Retail Business for Sale in Providence, RI

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Providence, RI 02904

Description

Marcus & Millichap is pleased to exclusively present for sale the Laundromax at 417 Smithfield Avenue in Providence, RI. The property consists of a 4,202 SF building and adjacent parking lot on a little over half an acre. This is a sale-leaseback opportunity with an established operator who has more than 30 years of experience in the laundromat business and more than 90 laundromat locations currently in operation. Upon closing, the tenant will sign a 20-year absolute net lease, which includes 2% annual escalations and (2) 10-year tenant options. The building sits on a well-positioned retail parcel in a densely populated neighborhood corridor, benefiting from excellent visibility, multiple access points, and strong traffic counts. Surrounded by multifamily housing, workforce communities, and neighborhood retail, the property serves a large daily population that relies on high-capacity laundry services. There are more than 400,000 residents within a five-mile radius of the site, creating a durable and recurring customer base that supports consistent tenant performance. This offering provides investors with the security of a long-term lease, stable cash flow backed by an established operator, and ownership of a recently upgraded retail asset in the most populous city in the state. The combination of essential-services tenancy, favorable real estate fundamentals, and long-term passive income positions this property as an attractive opportunity for both private and institutional net-lease investors. Investment Highlights: • Long-term absolute net lease with zero landlord responsibilities • 2 percent annual increases provide a strong hedge against inflation and natural annual appreciation in value • Two 10-year renewal options create exceptional long-term stability • Strong traffic counts, with more than 17,000 VPD passing the site • Signalized hard corner location in close proximity to many multifamily residences, providing the ideal customer base • Exceptionally strong

Market Context

This retail in Providence, RI is listed for sale. It is offered at an approximate 6.8% capitalization rate, a key benchmark for income-producing retail assets. It has been on the market for 68 days. Compare it against other retail listings for sale in Providence, RI — <a href="/search/sale/retail/rhode-island/providence">view the full market</a>.

As of Q4 2023, the Providence retail market showed a 1.9% vacancy rate, average asking rents near $20.86/SF/yr, and rents up 1.8% year over year. Source: Cushman & Wakefield Q4 2023 market report.

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Retail market FAQ

Is the Providence retail market tightening or softening?
Vacancy is around 1.9%, with asking rents rising year over year (Q4 2023).

Unified Estimate

Very Low Confidence

$27.68/SF – $37.44/SF

Mid: $32.56/SF

Rate-first confidence-weighted blend with cost-of-business adjustment.

No local comparable sales were available, so this estimate is transferred from a comparable peer market — treat it as a rough indication only. Transferred from peer market indianapolis (similarity: 100%) with 6 comparable listings.

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