Entity Owned Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1965
Construction
CONCRETE
Total area
12,030 SF
Lot
0.9 ac (39,160 SF)
Zoning code
C2
APN
EPRO M:411 B:05 L:073 U:
UPID
US76-0043085
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Pet Grooming Service
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.06M
Blend (final)
Blend
$1.15M
Owner & transaction history
since 2012
2 recorded transactions
Zoning & alternative use
C2 · Riverside, RI
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 11 comparables with addresses
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$1.15M
Value range
$1.03M – $1.26M
±10% around blend
Estimated value / SF
$95 / SF
Confidence
High
11 county-verified comps
Property data
100
Market benchmarks
100
Comparable evidence
100
$1.03M
blend $1.15M
$1.26M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
12,030 SF
Lot area
0.9 ac
Year built
1965
Stories
1
APN
EPRO M:411 B:05 L:073 U:
Zoning
C2
Assessed value
$1,018,100
Annual tax
$24,353
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Sales approach indication
$1.28M
Weighted, 11 comps · high confidence
Evidence
11 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
3.4 mi away · 12,177 SF
4.4 mi away · 9,720 SF
4.5 mi away · 11,560 SF
5.0 mi away · 9,106 SF
5.9 mi away · 13,520 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$1.15M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 36 sales
$134
-29%
Submarket 137 sales
$159
-40%
County 1487 sales
$146
-35%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $95/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Not available
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: replacement-cost inputs are not on file.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
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Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 11 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$1.02M
Move the market yield to see immediate price impact.
Value / SF
$85
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$64k
$1.28M
$916k
$713k
$71k
$1.43M
$1.02M
$792k
$78k
$1.57M
$1.12M
$871k
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
11 found
High confidence · county-verified
Closest comparable
$2.00M
1.9 mi · Oct 2025 · $169/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$24,353
Tax year 2024
Assessed value
$1,018,100
Assessed 2024
Previous assessed
$1,018,100
+0.0% YoY
Effective rate
2.39%
On assessed value
Assessed land
$318,400
Assessed improvement
$699,700
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
Off-Market
Year built
1965
Construction
CONCRETE
Heating
HOT WATER
Cooling
YES
Buildings
1
Stories
1
Units
8
Rooms
15
Bathrooms
3
Total area
12,030 SF
Lot
0.9 ac (39,160 SF)
Zoning code
C2
APN
EPRO M:411 B:05 L:073 U:
UPID
US76-0043085
Jurisdiction
EAST PROVIDENCE
Zoning & alternative use
C2 · Riverside, RIZoning C2 · permitted uses
C2 · Riverside, RI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1965
Construction
CONCRETE
Heating
HOT WATER
Cooling
Yes
Stories
1
Buildings
1
Units
8
Rooms
15
Bathrooms
3
Lot
0.9 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
C2
Jurisdiction
Riverside, RI
Recorded code
C2
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Debt & historyRecorded loans and transaction history
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