Flex Space with Loading
For Sale
$1,395,000
376 Dry Bridge Road, North Kingstown, RI 02852
Commercial/Business,Commercial Sale, North Kingstown, RI
Property Size6,193 SF
Price / SF$225.25
Days on Market113
Property Features for 376 Dry Bridge Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LI
Parking
10
Interior features
Ceiling Height (20 Plus Feet)
Subdivision
Dry Bridge Commerce Park
Lot features
Assoc. Fee, Paved, Underground Utilities, Industrial Park
Standard status
Active
Size
6,193 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13340
HOA Fee
$355 Monthly
Utilities
Sewer type
Septic Tank
Heating system
Zoned, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2009
Floors in Building
1
Number of units
3
Building materials
Steel
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Michael Russo · License #REB.0017244
(401) 465-0417
Added: May 1
Changed: Aug 19
Last Checked: Aug 21 at 10:06PM
MLS# 1411239
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Unit H1/H2 at Dry Bridge Commerce Park is a 6,193-square-foot flex property with a 3,500+ SF heated warehouse, 1,300+ SF office buildout, and 1,300+ SF mezzanine. The warehouse offers 20-foot clear-span ceilings, two 12' x 14' ground-level doors, and a 10' x 10' truck-level loading dock. Office improvements include a separate employee and public entrance, flexible workspace, conference room, two private offices, and central air. The mezzanine is designed for heavy inventory and equipment storage and is forklift accessible.
Built in 2009, the steel property has 3-phase electric service, forced-air heating, central air, and an accessible restroom with rough plumbing for a second restroom. The site is within Dry Bridge Commerce Park in North Kingstown, near major routes, Quonset and the Port of Davisville, Rhode Island T.F. Green International Airport, Newport, and South County. Zoning is LI, with public water and septic service.
Built in 2009, the steel property has 3-phase electric service, forced-air heating, central air, and an accessible restroom with rough plumbing for a second restroom. The site is within Dry Bridge Commerce Park in North Kingstown, near major routes, Quonset and the Port of Davisville, Rhode Island T.F. Green International Airport, Newport, and South County. Zoning is LI, with public water and septic service.
Key Highlights
- 6,193‑square‑foot flex property in Dry Bridge Commerce Park
- 3,500+ SF heated warehouse with 20' clear‑span ceilings
- Two 12'x14' ground‑level doors and a 10'x10' truck‑level loading dock
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$71,672
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,433,440
$1.4M
Cap Rate 7%
$1,023,886
$1.0M
Cap Rate 9%
$796,356
$796.4K
Market Conditions
NOI Build-Up for 6,193 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$124.1K $20.04/SF
− Vacancy
−$28.5K −$4.61/SF
EGI
$95.6K $15.43/SF
− OpEx
−$23.9K −$3.86/SF
NOI
$71.7K $11.57/SF
Area
Washington County, RI
Vacancy
23.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,433,440
Cap Rate 7%
$1,023,886
Cap Rate 9%
$796,356
Alternative Uses
Best Use
Office B
$1.02M
$895.9K – $1.19M
NOI $71,672 @ 7.0% cap · market cap 5.14%
Second Best
Flex RnD
$544.1K
$476.1K – $634.8K
NOI $38,089 @ 7.0% cap · market cap 2.73%
Theoretical Best
Healthcare Medical
$1.24M
$1.08M – $1.44M
NOI $86,615 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
1
Dock-high doors
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
65
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02852, RI
23,579
Population
10,589
Households
2.2
Avg Household Size
47
Median Age
49%
College-Educated
96%
High-School Grad
30.8 sq mi
ZIP Area
766
Density / Sq Mi
$112,457
Median Household Income
$60,020
Median Earnings
$1,188
Median Rent
$461,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Combined warehouse, office, and mezzanine areas support storage, operations, and administrative functions in one light-industrial unit.
Where is this flex space located?
The property is located at 376 Dry Bridge Road North Kingstown, RI.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 6,193‑square‑foot flex property in Dry Bridge Commerce Park; 3,500+ SF heated warehouse with 20' clear‑span ceilings; Two 12'x14' ground‑level doors and a 10'x10' truck‑level loading dock
