Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1551 Westminster St Providence, RI 02909-1806

    • Showrooms
    • 4,460 SF
    • 0.26 lot acres
    OFF-MARKET
    Value Estimations
    $305,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0034456
    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

    • The Shop on Westminster / Bar / Middle Eastern Restaurant
    • La Esquina Bar & Grill / Bar & Grill

    Property Details for 1551 Westminster St

    Year built
    1940
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.26 lot acres
    Property size
    4,460 SF
    Zone code
    C-1
    Property type
    Showrooms
    APN
    PROV M:35 L:493
    APU
    PROVM35L493

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $305,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4351
    Latitude
    41.8163
    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
    $15,911
    $134,900
    $318,400
    $453,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $500,000
      2,600 SF

      672 Plainfield St

      SHOW ROOM, WAREHOUSE • 2,600 SF
      672 Plainfield St, Providence, RI 02909-5310
      View Details
    • Value Estimation
      $550,000
      12,200 SF

      355 Harris Ave

      SHOW ROOM, WAREHOUSE • 12,200 SF
      355 Harris Ave, Providence, RI 02909
      View Details
    • Value Estimation
      $1,285,000
      61,076 SF

      10 Sims Ave

      SHOW ROOM, WAREHOUSE • 61,076 SF
      10 Sims Ave, Providence, RI 02909-1165
      View Details
    • Value Estimation
      $95,000
      1,746 SF

      1179 Westminster St

      SHOW ROOM, WAREHOUSE • 1,746 SF
      1179 Westminster St, Providence, RI 02909-1140
      View Details
    • Value Estimation
      $485,000
      2,460 SF

      442 Manton Ave

      SHOW ROOM, WAREHOUSE • 2,460 SF
      442 Manton Ave, Providence, RI 02909-5044
      View Details
    • Value Estimation
      $635,000
      9,660 SF

      931 Manton Ave

      SHOW ROOM, WAREHOUSE • 9,660 SF
      931 Manton Ave, Providence, RI 02909
      View Details

    Similar Nearby for Sale

    • $799,900

      Prime Providence Mixed-Use Property

      Grocery Store & Apartment - $799,900
      153 Messer St, Providence, RI 02909
      View Details
    • $2,190,000

      Providence Industrial Property - $2.19M

      Rare 37,178 SF industrial property, owner retiring.
      31 Delaine St, Providence, RI 02909
      View Details
    • $1,150,000

      Manton Avenue Commercial Property

      Providence Auto Shop & Retail Land
      904 Manton Ave, Providence, RI 02909
      View Details
    • $429,000
      Pending

      Providence Commercial Opportunity For Sale

      Commercial property in revitalizing Olneyville, suitable for auto or retail.
      106 Hartford Ave, Providence, RI 02909
      View Details
    • $975,000
      12,000 SF

      Mixed-Use Building with Church and Retail

      12,000 SF building featuring church, retail, and office space.
      1290-1292 Westminster St, Providence, RI 02909
      View Details
    • $799,000
      3,063 SF

      Mixed-Use Building in Silver Lake

      Mixed-use commercial building with retail and residential units for sale.
      198 Pocasset Ave, Providence, RI 02909
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      9,500 SF

      Retail Space Near Federal Hill

      Retail space available adjacent to Federal Hill in Providence.
      589 Atwells Ave, Providence, RI 02909
      View Details
    • Contact for pricing
      2,150 SF

      Retail Space Near Federal Hill

      Retail space adjacent to Federal Hill with trolley and bus access.
      75 Eagle St, Providence, RI 02909
      View Details
    • $15 SF/Yr
      3,988 SF

      Providence Retail/Restaurant Space For Rent

      Modern retail and restaurant spaces with excellent visibility and parking.
      166 Valley St, Providence, RI 02909
      View Details
    • Contact for pricing
      1,862 SF

      Retail Space Near Federal Hill

      Retail space available adjacent to Federal Hill in Providence.
      45 Eagle St, Providence, RI 02909
      View Details
    • Contact for pricing
      5,596 SF

      Olneyville Square Commercial Space

      High-visibility commercial space in a dynamic Providence neighborhood.
      22 Olneyville Sq, Providence, RI 02909
      View Details
    • Contact for pricing
      2,297 SF

      Retail Space Near Federal Hill

      Retail space available adjacent to Federal Hill in Providence.
      623 Atwells Ave, Providence, RI 02909
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1551 Westminster St
    Providence, RI 02909-1806
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.