Retail Storefront
For Sale
$495,000
699 NE Willett Avenue NE 1, East Providence, RI 02915
For-sale retail storefront property in Providence County, East Providence, offering a dedicated commercial building configuration.
Property Size3,900 SF
Price / SF$126.92
Days on Market90
Property Features for 699 NE Willett Avenue NE 1
General Information
Standard status
Active
Size
3,900 SF
Total Parking Spaces
20
Zoning
R3
Net Operating Income
$33,750
Taxes and HOA fees
Annual Taxes
$9,716
Amenities
PublicRestrooms
Street Lights
Central Air
Building Details
Building Size
3,900 SF
Year Built
1960
Buildings
1
Stories
1
Listing Agency:
Paiva Realty Group
(401) 474-1504
Listed By:
Richard Thomas
(401) 474-1504
Source:
Evrealestate
Added: May 12
Changed: Aug 8
Last Checked: Jul 16 at 6:14AM
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 Paiva Realty Group
Investment Insights
Based on property information with market context.
This for-sale retail storefront building totals 3,900 square feet and is offered as a commercial real estate property suited to retail-oriented uses. The asset is presented under a storefront/retail property classification, providing a straightforward option for buyers seeking a dedicated retail building rather than a multi-tenant office environment.
The property is located at 699 NE Willett Avenue NE 1 in East Providence, Rhode Island 02915, within Providence County. The listing is part of the active sales market with a stated list price of $495,000.
From an operator or owner-occupant perspective, a storefront building can support a range of retail formats depending on how the space is utilized by the tenant or buyer. Because the listing information provided does not specify current tenant status, interior layout, or improvements beyond the storefront/retail classification and total area, prospective buyers should confirm the building’s condition, configuration, and any relevant licensing or code requirements directly as part of their due diligence. This property can be a practical option for those looking to purchase a retail-focused building in East Providence.
The property is located at 699 NE Willett Avenue NE 1 in East Providence, Rhode Island 02915, within Providence County. The listing is part of the active sales market with a stated list price of $495,000.
From an operator or owner-occupant perspective, a storefront building can support a range of retail formats depending on how the space is utilized by the tenant or buyer. Because the listing information provided does not specify current tenant status, interior layout, or improvements beyond the storefront/retail classification and total area, prospective buyers should confirm the building’s condition, configuration, and any relevant licensing or code requirements directly as part of their due diligence. This property can be a practical option for those looking to purchase a retail-focused building in East Providence.
Key Highlights
- Retail storefront property in East Providence (Providence County)
- Dedicated commercial building configuration for retail use
- Central air cooling
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
$44,029
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
8.89%
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%
$880,580
$880.6K
Cap Rate 7%
$628,986
$629.0K
Cap Rate 9%
$489,211
$489.2K
Market Conditions
NOI Build-Up for 3,900 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
$70.2K $18.00/SF
− Vacancy
−$7.3K −$1.87/SF
EGI
$62.9K $16.13/SF
− OpEx
−$18.9K −$4.84/SF
NOI
$44.0K $11.29/SF
Area
Providence County, RI
Vacancy
10.40%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$880,580
Cap Rate 7%
$628,986
Cap Rate 9%
$489,211
Alternative Uses
Best Use
Retail
$629.0K
$550.4K – $733.8K
NOI $44,029 @ 7.0% cap · market cap 8.89%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$927.7K
$811.7K – $1.08M
NOI $64,937 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
312
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02915, RI
16,603
Population
7,746
Households
2.1
Avg Household Size
47
Median Age
36%
College-Educated
92%
High-School Grad
5.5 sq mi
ZIP Area
3,019
Density / Sq Mi
$90,558
Median Household Income
$61,062
Median Earnings
$1,482
Median Rent
$317,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - For-sale retail storefront property in Providence County, East Providence, offering a dedicated commercial building configuration.
Where is this storefront property located?
The property is located at 699 NE Willett Avenue NE 1 East Providence, RI.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Retail storefront property in East Providence (Providence County); Dedicated commercial building configuration for retail use; Central air cooling
