118 Silver Lake Avenue, Providence, RI 02909

Property Description

Presenting an outstanding opportunity to acquire a commercial building in the heart of Providence. Located at 118 Silver Lake Avenue, this property is currently operating as an automotive repair facility but the sale includes the real estate only, not the business, ensuring clarity for buyers. The building offers 2,628 square feet of space on an 8,276 SF paved lot with 20 parking spaces, providing excellent functionality for automotive operations or other commercial uses. Built in 1925, it has been well maintained with important updates, including an updated roof and newer heating system, which reduce maintenance concerns for the next owner. This property delivers a strong 7.2% cap rate and attractive financing metrics, with a Debt Service Coverage Ratio (DSCR) of 1.13 at 7% interest and improving to 1.19 at 6.5% interest. These numbers exceed typical lending thresholds, making the asset highly bankable and ideal for 1031 exchange buyers as well as regional investors seeking stable, income-producing properties. With limited availability of automotive facilities in the Providence market, this is a rare chance to secure a specialty-use building with strong investment fundamentals, excellent visibility, and long-term growth potential.