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    Property profile & analytics

    133 Pitman St Providence, RI 02906-5112

    • Showrooms
    • 18,292 SF
    • 3.03 lot acres
    OFF-MARKET
    Value Estimations
    $3,680,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0261215
    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.

    Current Use by Public Records

    • Luminous Salon & Spa / Hair Salon / Nail Salon

    Property Details for 133 Pitman St

    Year built
    2007
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    3.03 lot acres
    Property size
    18,292 SF
    Zone code
    W-2
    Property type
    Showrooms
    APN
    PROV M:15 L:493
    APU
    PROVM15L493

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,310,000
      6.5%
      $3,980,000
      7%
      $3,695,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,746,000
      Market price range: $1.28M - $3.42M

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

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.3875
    Latitude
    41.8267
    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
    $140,217
    $1,453,600
    $2,541,200
    $3,994,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,825,000
      14,080 SF

      249 Thayer St

      SHOW ROOM, WAREHOUSE • 14,080 SF
      249 Thayer St, Providence, RI 02906-1311
      View Details
    • Value Estimation
      $3,985,000
      24,786 SF

      6 Benevolent St

      SHOW ROOM, WAREHOUSE • 24,786 SF
      6 Benevolent St, Providence, RI 02906-1103
      View Details
    • Value Estimation
      $12,455,000
      79,154 SF

      353 Blackstone Blvd

      SHOW ROOM, WAREHOUSE • 79,154 SF
      353 Blackstone Blvd, Providence, RI 02906-4936
      View Details
    • Value Estimation
      $9,660,000
      74,161 SF

      331 Waterman St

      SHOW ROOM, WAREHOUSE • 74,161 SF
      331 Waterman St, Providence, RI 02906
      View Details
    • Value Estimation
      $2,160,000
      14,440 SF

      236 Meeting St

      SHOW ROOM, WAREHOUSE • 14,440 SF
      236 Meeting St, Providence, RI 02906-2221
      View Details
    • Value Estimation
      $2,540,000
      8,360 SF

      285 Governor St

      SHOW ROOM, WAREHOUSE • 8,360 SF
      285 Governor St, Providence, RI 02906-3237
      View Details

    Similar Nearby for Sale

    • $2,150,000
      6,960 SF

      Hope Village Income Opportunity

      Two commercial units and five residential units in prime location.
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    • $2,150,000
      0.11 Acres

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      0.11 Acres

      Hope Village Mixed-Use Investment

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      771 Hope St, Providence, RI 02906
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    • $2,575,000
      4 SF

      Mixed-Use Property in Hope Village

      Commercial and residential opportunity in a high-traffic location.
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    • $2,975,000
      0.23 Acres

      Income-Generating Multi-Family Opportunity

      Two multi-family homes in Providence's East Side.
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    Similar Nearby for Lease

    • Contact for pricing
      2,200 SF

      Retail Space on Wayland Avenue

      Retail space available in Providence, RI with established neighboring tenants.
      195-209 Wayland Ave, Providence, RI 02906
      View Details
    • Contact for pricing
      3,970 SF

      Providence Retail Space For Lease

      New construction retail space in high-traffic East Side location.
      235 Meeting St, Providence, RI 02906
      View Details
    • Contact for pricing
      4,200 SF

      Retail Space Available For Lease

      Retail property available for lease, offering 4,200 square feet.
      118 Waterman St, Providence, RI 02906
      View Details
    • Contact for pricing
      3,500 SF

      East Side Retail Space Available

      Retail space with high traffic and window frontage.
      725-731 Hope St, Providence, RI 02906
      View Details
    • Contact for pricing
      3,500 SF

      Former Bike Shop Retail Space

      3,500 SF retail space available for lease.
      729 Hope St, Providence, RI 02906
      View Details
    • $1,900 /Mo

      Wayland Square Lower Level Unit

      Lower level unit in Wayland Square for retail or office.
      18 South Angell St, Providence, RI 02906
      View Details
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    133 Pitman St
    Providence, RI 02906-5112
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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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