550 - 568 Broad Street, Unit#3 Providence

$2,650,000
8,276 sq ft

The Property

INVESTMENT & DEVELOPMENT OPPORTUNITY! Three individual properties being sold together: 550 & 568 Broad Street and 118 Comstock Avenue, Providence, RI. A unique portfolio offering current rental income, commercial space, restaurant potential, substantial parking, and the vision for future redevelopment. Located in a high-traffic area just minutes from Downtown Providence, with approximately 30–40 parking spaces across the properties. 118 Comstock Avenue is a three-story commercial/residential building on a 6,234± sq.

ft. lot, offering approximately 3,107 sq. ft. with 9 one-bedroom units, including 3 units currently under renovation. 550 Broad Street is a three-story, air-conditioned building offering approximately 5,243 sq. ft. on a 7,332± sq. ft. lot with paved parking and 8 one-bedroom units, 8 Baths, with potential for 2 additional units, subject to required approvals. 568 Broad Street offers approximately 1,871 sq. ft. of updated restaurant/commercial space with paved parking, a new mini-split system, updated interior, one bathroom, and seating for approximately 15 guests, with potential for additional seating. The established El Rincon restaurant business is also available separately.The portfolio currently has 11 tenants in place, with several vacant units and 3 units under renovation, offering value-add potential through renovation and leasing. For the investor with a larger vision, the combined properties may provide an opportunity to explore future redevelopment, ETC.

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Listing Details

MLS Number

1423442

Lot Size:

0.19 acres

Features

  • Basement: Full
  • Cafeteria
  • Laundry Room
  • Restrooms
  • Sprinklers
  • Bus
  • Commuter Bus
  • Golf
  • Highway Access
  • Hospital
  • Interstate
  • Marina
  • Private School
  • Public School
  • Street Lights
  • On-Site Maintenance
  • Restaurant
  • Heating: Baseboard, Central Air, Common, Gas Connected, Steam
  • Heating Fuel: Baseboard, Central Air, Common, Gas Connected, Steam
  • Laundry
  • Corner Lot
  • Fenced
  • Paved
  • Security
  • Sidewalks
  • Underground Utilities
  • Local Historic District
  • Downtown
  • Historic
  • Urban
  • Type: Victorian
  • Year Built: 1900

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Market Trends for Commercial/Business,Commercial Sale
in Providence

  • Overview
    Homes for Sale Today59-21.3% decrease in inventory
    New on Market *16-33.3% decrease in new listings
    Avg. Asking Price/Sq.Ft. *$240.44$180 decrease in List Price/Sq.Ft.
    Avg. Sale Price *$958,333$235,316 increase in Avg. Sale Price
    Avg. Sale Price as % of Asking Price *96.03%-5.4% decrease in Sales to List Price
    Avg. Sale Price/Sq.Ft. *$264.46$134 increase in Sale Price/Sq.Ft.
    Avg. Days on Market of Sold *7246 decrease in days on market

    * All data is calculated based on the last 30 days

  • Avg. Sale Price
  • Avg. Days on the Market
  • New Market Inventory
  • Lila's Estimate

    Realtors Property Resource

    This is an estimate home valuation provide by RPR. It is based on RPR’s estimate market value and not an appraisal. You can use it as a starting point on the home’s value.

    ...

    Zillow

    This is an estimate home valuation provide by Zillow. It is based on Zillow’s estimate market value and not an appraisal. You can use it as a starting point on the home’s value.

    Real value?

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    Online estimates take you only so far. One of our associates can give you a market analysis of what your homes value.

Listed by Residential Properties Ltd.
Email:
Phone: 401-245-9600

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