Looking at 33k sqft building in downtown Providence, RI
Hello everyone
I am looking at a 5-story commercial building with a separate (almost) 10k sqft lot in downtown Providence, RI. The building is historic, sits in an opportunity zone and the price per square foot is extremely attractive. The cap rates (actual and pro-forma) are about double what one can get right now in the Greater Boston area where i have my entire portfolio. Despite that, we are looking at a residential play there: turn the existing building into lofts and possibly building on the vacat/parking lot. A few questions:
- any residential agents out there who could offer more advice?
- what is the overall opinion about the area, any micro-neighborhoods to avoid?
- any other commercial or residential investors from RI who would be able to connect and chat on this topic?
Thank you!