Flex Space with
New
For Sale
$150,000
10 Canal Street #M2, Westerly, RI 02891
An open commercial condominium includes a half bath, mini-split system, and upgraded electrical service.
Property Size755 SF
Price / SF$198.68
Days on Market7
Property Features for 10 Canal Street #M2
General Information
Standard status
Active
Size
755 SF
Property subtype
Commercial
Building Details
Year Built
1888
Listing Agency:
Residential Properties Ltd.
(401) 783-2474
Listed By:
Caitlyn Wass · License #RES.0044336
(401) 207-4365
Source:
Lockandkeyre
Added: Sep 30
Changed: Oct 4
Last Checked: Oct 5 at 7:15PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Residential Properties Ltd.
Investment Insights
Based on property information with market context.
Unit M2 is a 755-square-foot commercial condominium at 10 Canal Street in Westerly. Built in 1888, the Martin House includes residential and commercial condominium ownership. The unit has an open layout, half bath, newer mini-split system, upgraded electrical, custom shelving, and workbenches. Its designated use is non-retail and non-residential; any intended use requires applicable approvals.
The property is in downtown Westerly, near shops, restaurants, other amenities, and the Amtrak station. Watch Hill and Mystic are described as a short drive away.
The property is in downtown Westerly, near shops, restaurants, other amenities, and the Amtrak station. Watch Hill and Mystic are described as a short drive away.
Key Highlights
- 755‑square‑foot commercial condominium in the Martin House
- Open layout with custom shelving and workbenches
- Half bath, newer mini‑split system, and upgraded electrical
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$4,643
Cap Rate
3.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$92,860
$92.9K
Cap Rate 7%
$66,329
$66.3K
Cap Rate 9%
$51,589
$51.6K
Market Conditions
NOI Build-Up for 755 SF
Gross rent
$7.5K $9.96/SF
− Vacancy
−$376 −$0.50/SF
EGI
$7.1K $9.46/SF
− OpEx
−$2.5K −$3.31/SF
NOI
$4.6K $6.15/SF
Area
Washington County, RI
Vacancy
5.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$92,860
Cap Rate 7%
$66,329
Cap Rate 9%
$51,589
Alternative Uses
Best Use
Flex RnD
$66.3K
$58.0K – $77.4K
NOI $4,643 @ 7.0% cap · market cap 3.10%
Second Best
Industrial
$50.5K
$44.2K – $58.9K
NOI $3,533 @ 7.0% cap · market cap 2.36%
Theoretical Best
Healthcare Medical
$150.8K
$132.0K – $176.0K
NOI $10,559 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
822
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02891, RI
21,803
Population
12,660
Households
1.7
Avg Household Size
50
Median Age
41%
College-Educated
94%
High-School Grad
26.3 sq mi
ZIP Area
829
Density / Sq Mi
$90,435
Median Household Income
$49,448
Median Earnings
$1,249
Median Rent
$422,600
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Whiskey Brothers Project — 2 Prospect St, Pawcatuck, CT 06379
- TyMark Restaurant Group — 130 Unit 6 Granite St, Westerly, RI 02891
Frequently Asked Questions
What type of property is this?
Flex space - An open commercial condominium includes a half bath, mini-split system, and upgraded electrical service.
Where is this flex space located?
The property is located at 10 Canal Street #M2 Westerly, RI.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: 755‑square‑foot commercial condominium in the Martin House; Open layout with custom shelving and workbenches; Half bath, newer mini‑split system, and upgraded electrical
