Flex Space With
For Sale
$209,900
100 Bellows Street Unit 10, Warwick, RI 02888
Commercial condominium with adaptable workspace and secured rear loading access.
Property Size1,611 SF
Price / SF$130.29
Days on Market48
Property Features for 100 Bellows Street Unit 10
General Information
Standard status
Active
Size
1,611 SF
Property subtype
Commercial
Building Details
Year Built
1988
Listing Agency:
REMAX Revolution
(401) 921-5011
Listed By:
Mary Day
Source:
Lockandkeyre
Added: Jul 14
Changed: Aug 29
Last Checked: Jul 24 at 10:17AM
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 REMAX Revolution
Investment Insights
Based on property information with market context.
This 1,600-square-foot commercial condominium includes 1,200 square feet on the primary level and a 400-square-foot mezzanine. The configuration supports flexible workspace, storage, or small-business operations, with a rear garage door providing secured internal access. Built in 1988, the unit offers a practical blend of floor area and vertical space within a commercial condominium setting.
Access is described as easy, and the rear garage door adds a functional point of entry for moving materials into the unit. The property is identified as Unit 10 at 100 Bellows Street in Warwick, Rhode Island.
Access is described as easy, and the rear garage door adds a functional point of entry for moving materials into the unit. The property is identified as Unit 10 at 100 Bellows Street in Warwick, Rhode Island.
Key Highlights
- 1,600 square feet total, including 1,200 square feet plus a 400‑square‑foot mezzanine
- Commercial condominium format with flexible workspace and storage utility
- Rear garage door provides secured access within the unit
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
$9,908
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
4.72%
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%
$198,160
$198.2K
Cap Rate 7%
$141,543
$141.5K
Cap Rate 9%
$110,089
$110.1K
Market Conditions
NOI Build-Up for 1,611 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
$16.0K $9.96/SF
− Vacancy
−$802 −$0.50/SF
EGI
$15.2K $9.46/SF
− OpEx
−$5.3K −$3.31/SF
NOI
$9.9K $6.15/SF
Area
Kent 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 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%
$198,160
Cap Rate 7%
$141,543
Cap Rate 9%
$110,089
Alternative Uses
Best Use
Flex RnD
$141.5K
$123.9K – $165.1K
NOI $9,908 @ 7.0% cap · market cap 4.72%
Second Best
Warehouse
$112.1K
$98.1K – $130.8K
NOI $7,846 @ 7.0% cap · market cap 3.74%
Theoretical Best
Specialty Retail
$403.5K
$353.1K – $470.7K
NOI $28,244 @ 7.0% cap · market cap 13.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
566
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02888, RI
19,578
Population
9,117
Households
2.1
Avg Household Size
46
Median Age
32%
College-Educated
96%
High-School Grad
5.9 sq mi
ZIP Area
3,318
Density / Sq Mi
$88,750
Median Household Income
$55,561
Median Earnings
$1,218
Median Rent
$318,100
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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- Buddha Belly Food Truck & Restaurant — 400 Warwick Ave #16, Warwick, RI 02888
Frequently Asked Questions
What type of property is this?
Flex space - Commercial condominium with adaptable workspace and secured rear loading access.
Where is this flex space located?
The property is located at 100 Bellows Street Unit 10 Warwick, RI.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: 1,600 square feet total, including 1,200 square feet plus a 400‑square‑foot mezzanine; Commercial condominium format with flexible workspace and storage utility; Rear garage door provides secured access within the unit
