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    121 Spruce St Providence, RI 02903-1524
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    Property profile & analytics

    121 Spruce St Providence, RI 02903-1524

    View on Map
    • Showrooms
    • 5,164 SF
    • 0.23 lot acres
    Off-Market
    Property ID
    US76-0116313
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $835,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Caserta Pizzeria / Restaurant
    • Caserta Pizzeria Parking Lot / Parking Lot & Garage

    Property Details for 121 Spruce St

    Year built
    1953
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.23 lot acres
    Property size
    5,164 SF
    Zone code
    C-2
    Property type
    Showrooms
    APN
    PROV M:28 L:1050
    APU
    PROVM28L1050

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,215,000
      6.5%
      $1,125,000
      7%
      $1,045,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $560,000
      Market price range: $237k - $734k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,100,000
      Current use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4279
    Latitude
    41.8245
    CBSA code
    39300
    CBSA name
    PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $27,662
    $457,900
    $330,200
    $788,100
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $10,895,000
      110,540 SF

      417 Westminster St

      SHOW ROOM, WAREHOUSE • 110,540 SF
      417 Westminster St, Providence, RI 02903
      View Details
    • Value Estimation
      $4,540,000
      44,894 SF

      180 Westminster St

      SHOW ROOM, WAREHOUSE • 44,894 SF
      180 Westminster St, Providence, RI 02903-1918
      View Details
    • Value Estimation
      $11,590,000
      116,000 SF

      33 Broad St

      SHOW ROOM, WAREHOUSE • 116,000 SF
      33 Broad St, Providence, RI 02903-4176
      View Details
    • Value Estimation
      $13,680,000
      139,597 SF

      1 Greene St

      SHOW ROOM, WAREHOUSE • 139,597 SF
      1 Greene St, Providence, RI 02903-3231
      View Details
    • Value Estimation
      $1,715,000
      12,640 SF

      10 Greene St

      SHOW ROOM, WAREHOUSE • 12,640 SF
      10 Greene St, Providence, RI 02903-3232
      View Details
    • Value Estimation
      $19,000,000
      130,040 SF

      5 Memorial Blvd

      SHOW ROOM, WAREHOUSE • 130,040 SF
      5 Memorial Blvd, Providence, RI 02903-1197
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,433 SF

      Mixed-Use Building on Atwells Avenue

      Three-story mixed-use building with retail and apartments for sale.
      219-223 Atwells Ave, Providence, RI 02903
      View Details
    • $850,000
      2,768 SF

      Prime Providence Mixed-Use Building

      Historic building, high potential, 100% occupied.
      14 Imperial Pl, Providence, RI 02903
      View Details
    • $340,000
      900 SF

      Downtown Providence Condo Unit For Sale

      900 SF condo unit in a vibrant downtown location.
      65 Weybosset St, Providence, RI 02903
      View Details
    • Contact for pricing
      14,338 SF

      Prime Federal Hill Location

      Located in the heart of Providence's historic Federal Hill.
      300-310 Atwells Ave, Providence, RI 02903
      View Details
    • $6,850,000
      9,687 SF

      Benefit Street Mixed-Use Investment

      Income-producing property near Brown University and RISD with parking.
      161 Benefit St, Providence, RI 02903
      View Details
    • $1,650,000
      0.06 Acres

      Mixed-Use Building in Prime Location

      Fully rented mixed-use building with long-term tenants and recent renovations.
      374 Wickenden St, Providence, RI 02903
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,013 SF

      Retail Space in Jewelry District

      Retail and restaurant space available in mixed-use building.
      125 Clifford St, Providence, RI 02903
      View Details
    • Contact for pricing
      50,000 SF

      Renovated Office and Retail Space

      Modern office and retail suites available for lease.
      3 Davol Sq, Providence, RI 02903
      View Details
    • Contact for pricing
      4,243 SF

      Retail Space Available For Rent

      Retail space available for rent, 4243 square feet.
      210 Dyer St, Providence, RI 02903
      View Details
    • Contact for pricing
      755 SF

      Downtown Providence Retail Space Available

      Prime retail spaces in the heart of downtown Providence.
      225 Weybosset St, Providence, RI 02903
      View Details
    • Contact for pricing
      2,450 SF

      Downtown Retail Space Near University

      Retail space in a high-visibility downtown location.
      141 Weybosset St, Providence, RI 02903
      View Details
    • Contact for pricing

      Office & Retail Space Available

      Office and retail building for lease in Providence, RI.
      3 Davol Sqauare, Providence, RI 02903
      View Details
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    121 Spruce St
    Providence, RI 02903-1524
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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