Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    824 Broad St Providence, RI 02905

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    $575K, 2 Units, High Potential

    Property size:
    2,678 SF

    Property Features for 824 Broad St

    General Information

    Property type
    Mixed-use properties
    Square Feet
    2,678 SF

    Building Details

    Year Built
    1930
    Buildings
    1
    Units
    2

    We can help!

    Listing Contact
    Rhonda Vieira Cherry

    Listing Agency: Ocean Sky Realty Llc Listing Agent: Rhonda Vieira Cherry

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional mixed-use property at 824 Broad Street in Providence, Rhode Island, presents a unique investment opportunity. Built in 1930, the 2,678 square foot building sits on a 4,356 square foot lot and currently features two units. The first floor previously housed a beauty salon, barber shop, and two separate business offices, each with its own entrance. Amenities include two bathrooms, gas heat, and central air conditioning. In 2021, the second floor was renovated into a single residential apartment, boasting a living room, dining room, kitchen, a large bathroom with a bathtub and stand-alone shower, and laundry hookups. The property offers ample parking with space for four cars. The existing configuration allows for easy conversion into three or four apartments, or a combination of commercial and residential spaces, potentially including a three-bedroom townhouse-style apartment. This versatile property is ideally situated in Providence, RI, zip code 02905, offering significant potential for future development and strong rental income. The asking price is $575,000.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    T & T Associates Accounting Firm Salon 420 Hair Salon

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.3943127
    Latitude
    41.7878199

    Nearby Similar for Sale

    • $525,000
      2,400 SF

      Established Bar/Lounge in Providence

      Thriving bar/lounge with equipment, supplies, and parking.
      727 Cranston St, Providence, RI 02907
      View Details
    • $489,000
      0.07 Acres

      Mixed-Use Property Near Highways

      Three-unit mixed-use property with conversion potential near highways.
      559 Branch Ave, Providence, RI 02904
      View Details
    • $299,000
      Pending

      Updated Office Condo in Providence

      Move-in-ready office condo in Providence's desirable Corliss Landing.
      555 S Water St, Providence, RI 02903
      View Details
    • New
      Contact for pricing
      0.83 Acres

      Wayland Square Therapy Office Sublease

      First-floor office sublease in Wayland Square, available March 1.
      245 Waterman St, Providence, RI 02906
      View Details
    • $175,000
      450 SF

      Downtown Providence Commercial Condo For Sale

      Commercial condo in downtown Providence with basement storage, ready for retail.
      65 Weybosset St, Providence, RI 02903
      View Details
    • Contact for pricing
      2,520 SF

      East Side Office Space

      Office space available in a highly accessible East Side location.
      155 Elmgrove Ave, Providence, RI 02906
      View Details
    • $1,300,000
      0.38 Acres

      High-Traffic Commercial Property, Providence

      Prime location ideal for automotive-related businesses.
      1160 Westminster St, Providence, RI 02909
      View Details
    • $499,900
      Pending

      Providence Multi-Family Investment Opportunity

      Multi-family home in Providence, RI with modern construction and parking.
      9 Gage St, Providence, RI 02909
      View Details
    • Contact for pricing
      0.21 Acres

      Versatile Commercial Space, Providence

      Adaptable commercial space suitable for various business uses.
      944 Manton Ave, Providence, RI 02909
      View Details
    • $79,000

      Storefront on Westminster Street

      Storefront suitable for various businesses with basement storage included.
      130 Westminster St, Providence, RI 02903
      View Details
    • Contact for pricing
      0.08 Acres

      Versatile Commercial Space, Providence

      Commercial space with high visibility and strong traffic exposure.
      962 Manton Ave, Providence, RI 02909
      View Details
    • $195,000
      0.80 Acres

      Bayside Office Building Suite

      Second-floor corner medical or office suite in a prominent building.
      235 Plain St, Providence, RI 02905
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - $575K, 2 Units, High Potential
    Where is this mixed-use property located?
    The property is located at 824 Broad St Providence, RI.
    What is the asking price?
    The asking price for this property is $575,000.
    What are key features of this property?
    This property features: Asking price: $575,000; Mixed-use commercial property, 2,678 sq ft, on a 4,356 sq ft lot; Two units: ground floor previously used as commercial space (salon, barbershop, offices), and a second-floor residential apartment added in 2021
    (401) 640-2094 Call to check price and availability
    Request Owner's contact information
    824 Broad St Providence, RI 02905
    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.
    824 Broad St
    Providence, RI 02905
    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
    824 Broad St Providence, RI 02905
    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

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Rhonda Vieira Cherry
    (401) 640-2094 (401) 942-5600
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!