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    505 Silver Spg St Providence, RI 02904-1541
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    505 Silver Spg St Providence, RI 02904-1541

    View on Map
    • Showrooms
    • 6,557 SF
    • 0.80 lot acres
    Off-Market
    Property ID
    US76-0177758
    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.
    Value Estimations
    $1,255,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Chelo's Hometown Bar & Grille / Bar & Pub / Restaurant

    Property Details for 505 Silver Spg St

    Year built
    1963
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.80 lot acres
    Property size
    6,557 SF
    Zone code
    C-3
    Property type
    Showrooms
    APN
    PROV M:1 L:72
    APU
    PROVM1L72

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,545,000
      6.5%
      $1,425,000
      7%
      $1,325,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,293,000
      Market price range: $707k - $1.35M
      AI Estimate
      $1,039,000
      Market price range: $384k - $1.10M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $950,000
      Current use
      OFFICE BUILDING
      $1,405,000
      Change: +48% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4105
    Latitude
    41.8561
    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
    $35,707
    $322,800
    $694,500
    $1,017,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $10,290,000
      100,336 SF

      711 Br Ave

      SHOW ROOM, WAREHOUSE • 100,336 SF
      711 Br Ave, Providence, RI 02904-2248
      View Details
    • Value Estimation
      $620,000
      3,150 SF

      1933 Mineral Spg Ave

      SHOW ROOM, WAREHOUSE • 3,150 SF
      1933 Mineral Spg Ave, North Providence, RI 02904-3750
      View Details
    • Value Estimation
      $3,500,000
      19,547 SF

      44 Riv St

      SHOW ROOM, WAREHOUSE • 19,547 SF
      44 Riv St, Providence, RI 02904-2609
      View Details
    • Value Estimation by Request
      4,736 SF

      844 Admiral St

      SHOW ROOM, WAREHOUSE • 4,736 SF
      844 Admiral St, Providence, RI 02904-1903
      View Details
    • Value Estimation
      $1,080,000
      8,812 SF

      1190 Main St

      SHOW ROOM, WAREHOUSE • 8,812 SF
      1190 Main St, Providence, RI 02904-1819
      View Details
    • Value Estimation
      $1,830,000
      14,610 SF

      859 Main St

      SHOW ROOM, WAREHOUSE • 14,610 SF
      859 Main St, Providence, RI 02904-5761
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.15 Acres

      High-Traffic Commercial Space Available

      Thriving business opportunity in North Providence with excellent visibility.
      1410 Mineral Spring Ave, North Providence, RI 02904
      View Details
    • $499,900
      3,797 SF

      Mixed-Use Property with Storefront Potential

      Investment opportunity with storefront, residential units, and garage.
      817 Charles St, Providence, RI 02904
      View Details
    • Contact for pricing
      1,800 SF

      North Providence Commercial Space Available

      High-traffic location, flexible layout, ideal for retail or office.
      1410 Mineral Spring Ave, North Providence, RI 02904
      View Details
    • Contact for pricing
      1.15 Acres

      Prime Commercial Space, North Providence

      High-traffic location, flexible layout, ideal for retail or office.
      1410 Mineral Spring Ave, North Providence, RI 02904
      View Details
    • $1,300,000
      Pending

      North Providence Commercial Building

      Commercial building in premier business district with ample parking.
      1305 Mineral Spring Ave, North Providence, RI 02904
      View Details
    • $337,999
      1,500 SF

      Commercial Building in North Providence

      Versatile commercial building with two units and parking.
      977 Mineral Spring Ave, Providence, RI 02904
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,000 SF

      Modern Showroom/Office Space Available

      3,000 SF showroom/office space with modern interiors and ample parking.
      1401 Douglas Ave, North Providence, RI 02904
      View Details
    • Contact for pricing
      8,000 SF

      Mineral Spring Avenue Retail Opportunity

      Retail/Restaurant space with drive-thru option available on Mineral Spring Avenue.
      1951 Mineral Spring Ave, North Providence, RI 02904
      View Details
    • Contact for pricing

      Providence Commercial Space For Sale

      1,854 SF commercial space suitable for restaurant or retail.
      844 Admiral St, Providence, RI 02904
      View Details
    • Contact for pricing
      1,288 SF

      Mixed-Use Property For Lease

      Mixed-use property with development opportunity at signaled intersection.
      1127 Mineral Spring Ave, North Providence, RI 02904
      View Details
    • Contact for pricing
      2,400 SF

      Drive-Thru Ready Retail Opportunity

      Ground lease opportunity with drive-thru potential in high-traffic area.
      3 Malcolm St, North Providence, RI 02904
      View Details
    • Contact for pricing
      3,000 SF

      Retail Space in High-Volume Location

      Retail space available in a high-volume urban location.
      19-29 Smithfield Rd N, Providence, RI 02904
      View Details
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    505 Silver Spg St
    Providence, RI 02904-1541
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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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