Three-Story Office Building For
For Sale
Contact for pricing
999 South Broadway, East Providence, RI 02914
Versatile three-story office building with established tenants and ample parking.
Property Size11,385 SF
Price / SF$175.67
Days on Market796
Property Features for 999 South Broadway
General Information
Standard status
Active
Size
11,385 SF
Class
B
Total Parking Spaces
50
Property subtype
Office, Mixed Use, Retail
Occupancy
66%
Lease Type
Gross
Building Details
Year Built
1980
Buildings
1
Units
1
Tenancy
Multi
Listing Agency:
East Greenwhich-Coldwell Banker Realty
Listed By:
Michael Saccoccio · License #RI REB.00013645
Source:
Crexi
Added: Jun 8, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:35AM
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 East Greenwhich-Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This three-story brick office building offers 11,385 square feet of space and is serviced by a passenger elevator. Originally constructed as a credit union headquarters, the building provides versatile spaces across its three floors. The first floor, comprising 3,795 square feet, is currently vacant and formerly housed a credit union branch, featuring a bank vault, drive-up lanes, and teller windows. This floor is adaptable for various uses. The second floor, also 3,795 square feet, is currently occupied by the building owner, who operates a medical practice. This space is available under a lease-back agreement with proposed terms including a three-year lease and two optional one-year extensions. The third floor, another 3,795 square feet, is currently leased by an advertising agency, ensuring an established tenant. The property benefits from excellent visibility, ample on-site parking, and additional parking across the street. It is conveniently located minutes from Route 95 and downtown Providence and is approximately a 45-minute drive from Boston.
Key Highlights
- Excellent location: Minutes from Route 95 and downtown Providence, and 45 minutes from Boston.
- Ample parking: Onsite parking plus additional parking across the street.
- Versatile spaces: Three floors offering diverse potential uses.
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
$147,160
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
7.36%
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%
$2,943,200
$2.9M
Cap Rate 7%
$2,102,286
$2.1M
Cap Rate 9%
$1,635,111
$1.6M
Market Conditions
NOI Build-Up for 11,385 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
$228.2K $20.04/SF
− Vacancy
−$31.9K −$2.81/SF
EGI
$196.2K $17.23/SF
− OpEx
−$49.1K −$4.31/SF
NOI
$147.2K $12.93/SF
Area
Providence County, RI
Vacancy
14.00%
Lease Rate
$20.04 /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%
$2,943,200
Cap Rate 7%
$2,102,286
Cap Rate 9%
$1,635,111
Alternative Uses
Best Use
Office B
$2.10M
$1.84M – $2.45M
NOI $147,160 @ 7.0% cap · market cap 7.36%
Second Best
Specialty Retail
$1.97M
$1.72M – $2.30M
NOI $137,897 @ 7.0% cap · market cap 6.89%
Theoretical Best
Multifamily LT 5
$2.71M
$2.37M – $3.16M
NOI $189,566 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
586
Businesses Nearby
Explore this area
Business Placement
Demographics for 02914, RI
22,140
Population
10,082
Households
2.2
Avg Household Size
43
Median Age
25%
College-Educated
82%
High-School Grad
4.9 sq mi
ZIP Area
4,518
Density / Sq Mi
$60,838
Median Household Income
$43,696
Median Earnings
$1,165
Median Rent
$309,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Versatile three-story office building with established tenants and ample parking.
Where is this office building located?
The property is located at 999 South Broadway East Providence, RI.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Excellent location: Minutes from Route 95 and downtown Providence, and 45 minutes from Boston.; Ample parking: Onsite parking plus additional parking across the street.; Versatile spaces: Three floors offering diverse potential uses.
