550 Hartford Ave Providence, RI 02909
- Lifestyle centers
- 40,526 SF
- 4.43 lot acres
Current Use by Public Records
- Children’s Friend / Education Center / Non-Profit Organization
- King Wok / Chinese Restaurant
- God's Favor House of Worship / Place Of Worship
- Mac Gray Laundromat / Laundromat
- Metro by T-Mobile / Store / Electronic Parts Supplier
Property Details for 550 Hartford Ave
- Year built
- 1988
- Lot size
- 4.43 lot acres
- Property size
- 40,526 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional investment opportunity presents a 40,526 square foot, single-story shopping center situated on a 4.43-acre lot at 550 Hartford Avenue in Providence, Rhode Island. Built in 1988, the property boasts 100% occupancy across ten commercial suites, anchored by high-volume tenants Dollar General and Advance Auto Parts. The center benefits from a strong NOI of $357,640 and a 7.25% cap rate, making it an attractive investment. Recent capital improvements include a new façade and roof work, further enhancing its value. The property enjoys excellent visibility and access at a signalized intersection with high daily traffic counts exceeding 21,600 vehicles. Its strategic location, less than three miles from downtown Providence and surrounded by densely populated residential areas with high average household incomes, ensures a robust customer base. The property also benefits from the proximity to major employers, colleges, and regional shopping destinations. Lease agreements include rent bumps and operating expense protection for several tenants, mitigating risk and maximizing returns. This fee-simple ownership opportunity offers a compelling combination of strong performance, prime location, and significant upside potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Providence
- County
- Providence
- State
- Rhode Island
- Longitude
- -71.4632
- Latitude
- 41.8192
