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    Property profile & analytics

    253 Georgia Ave Providence, RI 02905

    • Industrial properties
    • 14,822 SF
    • 0.73 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Last Sale
    Apr 27, 2021
    $250,000
    Value Estimations
    $470,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0180229
    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

    • Trombley's Automotive Services / Auto Repair Shop
    • E E Weller MCS Finishing Inc / Shoe Store

    Property Details for 253 Georgia Ave

    Year built
    1910
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.73 lot acres
    Property size
    14,822 SF
    Zone code
    M-1
    Property type
    Industrial properties
    APN
    PROV M:58 L:789
    APU
    PROVM58L789

    Description

    This exceptional single-story manufacturing facility, located at 253 Georgia Avenue in Providence, Rhode Island, presents a unique opportunity for businesses seeking efficient and well-situated industrial space. The property boasts a generous 14,822 square feet of building area situated on a sizable 31,708 square foot lot. The building features 16-foot ceilings, providing ample vertical space for various manufacturing operations. Access is convenient with one drive-in door. The property is zoned M-1, ensuring compatibility with a wide range of industrial uses. Its strategic location offers excellent accessibility, being less than one mile from I-95, and benefits from prominent frontage on Georgia Avenue, Toronto Avenue, and Eddy Street. This property is ideal for businesses requiring a single-tenant industrial space in a prime Providence location. The building is situated in Providence County, Rhode Island, with a zip code of 02905. This is a single-level building, making operations efficient and straightforward. The property's size and features make it suitable for a variety of manufacturing and industrial applications. The convenient location and ample space make this an attractive option for businesses seeking to establish or expand their operations in the Providence area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $415,000
      ML approach
      $490,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $635,000
      Market price range: $506k - $1.40M

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

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.403
    Latitude
    41.7913
    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
    $18,803
    $200,000
    $335,700
    $535,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $160,000
      1,250 SF

      90 Aldrich St

      INDUSTRIAL (GENERAL) • 1,250 SF
      90 Aldrich St, Providence, RI 02905-1504
      View Details
    • Value Estimation
      $705,000
      17,079 SF

      27 Flds Pt Dr

      INDUSTRIAL (GENERAL) • 17,079 SF
      27 Flds Pt Dr, Providence, RI 02905
      View Details
    • Value Estimation
      $1,205,000
      50,040 SF

      75 Oxford St

      INDUSTRIAL (GENERAL) • 50,040 SF
      75 Oxford St, Providence, RI 02905-4722
      View Details
    • Value Estimation
      $525,000
      11,603 SF

      100 Pavilion Ave

      INDUSTRIAL (GENERAL) • 11,603 SF
      100 Pavilion Ave, Providence, RI 02905-1522
      View Details
    • Value Estimation
      $810,000
      39,619 SF

      1144 Eddy St

      INDUSTRIAL (GENERAL) • 39,619 SF
      1144 Eddy St, Providence, RI 02905-4511
      View Details
    • Value Estimation
      $620,000
      19,262 SF

      908 Eddy St

      INDUSTRIAL (GENERAL) • 19,262 SF
      908 Eddy St, Providence, RI 02905-4731
      View Details

    Similar Nearby for Sale

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      Providence Commercial Investment Opportunity

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      Providence Multifamily Investment Opportunity

      Three legal units with a finished fourth floor.
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      Cranston Commercial Lot For Sale

      Highly visible commercial lot in Edgewood neighborhood with development opportunities.
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    Similar Nearby for Lease

    • $10 SF/Yr
      21,880 SF

      Providence Industrial Space For Lease

      Single-level manufacturing space; ideal location.
      12 Lehigh St, Providence, RI 02905
      View Details
    • $6 SF/Yr
      98,225 SF

      Cranston Industrial Space Available

      98,225 SF Manufacturing/Distribution Space
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      View Details
    • $15 SF/Yr
      14,822 SF

      Providence Manufacturing Space For Lease

      14,822 SF Manufacturing Building, RI
      253 Georgia Ave, Providence, RI 02905
      View Details
    • $15 SF/Yr
      16,991 SF

      Providence Industrial Building For Lease

      16,991± SF industrial building with convenient highway access.
      189 Georgia Ave, Providence, RI 02905
      View Details
    • $20 SF/Yr
      66,242 SF

      Providence Creative Office Space

      Prime location, renovated mill building, 7,708 SF available.
      134 Thurbers Ave, Providence, RI 02905
      View Details
    • Contact for pricing
      51,000 SF

      Eddy Street Commercial Space

      Located near hospitals, flexible floor plates, suitable for various uses.
      226 Public St, Providence, RI 02905
      View Details
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    253 Georgia Ave
    Providence, RI 02905
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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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