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585 Warren Ave 9,600 SF 100% Leased Retail Building East Providence, RI 02914 $1,750,000 ($182.29/SF)
Investment Highlights
- Close Proximity to I-195 & Downtown Providence.
- Additional residential lots could be obtained if buyer needs smaller footprint for their use
- Endless possibilities for creative developer, or owner occupant
- Ideal conversion to residential condominiums
- Well-known, stand-alone location
- Potential site for self-storage facility
Executive Summary
Exceptional redevelopment opportunity in East Providence. This highly visible, multi-frontage site spans 34,584 sq. ft. and features a two-story 9,600 sq. ft. building with access from three street frontages plus additional rear access. The first floor contains four established retail units; the second floor offers flexible office space, and the ground level functions as a garage. Also included: a three-car carriage garage with 18-ft. ceilings and a separate two-car garage. This property is an ideal candidate for condominium development, offering a lot of size, visibility, and accessibility that today’s residential buyers and developer's demand. Additional redevelopment possibilities include multi-unit residential conversion, medical or professional office use, studio or specialty commercial, and single-family subdivision. Abundant on-site parking, minutes from I-195, Downtown Providence, and major routes to Boston. Surrounded by established local businesses and national retailers with strong area demographics. Conceptual drawings for multi-unit redevelopment and a recent property survey available upon request. Propert has C-3 commerical zoning, along with residential zoning for a portion of the land.
Property Facts
Sale Type
Investment
Sale Condition
Redevelopment Project
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
9,600 SF
Building Class
C
Year Built
1940
Price
$1,750,000
Price Per SF
$182.29
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Loading Docks
2 Exterior
Slab To Slab
12’
Building FAR
0.28
Lot Size
0.79 AC
Zoning
C3 - Commercial
C-3
Propert has C-3 commerical zoning, along with residential zoning for a portion of the land.
Parking
40 Spaces (4.17 Spaces per 1,000 SF Leased)
Frontage
95’ on Warren Ave
Amenities
- Corner Lot
- Pylon Sign
- Signage
- Storage Space
- Smoke Detector
Moderately walkable
70/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | EPRO-000307-000006-000002 | Improvements Assessment | $485,700 |
| Land Assessment | $291,500 | Total Assessment | $777,200 |
Property Taxes
Parcel Number
EPRO-000307-000006-000002
Land Assessment
$291,500
Improvements Assessment
$485,700
Total Assessment
$777,200
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585 Warren Ave