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    Property profile & analytics

    371 Broadway Providence, RI 02909-1448

    • Investment properties
    • 4,291 SF
    • 0.17 lot acres
    OFF-MARKET
    Value Estimations
    $375,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0169139
    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

    • Attorney Todd S. Dion / Attorney
    • John J. Lombardi Attorney at Law / Attorney
    • Rhode Island Chiropractic Pain Control Clinic / Chiropractor
    • William E. Lancellotti Jr, DC / Chiropractor
    • Rhode Island Chiropractic: Lancellotti Joseph DC / Chiropractor

    Property Details for 371 Broadway

    Year built
    1900
    Construction
    FRAME
    Lot size
    0.17 lot acres
    Property size
    4,291 SF
    Zone code
    R-P
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    PROV M:33 L:305
    APU
    PROVM33L305

    Description

    This exceptional 500-square-foot executive office space is situated in a desirable Providence, Rhode Island location at 371 Broadway. Located in a mixed-use building on historic Broadway, this single-tenant space is perfect for a small business or satellite office seeking a convenient and established address. The building, constructed in 1910, is a two-story structure offering a total of 3,000 square feet. This particular unit boasts impressive 11-foot ceilings, providing a spacious and airy feel. The property includes ample off-street parking with 20 spaces available for tenants and building occupants. All utilities are included in the lease, simplifying budgeting and management. The building is classified as Class C and is owner-occupied, ensuring a well-maintained and secure environment. The convenient location on Broadway in Providence County, RI (zip code 02909) offers excellent accessibility and visibility. This is a rare opportunity to secure a well-appointed office space in a thriving urban setting with all the conveniences included. The lower-level location provides a quiet and private workspace. Don't miss this chance to establish your business in this prime Providence location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $360,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $537,000
      Market price range: $288k - $679k

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

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4303
    Latitude
    41.8199
    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
    $0.00
    $106,000
    $359,200
    $465,200
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $335,000
      4,668 SF

      407 Atwells Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,668 SF
      407 Atwells Ave, Providence, RI 02909
      View Details
    • Value Estimation
      $320,000
      1,163 SF

      31 Brighton St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,163 SF
      31 Brighton St, Providence, RI 02909-1425
      View Details
    • Value Estimation
      $570,000
      4,456 SF

      265 Un Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,456 SF
      265 Un Ave, Providence, RI 02909-3047
      View Details
    • Value Estimation
      $1,245,000
      1,766 SF

      185 Manton Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,766 SF
      185 Manton Ave, Providence, RI 02909-3328
      View Details
    • Value Estimation
      $345,000
      1,884 SF

      247 Pocasset Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,884 SF
      247 Pocasset Ave, Providence, RI 02909-4721
      View Details
    • Value Estimation
      $345,000
      3,772 SF

      181 Courtland St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,772 SF
      181 Courtland St, Providence, RI 02909-1433
      View Details

    Similar Nearby for Sale

    • $750,000
      0.07 Acres

      Federal Hill Multi-Family Opportunity

      Three units available in historic Federal Hill neighborhood.
      498 Broadway Ave, Providence, RI 02909
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    • $750,000
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      Mixed-Use Property in Providence, RI

      Live/work space with income potential in prime location.
      498 Broadway Ave, Providence, RI 02909
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    • $799,900

      Prime Providence Mixed-Use Property

      Grocery Store & Apartment - $799,900
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    • $925,000

      Federal Hill Mixed-Use Property

      Prime Providence location, 4 units, high potential.
      529 Broadway, Providence, RI 02909
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    • $799,000
      0.07 Acres

      Mixed-Use Commercial Building in Providence

      Mixed-use commercial building with business and residential units for sale.
      196 Pocasset Ave, Providence, RI 02909
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    • $1,100,000
      12,504 SF

      Providence Mixed-Use Investment

      Dual-building property, high ROI potential.
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    Similar Nearby for Lease

    • $600 /Mo
      1,638 SF

      Providence Flex Space For Rent

      Flex space available for rent in Providence, Rhode Island.
      25 Manton Ave, Providence, RI 02909
      View Details
    • $26 SF/Yr
      3,860 SF

      Historic Providence Office Suites

      Elegant offices, prime location, on-site parking.
      340 Broadway, Providence, RI 02909
      View Details
    • Contact for pricing
      1,790 SF

      Manton Ave Retail Opportunity

      High-traffic retail pad, prime location.
      850 Manton Ave, Providence, RI 02909
      View Details
    • 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
      2,800 SF

      Retail Space Near Federal Hill

      Retail space available adjacent to Federal Hill in Providence.
      579 Atwells Ave, Providence, RI 02909
      View Details
    • Contact for pricing
      2,500 SF

      Retail Space Near Federal Hill

      Retail space available in a shopping center near Federal Hill.
      47 Eagle St, Providence, RI 02909
      View Details
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    371 Broadway
    Providence, RI 02909-1448
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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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