198 Willett AveEast Providence, RI 02915

Property Details for 198 Willett Ave

Year built

1965

Construction

CONCRETE

Lot size

0.90 AC

Property size (Sq ft)

12,030 SF

Zone code

C2

Property type

Showrooms

APN

EPRO M:411 B:05 L:073 U:

APU

EPROM411B05L073U

Description

This 12,502 square foot, single-story shopping center in East Providence, Rhode Island presents a compelling value-add opportunity. Located at 198 Willett Ave, 02915, this C-Class property sits on a 39,164 square foot lot zoned C-2, offering significant redevelopment potential. Currently operating at 70% occupancy with 10 units across one building, the center boasts a strong existing NOI of $89,452, and a projected pro-forma NOI of $122,550, representing a 50% increase. The asking price is $1,500,000 ($119.98/SF), yielding a current cap rate of 5.96% and a projected pro-forma cap rate of 8.17%. All leases are month-to-month, providing immediate flexibility for an owner-occupant or significant repositioning. The property benefits from its location in a dense neighborhood, adjacent to a city park, and a history of serving as a local commercial hub. The former deli/market space, vacant for over 30 years, presents a prime opportunity for lease or owner-occupancy. This is an ideal investment for those seeking a high-growth potential property with significant upside in a well-established community.

• CAP approach

  CAP return

  Valuation

  6%

  $2,923,710

  6.5%

  $2,698,809

  7%

  $2,506,037

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,961,036

  Geo Method

  $3,961,036

• Alternative Use

  Use

  Valuation

  Residential

  $2,276,546

  Hospitality

  $2,085,304

  Educational

  $1,734,949

  Medical

  $1,794,616

  Retail

  $2,698,809

Location Insight

City

Riverside

County

Providence

State

Rhode Island

Latitude

41.7752

Longitude

-71.3557

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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