198 Willett Ave East Providence, RI 02915

This 12,502 square foot, single-story shopping center in East Providence, Rhode Island presents a compelling value-add opportunity. Located at 198 Willett Ave, 02915, this C-Class property sits on a 39,164 square foot lot zoned C-2, offering significant redevelopment potential. Currently operating at 70% occupancy with 10 units across one building, the center boasts a strong existing NOI of $89,452, and a projected pro-forma NOI of $122,550, representing a 50% increase. The asking price is $1,500,000 ($119.98/SF), yielding a current cap rate of 5.96% and a projected pro-forma cap rate of 8.17%. All leases are month-to-month, providing immediate flexibility for an owner-occupant or significant repositioning. The property benefits from its location in a dense neighborhood, adjacent to a city park, and a history of serving as a local commercial hub. The former deli/market space, vacant for over 30 years, presents a prime opportunity for lease or owner-occupancy. This is an ideal investment for those seeking a high-growth potential property with significant upside in a well-established community.