commercial condo inside Arcade Providence, America’s first indoor shopping mall; Three combined units currently configured for fast‑casual food service (includes 412 SF semi‑finished lower‑level storage); Built in 1828 and located within the 1828 National Historic Landmark, Arcade Providence
