Turn-Key Restaurant Opportunity in
For Sale
Contact for pricing
834 Admiral Street, Providence, RI 02904
Thriving restaurant property in a prime Providence corner lot.
Property Size1,912 SF
Price / SF$235.36
Days on Market828
Property Features for 834 Admiral Street
General Information
Standard status
Active
Size
1,912 SF
Property subtype
Land, Retail
Building Details
Year Built
1940
Buildings
2
Stories
1
Units
3
Listing Agency:
Residential Properties Ltd.
Listed By:
Collin Marchand
Source:
Crexi
Added: May 24, 2024
Changed: Aug 24
Last Checked: Aug 28 at 7:02PM
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.
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$33,936
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
7.54%
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%
$678,720
$678.7K
Cap Rate 7%
$484,800
$484.8K
Cap Rate 9%
$377,067
$377.1K
Market Conditions
NOI Build-Up for 1,912 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
$47.0K $24.60/SF
− Vacancy
−$1.8K −$0.93/SF
EGI
$45.2K $23.67/SF
− OpEx
−$11.3K −$5.92/SF
NOI
$33.9K $17.75/SF
Area
Providence, RI
Vacancy
3.80%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
25.00%
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%
$678,720
Cap Rate 7%
$484,800
Cap Rate 9%
$377,067
Alternative Uses
Best Use
Specialty Retail
$484.8K
$424.2K – $565.6K
NOI $33,936 @ 7.0% cap · market cap 7.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$639.7K
$559.7K – $746.3K
NOI $44,777 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
442
Businesses Nearby
83k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 57%
Shops & Services 37%
Apparel 4%
Beauty & Spa 2%
Shaw's Supermarket
Groceries
47,142 visits/mo
0.3 miles
Dollar Tree
Shops & Services
18,924 visits/mo
0.3 miles
Family Dollar
Shops & Services
6,059 visits/mo
0.3 miles
Shell
Shops & Services
4,697 visits/mo
0.4 miles
Rainbow
Apparel
3,256 visits/mo
0.2 miles
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
Median Home Value
Market
Vacancy Rate% for Retail in Providence, RI
Questions? Ask Rey
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Frequently Asked Questions
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.
