Office Condominium with Deeded
For Sale
$299,000
80 Pitman Street #4, Providence, RI 02906
A private waiting room, three offices, and on-site kitchen support a range of professional office uses.
Property Size1,245 SF
Price / SF$240.16
Days on Market198
Property Features for 80 Pitman Street #4
General Information
Standard status
Active
Size
1,245 SF
Total Parking Spaces
2
Property subtype
Commercial
Site & Location
Neighborhood
Wayland
Additional Details
Property Use
Office
Taxes and HOA fees
Annual Taxes
$2,346
Building Details
Building Size
1,245 SF
Year Built
1870
Buildings
1
Stories
3
Units
1
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
The Rockwell & Pierard Team
(401) 954-1159
Source:
Berettarealty
Added: Apr 23
Changed: Nov 4
Last Checked: Nov 6 at 5:06AM
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.
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Investment Insights
Based on property information with market context.
This 1,245-square-foot office condominium in Providence is arranged with a reception and waiting area, three private offices, a full kitchen with dining space, and a full bathroom. The property dates to 1870 and has updated electrical service and a fire system. Two deeded parking spaces in the rear lot are included with the unit.
The condominium is in the Wayland Square area at 80 Pitman Street. Its existing office layout and supporting kitchen and bathroom provide a defined workspace within a condominium setting.
The condominium is in the Wayland Square area at 80 Pitman Street. Its existing office layout and supporting kitchen and bathroom provide a defined workspace within a condominium setting.
Key Highlights
- 1,245‑square‑foot office condominium
- Three offices and a separate waiting area
- 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.
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Property Analytics
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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
$582,700
Median Home Value
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Market
Average Price Trend$/SF for Office Units in Providence, RI
Properties on Market for Office Units in Providence
Vacancy Rate% for Office in Providence, RI
Frequently Asked Questions
What type of property is this?
Office unit - A private waiting room, three offices, and on-site kitchen support a range of professional office uses.
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: 1,245‑square‑foot office condominium; Three offices and a separate waiting area; Full kitchen with dining area and full bathroom
