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    Turnkey Fast-Casual Restaurant Condo Title is generated by Realmo AI

    65 Weybosset Street #122 & 123 & 023, Providence, RI 02903

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    For Sale
    $329,000

    Turnkey restaurant-ready space within Arcade Providence, offering combined units and lower-level storage.

    Type:Commercial
    Property size:
    1,278 SF
    Price / SF:
    $257/SF
    Added:
    May 1, 2026
    Days on Market:
    37
    Last Refresh:
    Jun 5 at 2:21 am

    Property Features for 65 Weybosset Street #122 & 123 & 023

    General Information

    Standard status
    Active
    Size
    1,278 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1828

    We can help!

    Listing Contact
    Don Martone

    Listing agent Don Martone

    Listing office Bond Brokerage

    Listing date May 1, 2026

    Source Liongatere

    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

    HighLights

    • Historic commercial space built in 1828, located inside Arcade Providence, a National Historic Landmark
    • Includes 1,278 SF commercial offering with 412 SF semi‑finished lower‑level storage
    • 3 combined units currently configured for fast‑casual food service
    • Over $180,000 in recent renovations
    • Turnkey commercial condo in Arcade Providence with surrounding mixed‑use activity above

    Overview

    Position your business inside Arcade Providence, an 1828 National Historic Landmark indoor shopping mall in downtown Providence. This offering is a combined retail condominium delivered in a turnkey format and currently configured for fast-casual food service. The space totals 1,278 SF, including 412 SF of semi-finished lower-level storage, and it is comprised of three combined units.

    The property benefits from its historic, indoor mall setting within one of the area’s most architecturally significant retail environments. Recent improvements are noted as exceeding $180,000, supporting an operation-ready condition. The Arcade Providence building also includes residential micro-lofts above, providing active mixed-use character within the structure.

    For operators seeking a ready-to-open concept, the current fast-casual configuration and included storage area can reduce early buildout needs. It also supports consideration of other formats compatible with a flexible retail condominium arrangement, including boutique retail, hospitality, specialty food, or experiential concepts. Buyers and investors can evaluate the asset as a centrally located, historic-mall unit opportunity with documented renovation capital behind it.

    Local Financial Insights For Specialty 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 $31.4k $24.60
    − Vacancy −$1.2k −$0.93
    EGI $30.2k $23.67
    − OpEx −$7.6k −$5.92
    NOI $22.7k $17.75
    1,278 SF · lease $24.60/SF/yr · vacancy 3.80% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $324.0K
    $283.5K – $378.1K (±1% cap)
    NOI $22,683 @ 7.0% cap · market cap 6.89%
    Second Best
    Retail
    $271.8K
    $237.8K – $317.1K (±1% cap)
    NOI $19,026 @ 7.0% cap · market cap 5.78%
    Theoretical Best
    Office A
    $427.6K
    $374.1K – $498.8K (±1% cap)
    NOI $29,929 @ 7.0% cap · market cap 9.10%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Similar Places Nearby

    • Sunglass Hut — Upper Level, 1 Providence Pl, Providence, RI 02903
    • Sunglass Hut at Macy's — 7 Providence Pl, Providence, RI 02903
    • One Empire Plaza — 150 Empire St, Providence, RI 02903
    • CoinMover Bitcoin ATM — 163 Broadway, Providence, RI 02903
    • ezmart teespring — Teespring, Inc. Providence, Rhode Island, U.S. San Francisco, California, Providence, RI 02903

    Map

    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4128
    Latitude
    41.8204

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    FAQs

    What type of property is this?
    Shopping center - Turnkey restaurant-ready space within Arcade Providence, offering combined units and lower-level storage.
    Where is this shopping center located?
    The property is located at 65 Weybosset Street #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: Historic commercial space built in 1828, located inside Arcade Providence, a National Historic Landmark; Includes 1,278 SF commercial offering with 412 SF semi‑finished lower‑level storage; 3 combined units currently configured for fast‑casual food service
    (401) 954-0270
    We can help!
    Listing Contact
    Don Martone
    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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    65 Weybosset Street #122 & 123 & 023, Providence, RI 02903
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