Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Turn-Key Restaurant Opportunity in Providence Title is generated by Realmo AI

    834 Admiral Street, Providence, RI 02904

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Thriving restaurant property in a prime Providence corner lot.

    Type:Land, Retail
    Property size:
    1,912 SF
    Price / SF:
    $235/SF
    Added:
    May 24, 2024
    Days on Market:
    736
    Last Refresh:
    May 13 at 8:11 pm

    Property Features for 834 Admiral Street

    General Information

    Standard status
    Active
    Size
    1,912 SF
    Property subtype
    Land, Retail

    Building Details

    Year Built
    1940

    We can help!

    Listing Contact
    Collin Marchand

    Listing agent Collin Marchand

    Listing office Residential Properties Ltd.

    Listing date May 24, 2024

    Source Crexi

    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.

    HighLights

    • Turn‑key restaurant business opportunity.
    • Prime corner lot location equidistant to Smith Hill, Oakland Ave., and Elmhurst.
    • Adaptable layout with options for expansion and customization.
    • Spacious dining area with bar counter.
    • State‑of‑the‑art culinary facilities in two buildings.
    • Prominent location with historic charm and architectural allure.

    Overview

    Located at 834 & 836 Admiral Street, this property features state-of-the-art culinary facilities within a strip mall setting. The space includes a spacious dining area with high chairs and a bar counter, offering an adaptable layout with options for expansion. The property's layout can be customized to suit various visions, including expanding the dining area, creating private event spaces, or introducing new amenities such as a coffee shop or cafe. Situated equidistant to Smith Hill, Oakland Ave., and Elmhurst, the location is amid bustling commercial districts, vibrant neighborhoods, and key transportation arteries. This hot restaurant property is nestled on a prime corner lot in Providence. The building enjoys a prominent location with historic charm and architectural allure, making it a landmark in the community near the PC Area, Lasalle Bakery, Mineral Spring, Smith Street, Orms Street, Providence, and the North Providence Line. This is a thriving turn-key business opportunity minutes from downtown Providence. The property size is 1912 square feet.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $47.0k $24.60
    − Vacancy −$1.8k −$0.93
    EGI $45.2k $23.67
    − OpEx −$11.3k −$5.92
    NOI $33.9k $17.75
    1,912 SF · lease $24.60/SF/yr · vacancy 3.80% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $484.8K
    $424.2K – $565.6K (±1% cap)
    NOI $33,936 @ 7.0% cap · market cap 7.54%
    Second Best
    Retail
    $406.6K
    $355.8K – $474.4K (±1% cap)
    NOI $28,465 @ 7.0% cap · market cap 6.33%
    Theoretical Best
    Office A
    $639.7K
    $559.7K – $746.3K (±1% cap)
    NOI $44,777 @ 7.0% cap · market cap 9.95%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Corner Grill Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4443333
    Latitude
    41.8512212

    Nearby Similar for Sale

    • $340,000
      900 SF

      Established Bar with Liquor License

      Thriving business in downtown Providence with a coveted liquor license.
      65 Weybosset Street, Providence, RI 02903
      View Details
    • $645,000
      3,274 SF

      Elmwood Avenue Commercial Investment Opportunity

      Four-unit commercial property in historic Elmwood with strong rental income.
      640 Elmwood Avenue, Providence, RI 02907
      View Details
    • $340,000
      900 SF

      Downtown Providence Condo Unit For Sale

      900 SF condo unit in a vibrant downtown location.
      65 Weybosset Street, Providence, RI 02903
      View Details
    • $999,000
      3,550 SF

      Providence Multifamily Investment Opportunity

      Six-unit property with value-add potential and buildable lot.
      513 Charles Street, Providence, RI 02904
      View Details
    • $525,000
      3,816 SF

      Providence Multi-Family Investment Opportunity

      Multi-family property with three units, ideal for investors.
      884 Douglas Avenue, Providence, RI 02908
      View Details
    • $569,900
      2,877 SF

      Well-Maintained Triplex in Providence

      Three-family property in Providence, ideal for investors or owner-occupants.
      685 Charles Street, Providence, RI 02904
      View Details
    • $525,000
      3,000 SF

      Versatile Commercial/Industrial Building in Providence

      Functional commercial/industrial building in a high-traffic Providence location.
      39 De Soto Street, Providence, RI 02909
      View Details
    • $649,000
      2,835 SF

      Providence Multifamily Investment Opportunity

      Well-maintained 6-bedroom multifamily, ideal for investors or owner-occupants.
      31 Gilmore Street, Providence, RI 02907
      View Details
    • $625,000
      4,696 SF

      Elmhurst/PC Area Multi-Family Home

      Well-maintained 3-family home in desirable Providence location.
      72 Academy Avenue, Providence, RI 02908
      View Details
    • $719,999
      3,899 SF

      East Side Two-Family Home

      Spacious two-family home on Providence's desirable East Side.
      89 Knowles Street, Providence, RI 02906
      View Details
    • $650,000
      2,700 SF

      Updated Multi-Family Home, Providence, RI

      Updated 3-family home near highways, transportation, shopping, and amenities.
      43 Jenkins Street, Providence, RI 02906
      View Details
    • $689,900
      4,920 SF

      Well-Maintained Multi-Family Providence Property

      Three-unit property near downtown Providence with strong rental potential.
      69 Erastus Street, Providence, RI 02908
      View Details

    FAQs

    What type of property is this?
    Restaurant - Thriving restaurant property in a prime Providence corner lot.
    Where is this restaurant located?
    The property is located at 834 Admiral Street Providence, RI.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: Turn‑key restaurant business opportunity.; Prime corner lot location equidistant to Smith Hill, Oakland Ave., and Elmhurst.; Adaptable layout with options for expansion and customization.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Collin Marchand
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    834 Admiral Street, Providence, RI 02904
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!