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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    566 Main St Providence, RI 02903

    • Showrooms
    • 11,043 SF
    • 0.21 lot acres
    OFF-MARKET
    Last Sale
    Mar 23, 2021
    $2,540,000
    Value Estimations
    $3,225,000
    Show details
    Cap Rate Potential
    4.1%
    Showrooms
    Location Intelligence
    Property ID
    US76-0025358
    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

    • Showrooms

    Property Details for 566 Main St

    Year built
    1930
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.21 lot acres
    Property size
    11,043 SF
    Zone code
    W-2
    Property type
    Showrooms
    APN
    PROV M:18 L:19
    APU
    PROVM18L19

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,855,000
      ML approach
      $3,880,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,605,000
      6.5%
      $2,405,000
      7%
      $2,230,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,691,000
      Market price range: $1.33M - $3.49M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,350,000
      Current use
      OFFICE BUILDING
      $3,905,000
      Change: +66% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4004
    Latitude
    41.8177
    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
    $58,610
    $339,400
    $1,330,400
    $1,669,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $760,000
      29,406 SF

      410 Main St

      SHOW ROOM, WAREHOUSE • 29,406 SF
      410 Main St, Providence, RI 02903-2982
      View Details
    • Value Estimation
      $975,000
      22,428 SF

      173 Weybosset St

      SHOW ROOM, WAREHOUSE • 22,428 SF
      173 Weybosset St, Providence, RI 02903-3831
      View Details
    • Value Estimation
      $870,000
      26,345 SF

      194 Washington St

      SHOW ROOM, WAREHOUSE • 26,345 SF
      194 Washington St, Providence, RI 02903-3212
      View Details
    • Value Estimation
      $1,280,000
      114,860 SF

      51 Washington St

      SHOW ROOM, WAREHOUSE • 114,860 SF
      51 Washington St, Providence, RI 02903-1766
      View Details
    • Value Estimation
      $460,000
      2,670 SF

      278 Atwells Ave

      SHOW ROOM, WAREHOUSE • 2,670 SF
      278 Atwells Ave, Providence, RI 02903
      View Details
    • Value Estimation
      $530,000
      4,574 SF

      245 Atwells Ave

      SHOW ROOM, WAREHOUSE • 4,574 SF
      245 Atwells Ave, Providence, RI 02903-1520
      View Details

    Similar Nearby for Sale

    • $409,000
      0.47 Acres

      Providence Arcade Retail Space

      Historic Downtown Providence Restaurant/Retail
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      Corliss Landing Office Condo

      Historic Providence Office Space, High-End Finish
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      Commercial Condo in Corliss Landing

      Free-standing commercial condo suitable for eatery, cafe, office, or retail.
      521 S Water St, Providence, RI 02903
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      Iconic Arcade Retail/Office Space

      Tastefully renovated commercial space in historic downtown Providence landmark.
      130 Westminster St, Providence, RI 02903
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    • $979,900
      0.10 Acres

      Mixed-Use Multifamily Property in Providence

      Multifamily property with storefront in Providence's Armory/Broadway neighborhood.
      498 Washington St, Providence, RI 02903
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,243 SF

      Retail Space Available For Rent

      Retail space available for rent, 4243 square feet.
      210 Dyer St, Providence, RI 02903
      View Details
    • Contact for pricing
      4,335 SF

      Retail Space in Jewelry District

      Retail and restaurant space available in mixed-use building.
      125 Clifford St, Providence, RI 02903
      View Details
    • $34 SF/Yr
      422 SF

      Historic Arcade Retail Space

      Downtown Providence Office Suite, 411 sq ft
      130 Westminster St, Providence, RI 02903
      View Details
    • Contact for pricing
      2,450 SF

      Downtown Retail Space Near University

      Retail space in a high-visibility downtown location.
      141 Weybosset St, Providence, RI 02903
      View Details
    • Contact for pricing
      893 SF

      Downtown Providence Retail Space Available

      Prime retail spaces in the heart of downtown Providence.
      225 Weybosset St, Providence, RI 02903
      View Details
    • $26 SF/Yr
      50,000 SF

      Renovated Office and Retail Space

      Modern office and retail suites available for lease.
      3 Davol Sq, Providence, RI 02903
      View Details
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    566 Main St
    Providence, RI 02903
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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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