Renovated Mixed-Use
For Sale
$599,900
75 Division Road, West Greenwich, RI 02817
Commercial/Business,Commercial Sale, West Greenwich, RI
Property Size3,108 SF
Lot Size1.00 Acre
Price / SF$193.02
Days on Market227
Property Features for 75 Division Road
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
20
Security features
Security Lighting
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Full
Lot features
Corner Lot, Fenced, Suburban
Standard status
Active
Size
3,108 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12930
HOA Fee
$158 Monthly
Utilities
Sewer type
Septic Tank
Heating system
Baseboard
Cooling system
Window Unit(s)
Building Details
Year built
1930
Number of units
2
Building materials
Frame
Listing Agency:
Bhhs Commonwealth Real Estate · Berkshire Hathaway HomeServices
(401) 886-6100
Listed By:
Allen Gammons · License #REB.0015256
(401) 742-6050
Added: Jan 14
Changed: Aug 26
Last Checked: Aug 29 at 4:06PM
MLS# 1403220
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 3,108-square-foot mixed-use property sits on 1 acre and includes a recently renovated one-bedroom apartment along with a three-room office on the second floor. The building was constructed in 1930 with frame construction, baseboard heat, window-unit cooling, 7 to 9-foot ceilings, a basement, and septic service. The former seasonal ice cream use included equipment that may be purchased separately.
The property occupies the corner of Division Road and New London Turnpike in West Greenwich. It is approximately 200 yards from the I-95 North and South exit and is near the State Police Headquarters under construction, The Center of New England, Home Depot, BJ’s, retail and restaurant businesses, two hotels, a commuter park and ride lot, and the entrance to a bike path.
The existing apartment and office layout provide distinct residential and commercial components within one property. Additional space includes the basement, while the second-floor office may support future rental or apartment use subject to applicable approvals.
The property occupies the corner of Division Road and New London Turnpike in West Greenwich. It is approximately 200 yards from the I-95 North and South exit and is near the State Police Headquarters under construction, The Center of New England, Home Depot, BJ’s, retail and restaurant businesses, two hotels, a commuter park and ride lot, and the entrance to a bike path.
The existing apartment and office layout provide distinct residential and commercial components within one property. Additional space includes the basement, while the second-floor office may support future rental or apartment use subject to applicable approvals.
Key Highlights
- 3,108‑square‑foot mixed‑use building on 1 acre
- One‑bedroom apartment plus a three‑room second‑floor office
- Approximately 200 yards from the I‑95 North and South exit
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
$54,489
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
9.08%
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%
$1,089,780
$1.1M
Cap Rate 7%
$778,414
$778.4K
Cap Rate 9%
$605,433
$605.4K
Market Conditions
NOI Build-Up for 3,108 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
$74.6K $24.00/SF
− Vacancy
−$1.9K −$0.62/SF
EGI
$72.7K $23.38/SF
− OpEx
−$18.2K −$5.84/SF
NOI
$54.5K $17.53/SF
Area
Kent County, RI
Vacancy
2.60%
Lease Rate
$24.00 /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%
$1,089,780
Cap Rate 7%
$778,414
Cap Rate 9%
$605,433
Alternative Uses
Best Use
Specialty Retail
$778.4K
$681.1K – $908.2K
NOI $54,489 @ 7.0% cap · market cap 9.08%
Second Best
Mixed Use
$548.5K
$479.9K – $639.9K
NOI $38,392 @ 7.0% cap · market cap 6.40%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
Explore this area
Business Placement
Demographics for 02817, RI
6,528
Population
2,509
Households
2.6
Avg Household Size
46
Median Age
35%
College-Educated
91%
High-School Grad
50.3 sq mi
ZIP Area
130
Density / Sq Mi
$137,485
Median Household Income
$64,676
Median Earnings
$1,977
Median Rent
$500,500
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?
Mixed-use property - Renovated commercial building with a one-bedroom apartment and three-room second-floor office configuration.
Where is this mixed-use property located?
The property is located at 75 Division Road West Greenwich, RI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 3,108‑square‑foot mixed‑use building on 1 acre; One‑bedroom apartment plus a three‑room second‑floor office; Approximately 200 yards from the I‑95 North and South exit
