Mixed-Use Property with Grocery
For Sale
Contact for pricing
153 Messer Street, Providence, RI 02909
Mixed-use property featuring an apartment and a grocery store.
Property Size2,586 SF
Price / SF$309.32
Days on Market768
Property Features for 153 Messer Street
General Information
Standard status
Active
Size
2,586 SF
Total Parking Spaces
4
Property subtype
Mixed Use, Retail, Multifamily
Building Details
Year Built
1920
Buildings
1
Units
2
Listing Agency:
C-21 Butterman & Kryston
Listed By:
Gustavo Sanchez
Source:
Crexi
Added: Aug 29, 2024
Changed: Sep 20
Last Checked: Oct 5 at 5:51PM
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 C-21 Butterman & Kryston
Investment Insights
Based on property information with market context.
This mixed-use property offers significant potential, featuring an apartment on the second floor with a living area, kitchen, full bathroom, and three bedrooms. The first floor is currently utilized as a grocery store, and the sale includes all store contents, including inventory. The property also includes a finished basement. Its location provides convenient access to the highway and schools.
Key Highlights
- Mixed‑use property featuring both a residential apartment and commercial space.
- Operating grocery store included in the sale, complete with inventory.
- Enjoy a spacious three‑bedroom apartment on the second floor.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,899
Cap Rate
5.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$917,980
$918.0K
Cap Rate 7%
$655,700
$655.7K
Cap Rate 9%
$509,989
$510.0K
Market Conditions
NOI Build-Up for 2,586 SF
Gross rent
$63.6K $24.60/SF
− Vacancy
−$2.4K −$0.93/SF
EGI
$61.2K $23.67/SF
− OpEx
−$15.3K −$5.92/SF
NOI
$45.9K $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 Rate 5%
$917,980
Cap Rate 7%
$655,700
Cap Rate 9%
$509,989
Alternative Uses
Best Use
Specialty Retail
$655.7K
$573.7K – $765.0K
NOI $45,899 @ 7.0% cap · market cap 5.74%
Second Best
Retail
$550.0K
$481.2K – $641.7K
NOI $38,499 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$865.2K
$757.0K – $1.01M
NOI $60,561 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,484
Businesses Nearby
23k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 58%
Dining 32%
Electronics 10%
Dollar Tree
Shops & Services
13,630 visits/mo
0.4 miles
Dunkin' Donuts
Dining
7,352 visits/mo
0.2 miles
Cricket Wireless Authorized Retailer
Electronics
1,316 visits/mo
0.3 miles
Boost Mobile
Electronics
1,020 visits/mo
0.3 miles
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Providence, RI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property featuring an apartment and a grocery store.
Where is this mixed-use property located?
The property is located at 153 Messer Street Providence, RI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Mixed‑use property featuring both a residential apartment and commercial space.; Operating grocery store included in the sale, complete with inventory.; Enjoy a spacious three‑bedroom apartment on the second floor.
