Wayland Square Commercial
For Sale
$299,000
80 Pitman Street 4, Providence, RI 02906
Commercial condominium in Wayland Square with parking.
Property Size1,245 SF
Price / SF$240.16
Days on Market159
Property Features for 80 Pitman Street 4
General Information
Standard status
Active
Size
1,245 SF
Site & Location
Neighborhood
Wayland
Building Details
Year Built
1870
Listing Agency:
Residential Properties Ltd.
Listed By:
The Rockwell & Pierard Team
(401) 954-1159
Source:
Alpernandmesenbourg
Added: May 20
Changed: Oct 9
Last Checked: Oct 7 at 1:52PM
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 Residential Properties Ltd.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This commercial condominium is located in the Wayland Square area. The unit features a waiting area, three offices, a full kitchen with a dining area, and a full bathroom. It is equipped with an up-to-date fire system and electrical setup. The property is suitable for an accounting, law, or medical office. Two deeded parking spots in the back lot are conveyed with the property.
Key Highlights
- Prime location in sought‑after Wayland Square.
- Includes two deeded parking spots.
- Functional layout with waiting area, 3 offices, full kitchen with dining area, and full bathroom.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,304
Cap Rate
7.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$426,080
$426.1K
Cap Rate 7%
$304,343
$304.3K
Cap Rate 9%
$236,711
$236.7K
Market Conditions
NOI Build-Up for 1,245 SF
Gross rent
$33.6K $27.00/SF
− Vacancy
−$5.2K −$4.19/SF
EGI
$28.4K $22.81/SF
− OpEx
−$7.1K −$5.70/SF
NOI
$21.3K $17.11/SF
Area
Providence, RI
Vacancy
15.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$426,080
Cap Rate 7%
$304,343
Cap Rate 9%
$236,711
Alternative Uses
Best Use
Office B
$304.3K
$266.3K – $355.1K
NOI $21,304 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$416.5K
$364.5K – $485.9K
NOI $29,156 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,185
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Providence, RI
Frequently Asked Questions
What type of property is this?
Office unit - Commercial condominium in Wayland Square with parking.
Where is this office unit located?
The property is located at 80 Pitman Street 4 Providence, RI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Prime location in sought‑after Wayland Square.; Includes **two deeded parking spots**.; Functional layout with waiting area, 3 offices, full kitchen with dining area, and full bathroom.
