Commercial lease available immediately in iconic Arcade building, a stately and historic landmark located in the heart of Downtown Providence with 17 retail shops and 3 established restaurants inside. The Arcade is located directly across the street from the infamous "Superman building" or Industrial Trust Tower, where work has begun converting space inside into 285 apartments with ground level shops and retails stores. Current owner has 2 units side-by-side with removed wall for increased space but will be replaced when leased. Space is tastefully renovated and immaculately clean with main room, reception area, and private back room. Perfect for nail salon, lash salon, or beauty-related business, but would also be perfect for office (legal or administrative). Perfect for new or established businesses. Unit is 411 sq ft on ground floor directly inside the Westminster Street entry. Access to common bathroom, storage, high speed internet, and convenient parking lot with flat rate of $5 as well as street parking. Utilities negotiable depending on business with monthly lease cost of $1200/mo with flexible terms. Area has foot traffic as well as local business traffic year-round with large increase expected with completion of nearby apartments. Come bring your business to the oldest shopping mall in America! Please note: Only one of two units available for lease, owner is retaining one unit.
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William Raveis Real Estate
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William Raveis Mortgage, LLC
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Whitney.Rugg@raveis.com
NMLS Mortgage Loan Originator ID 7654
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $960 | $960 | $960 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.000% | 6.990% | 6.250% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.477% | 7.159% | 6.498% |
Monthly Tax Payment | $0 | $0 | $0 |
H/O Insurance Payment | $75 | $75 | $75 |
Initial Principal & Interest Pmt | $6 | $6 | $8 |
Total Monthly Payment | $81 | $81 | $83 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.