Two-Level Office
For Sale
$425,000
450 Old Baptist Road, North Kingstown, RI 02852
Commercial/Business,Commercial Sale, North Kingstown, RI
Property Size2,653 SF
Lot Size0.20 Acres
Price / SF$160.20
Days on Market130
Property Features for 450 Old Baptist Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LI
Parking
13
Interior features
Ceiling Height (9 to 12 Ft)
Lot features
Paved, Suburban
Standard status
Active
Size
2,653 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4674
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
on-site storage container
Building Details
Year built
1973
Floors in Building
2
Number of units
1
Listing Agency:
Carty Realty
(401) 783-0044
Listed By:
David Carty · License #REB.0016121
(401) 662-9600
Added: Apr 22
Changed: Aug 19
Last Checked: Aug 29 at 11:06AM
MLS# 1410705
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.
This 2,653-square-foot office building occupies two levels on a 0.2-acre parcel in North Kingstown. The interior includes an entry foyer and ceiling heights ranging from 9 to 12 feet, with garage access and an on-site storage container. The property was built in 1973 and is served by natural gas forced-air heat, central air conditioning, and a septic tank.
The site is positioned near Rte.#4, Rte#2, Rte#102, and Rte#95, providing access to several major routes. LI zoning is in place for the property.
The site is positioned near Rte.#4, Rte#2, Rte#102, and Rte#95, providing access to several major routes. LI zoning is in place for the property.
Key Highlights
- 2,653‑square‑foot office building on 0.2 acres
- Two‑level layout with entry foyer and 9 to 12‑foot ceiling height
- Garage access and on‑site storage container
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
$30,703
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
7.22%
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%
$614,060
$614.1K
Cap Rate 7%
$438,614
$438.6K
Cap Rate 9%
$341,144
$341.1K
Market Conditions
NOI Build-Up for 2,653 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
$53.2K $20.04/SF
− Vacancy
−$12.2K −$4.61/SF
EGI
$40.9K $15.43/SF
− OpEx
−$10.2K −$3.86/SF
NOI
$30.7K $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%
$614,060
Cap Rate 7%
$438,614
Cap Rate 9%
$341,144
Alternative Uses
Best Use
Office B
$438.6K
$383.8K – $511.7K
NOI $30,703 @ 7.0% cap · market cap 7.22%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$530.1K
$463.8K – $618.4K
NOI $37,105 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
95
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Commercial office property with garage access, storage, central air, and LI zoning.
Where is this office building located?
The property is located at 450 Old Baptist Road North Kingstown, RI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,653‑square‑foot office building on 0.2 acres; Two‑level layout with entry foyer and 9 to 12‑foot ceiling height; Garage access and on‑site storage container
