1005 Charles StNorth Providence, RI 02904

Property Details for 1005 Charles St

Year built

1920

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.12 AC

Property size (Sq ft)

3,658 SF

Zone code

CV

Property type

Showrooms

APN

NPRO M:2 L:520

APU

NPROM2L520

Description

This exceptional commercial property, located at 1005 Charles Street in North Providence, Rhode Island, presents a compelling investment opportunity. The property consists of a single-story, 1920s-era building situated on a 5,227 square foot lot. Currently, the entire building is occupied by a tattoo parlor under a five-year lease with annual rent increases. The tenant recently completed a full interior renovation. The building's previous layout accommodated multiple tenants, offering flexibility for future use. The property's zoning designation is CV (Commercial Village), allowing for significant expansion potential. This property can be sold in conjunction with the adjacent property at 1007 Charles Street, which houses a long-term burrito restaurant tenant willing to either renew their lease or vacate, depending on the buyer's preference. Both properties are on separate lots, providing further development options. The asking price for 1005 Charles Street is $399,900. This presents a rare chance to acquire a well-located, income-generating property with substantial upside in a thriving commercial area. The property's strong tenant history and flexible zoning make it an ideal investment for both seasoned and emerging commercial real estate investors.

• CAP approach

  CAP return

  Valuation

  6%

  $889,022

  6.5%

  $820,635

  7%

  $762,019

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,204,445

  Geo Method

  $1,204,445

• Alternative Use

  Use

  Valuation

  Residential

  $692,237

  Hospitality

  $634,085

  Educational

  $527,551

  Medical

  $545,695

  Retail

  $820,635

Location Insight

City

North Providence

County

Providence

State

Rhode Island

Latitude

41.8657

Longitude

-71.4239

CBSA code

39300

CBSA name

PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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