119 Mathewson StProvidence, RI 02903

Property Details for 119 Mathewson St

Year built

1900

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.10 AC

Property size (Sq ft)

7,144 SF

Zone code

D-1-12

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

PROV M:25 L:341

APU

PROVM25L341

Description

This exceptional 7,144 square foot property, the Rialto Theater, presents a unique investment opportunity in Providence, Rhode Island's vibrant arts district. Built in 1829 and extensively renovated in 1906 and 1919, this historic vaudeville theater boasts a rich legacy as a performing arts space. Currently vacant, the building offers significant potential for redevelopment. The main theater retains its original stadium-style seating, while the adaptable second floor, featuring a balcony and non-load-bearing walls, allows for expansion and increased capacity, potentially reaching 300-500 people. Adding balcony seating along the sidewalls could create additional "box seating." The property sits on a 9,107 square foot lot and includes a 27-car parking lot generating steady income, which is potentially separable from the sale. Zoned D-1-120, this versatile building is suitable for various uses, including educational purposes, and offers a compelling blend of historical charm and modern development possibilities. The asking price is $1,850,000, translating to $258.96 per square foot. This is a rare chance to acquire a piece of Providence's history and shape its future.

• CAP approach

  CAP return

  Valuation

  6%

  $1,181,117

  6.5%

  $1,090,262

  7%

  $1,012,386

• Comparable approach

  Method

  Valuation

  Relative Method

  $933,435

  Geo Method

  $933,435

• Alternative Use

  Use

  Valuation

  Residential

  $1,351,924

  Hospitality

  $1,238,355

  Educational

  $1,030,297

  Medical

  $1,065,731

  Retail

  $1,602,684

Location Insight

City

Providence

County

Providence

State

Rhode Island

Latitude

41.8226

Longitude

-71.4144

CBSA code

39300

CBSA name

PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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