198 Willett Ave, Unit 220 Riverside, RI 02915-4233
- Showrooms
- 12,030 SF
- 0.90 lot acres
Current Use by Public Records
- Bruce's Pet Grooming / Pet Groomer
Property Details for 198 Willett Ave
- Year built
- 1965
- Construction
- CONCRETE
- Lot size
- 0.90 lot acres
- Property size
- 12,030 SF
- Zone code
- C2
- Property type
- Showrooms
- APN
- EPRO M:411 B:05 L:073 U:
- APU
- EPROM411B05L073U
Description
This 12,502 square foot, single-story shopping center in East Providence, Rhode Island presents a compelling value-add opportunity. Located at 198 Willett Ave, 02915, this C-Class property sits on a 39,164 square foot lot zoned C-2, offering significant redevelopment potential. Currently operating at 70% occupancy with 10 units across one building, the center boasts a strong existing NOI of $89,452, and a projected pro-forma NOI of $122,550, representing a 50% increase. The asking price is $1,500,000 ($119.98/SF), yielding a current cap rate of 5.96% and a projected pro-forma cap rate of 8.17%. All leases are month-to-month, providing immediate flexibility for an owner-occupant or significant repositioning. The property benefits from its location in a dense neighborhood, adjacent to a city park, and a history of serving as a local commercial hub. The former deli/market space, vacant for over 30 years, presents a prime opportunity for lease or owner-occupancy. This is an ideal investment for those seeking a high-growth potential property with significant upside in a well-established community.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $435,000
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Location Insight
- Map
- Local Demand
- City
- Riverside
- County
- Providence
- State
- Rhode Island
- Longitude
- -71.3557
- Latitude
- 41.7752
- CBSA code
- 39300
- CBSA name
- PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA
