Renovated Retail Space in Historic
For Sale
Contact for pricing
65 Weybosset St, Providence, RI 02903
Turn-key retail space in downtown Providence's historic Arcade.
Property Size1,278 SF
Price / SF$284.82
Days on Market667
Property Features for 65 Weybosset St
General Information
Standard status
Active
Size
1,278 SF
Class
A
Property subtype
Hospitality, Mixed Use, Retail
Zoning
D-1-300
Lease Type
NNN
Building Details
Year Built
1828
Year Renovated
2020
Buildings
1
Stories
2
Units
2
Listing Agency:
Century 21 North East Group
Listed By:
Donald Martone · License #RI RES.0018968
Source:
Crexi
Added: Oct 15, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:24AM
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 Century 21 North East Group
Investment Insights
Based on property information with market context.
This 1,278 square-foot space, including a semi-finished 412 square-foot below-grade storage area, is located within "The Arcade," historically recognized as the first enclosed shopping mall in the United States. Situated in a prime downtown location at 65 Weybosset Street and 130 Westminster Street in Providence, Rhode Island, the property benefits from built-in traffic from the residences on the 2nd and 3rd floors, as well as pedestrian and commuter traffic from other local businesses throughout Downtown Providence's financial center district. Originally built in 1828 and lauded as a fine example of commercial Greek Revival architecture, The Arcade was reintroduced in October 2013 as a residential and commercial mixed-use building. The property consists of three units and has undergone recent renovations with over $180,000 in upgrades. Currently configured for "fast casual" food service, the unit is in excellent, turn-key condition. This property is suitable for various commercial uses.
Key Highlights
- Prime downtown location in a historic landmark building.
- Newly renovated combined units with over $180,000 in upgrades.
- Turn‑key condition, ready for immediate use.
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
$19,026
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
5.23%
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%
$380,520
$380.5K
Cap Rate 7%
$271,800
$271.8K
Cap Rate 9%
$211,400
$211.4K
Market Conditions
NOI Build-Up for 1,278 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
$28.4K $22.20/SF
− Vacancy
−$1.2K −$0.93/SF
EGI
$27.2K $21.27/SF
− OpEx
−$8.2K −$6.38/SF
NOI
$19.0K $14.89/SF
Area
Providence, RI
Vacancy
4.20%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$380,520
Cap Rate 7%
$271,800
Cap Rate 9%
$211,400
Alternative Uses
Best Use
Retail
$271.8K
$237.8K – $317.1K
NOI $19,026 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$427.6K
$374.1K – $498.8K
NOI $29,929 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,769
Businesses Nearby
29k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 59%
Hotels & Casinos 34%
Dining 7%
Marathon
Shops & Services
8,137 visits/mo
0.5 miles
Residence Inn Providence Downtown
Hotels & Casinos
6,054 visits/mo
0.4 miles
Bank of America
Shops & Services
4,543 visits/mo
0.2 miles
Homewood Suites by Hilton Providence Downtown
Hotels & Casinos
3,707 visits/mo
0.3 miles
BayCoast Bank
Shops & Services
2,442 visits/mo
0.1 miles
Demographics for 02903, RI
13,264
Population
6,588
Households
2
Avg Household Size
33
Median Age
53%
College-Educated
89%
High-School Grad
1.7 sq mi
ZIP Area
7,802
Density / Sq Mi
$62,987
Median Household Income
$40,294
Median Earnings
$1,640
Median Rent
$365,600
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?
Retail space - Turn-key retail space in downtown Providence's historic Arcade.
Where is this retail space located?
The property is located at 65 Weybosset St Providence, RI.
What is the asking price?
The asking price for this property is $364,000.
What are key features of this property?
This property features: Prime downtown location in a historic landmark building.; Newly renovated combined units with over $180,000 in upgrades.; Turn‑key condition, ready for immediate use.
