Corner Retail Shopping
For Sale
$2,100,000
786 Providence Street, Woonsocket, RI 02895
Five street-level retail units on a high-visibility corner with a second-floor space suited for residential or office conversion.
Property Size15,534 SF
Lot Size1.00 Acre
Price / SF$135.19
Days on Market50
Property Features for 786 Providence Street
General Information
Standard status
Active
Size
15,534 SF
Total Parking Spaces
74
Lot size
1.00 Acre
Property subtype
Retail
Building Details
Building Size
15,534 SF
Year Built
1976
Tenancy
Multi
Listing Agency:
MG Commercial
(401) 465-9224
Listed By:
Dan Feiner · License #RI # RES.0029089
(401) 465-9224
Source:
Mgcommercial
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 12 at 4:35AM
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 MG Commercial
Investment Insights
Based on property information with market context.
This 15,534 SF retail shopping center is built on a highly visible one-acre corner parcel and features five street-level retail units. The second floor provides approximately 5,000 SF of vacant space that may be suitable for residential or office conversion. Recent capital improvements include a brand-new electrical system, new siding and windows, and a new roof.
The property sits on a corner lot with two curb cuts and includes 74 parking spaces, positioned at a high-traffic, four-way signalized intersection. The tenant mix includes a liquor store, laundromat, hair salon, nail salon, and a pizza restaurant.
For an owner-user or investor, the center offers multiple active retail storefronts alongside additional upper-level space that can be repurposed, subject to approvals. The configuration supports retail continuity at street level while allowing flexibility for the second-floor layout through a conversion strategy.
The property sits on a corner lot with two curb cuts and includes 74 parking spaces, positioned at a high-traffic, four-way signalized intersection. The tenant mix includes a liquor store, laundromat, hair salon, nail salon, and a pizza restaurant.
For an owner-user or investor, the center offers multiple active retail storefronts alongside additional upper-level space that can be repurposed, subject to approvals. The configuration supports retail continuity at street level while allowing flexibility for the second-floor layout through a conversion strategy.
Key Highlights
- 15,534 SF retail shopping center on a ~1‑acre corner parcel with five street‑level retail units
- Second‑floor space of approximately 5,000 SF is vacant and suitable for residential or office conversion
- Brand‑new electrical system plus new siding and windows, and a new roof (recent capital improvements)
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
$175,373
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
8.35%
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%
$3,507,460
$3.5M
Cap Rate 7%
$2,505,329
$2.5M
Cap Rate 9%
$1,948,589
$1.9M
Market Conditions
NOI Build-Up for 15,534 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
$279.6K $18.00/SF
− Vacancy
−$29.1K −$1.87/SF
EGI
$250.5K $16.13/SF
− OpEx
−$75.2K −$4.84/SF
NOI
$175.4K $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%
$3,507,460
Cap Rate 7%
$2,505,329
Cap Rate 9%
$1,948,589
Alternative Uses
Best Use
Retail
$2.51M
$2.19M – $2.92M
NOI $175,373 @ 7.0% cap · market cap 8.35%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.69M
$3.23M – $4.31M
NOI $258,649 @ 7.0% cap · market cap 12.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
477
Businesses Nearby
28k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 67%
Dining 33%
Cumberland Farms
Shops & Services
12,464 visits/mo
0.4 miles
Dunkin' Donuts
Dining
9,444 visits/mo
0.4 miles
Citgo
Shops & Services
2,954 visits/mo
0.3 miles
Advance Auto Parts
Shops & Services
1,622 visits/mo
0.5 miles
Logee Street Convenience
Shops & Services
1,594 visits/mo
0.5 miles
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
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?
Shopping center - Five street-level retail units on a high-visibility corner with a second-floor space suited for residential or office conversion.
Where is this shopping center located?
The property is located at 786 Providence Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 15,534 SF retail shopping center on a ~1‑acre corner parcel with five street‑level retail units; Second‑floor space of approximately 5,000 SF is vacant and suitable for residential or office conversion; Brand‑new electrical system plus new siding and windows, and a new roof (recent capital improvements)
