Renovated Retail Space in Historic
For Sale
$329,000
65 Weybosset Street 122 & 123 & 023, Providence, RI 02903
Three connected units provide a food-service-ready layout with lower-level storage and flexibility for specialty retail concepts.
Property Size1,278 SF
Price / SF$257.43
Days on Market47
Property Features for 65 Weybosset Street 122 & 123 & 023
General Information
Standard status
Active
Size
1,278 SF
Building Details
Year Built
1828
Listing Agency:
Bond Brokerage
(401) 954-0270
Listed By:
Don Martone
Source:
Alpernandmesenbourg
Added: Jul 14
Changed: Aug 29
Last Checked: Aug 29 at 11:40AM
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.
This retail offering brings together three connected commercial units totaling 1,278 SF, with an additional 412 SF of semi-finished lower-level storage. The space has undergone recent renovations and is currently arranged for fast-casual food service. The existing configuration is also identified for boutique retail, hospitality, specialty food, and experiential uses.
The property is located at 65 Weybosset Street within Arcade Providence, an 1828 National Historic Landmark in downtown Providence. Residential micro-lofts occupy the levels above, while the surrounding setting includes commuter activity, financial district professionals, and urban pedestrian traffic. The address places the space within a historically significant retail environment with an active downtown context.
The property is located at 65 Weybosset Street within Arcade Providence, an 1828 National Historic Landmark in downtown Providence. Residential micro-lofts occupy the levels above, while the surrounding setting includes commuter activity, financial district professionals, and urban pedestrian traffic. The address places the space within a historically significant retail environment with an active downtown context.
Key Highlights
- 1,278 SF across three combined units, including 412 SF of semi‑finished lower‑level storage
- Current fast‑casual food‑service configuration
- Recent renovations completed
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
5,769
Businesses Nearby
29k
Monthly Visits Nearby
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?
Retail space - Three connected units provide a food-service-ready layout with lower-level storage and flexibility for specialty retail concepts.
Where is this retail space 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: 1,278 SF across three combined units, including 412 SF of semi‑finished lower‑level storage; Current fast‑casual food‑service configuration; Recent renovations completed
