395 Westminster StProvidence, RI 02903

Property Details for 395 Westminster St

Year built

1900

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.12 AC

Property size (Sq ft)

9,720 SF

Zone code

D-1-12

Property type

Showrooms

APN

PROV M:25 L:310

APU

PROVM25L310

Description

This exceptional retail investment opportunity presents a 9,720-square-foot building situated on a highly trafficked corner in Providence, Rhode Island, at 395 Westminster Street. The property, constructed in 1900 and featuring two stories, boasts a diverse tenancy including a restaurant, bar/restaurant, and an escape room occupying the first floor. The second floor offers 4,860 square feet of vacant space, presenting a significant value-add opportunity for expansion or redevelopment. The building sits on a 0.12-acre lot and benefits from central air conditioning and natural gas heating. Currently operating under a triple-net (NNN) lease, the property offers a pro-forma cap rate of 11.96% and a pro-forma net operating income (NOI) of $233,280. The asking price is $1,950,000, translating to $200.62 per square foot. The property is zoned D-1-120 + Downtown Overlay District and is located within an Opportunity Zone, offering considerable upside potential. Its prime location is steps from the Providence Performing Arts Center (PPAC), the Dunkin' Donuts Center, and historic Federal Hill, providing easy access to world-class dining, shopping, and amenities. The building's current occupancy is 50%, with leases commencing January 1, 2000. The property includes one building with four units. While the tenants currently lack credit ratings, the strong location and potential for redevelopment make this a compelling investment.

• CAP approach

  CAP return

  Valuation

  6%

  $2,362,299

  6.5%

  $2,180,584

  7%

  $2,024,828

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,200,438

  Geo Method

  $3,200,438

• Alternative Use

  Use

  Valuation

  Residential

  $1,839,404

  Hospitality

  $1,684,884

  Educational

  $1,401,804

  Medical

  $1,450,014

  Retail

  $2,180,584

Location Insight

City

Providence

County

Providence

State

Rhode Island

Latitude

41.8213

Longitude

-71.4154

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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