Private-Room Office
101 Franklin Street #2B, Westerly, RI 02891
For Sale
New
Contact for pricing
Three enclosed rooms, including one suitable for meetings, are complemented by a half bath and central air.
Property Size650 SF
Price / SF$1.92
Days on Market5
Property Features for 101 Franklin Street #2B
General Information
Standard status
Size
Property subtype
Site & Location
Highway Access
Road Access
Utilities to Site
Additional Details
Property Use
Amenities
individual utilities
town water and sewer
natural gas
central air
well landscaped grounds
Building Details
Year Built
Listing Agency:
BHHS New England Properties
(401) 637-4800
Listed By:
Mike Nelson · License RI RES.0049437
(401) 255-1478
Source:
Lockandkeyre
Added: Nov 6
Changed: Nov 8
Last Checked: Nov 10 at 6:55AM
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 BHHS New England Properties
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Investment Insights
Based on property information with market context.
This 650-square-foot office unit at 101 Franklin Street includes three private rooms, one sized for conference use, and a half bath. The space has central air and individual utilities, with town water and sewer and natural gas. The roof and heating system are newer, and the property includes landscaped grounds with parking in front of and behind the building.
The office is across the street from a shopping plaza and near I-95, the Connecticut–Rhode Island border, and Downtown Westerly. The listing also identifies Misquamicut, Weekapaug, and Watch Hill beaches as a few miles away, with Narragansett and Mystic each about 25 minutes away.
The occupant pays utilities, including electricity, gas, internet, and phone, plus a 1/7 share of snow removal costs. The source describes zoning that permits a range of service uses but does not specify a zoning designation.
The office is across the street from a shopping plaza and near I-95, the Connecticut–Rhode Island border, and Downtown Westerly. The listing also identifies Misquamicut, Weekapaug, and Watch Hill beaches as a few miles away, with Narragansett and Mystic each about 25 minutes away.
The occupant pays utilities, including electricity, gas, internet, and phone, plus a 1/7 share of snow removal costs. The source describes zoning that permits a range of service uses but does not specify a zoning designation.
Key Highlights
- Three private rooms and a half bath in approximately 650 sq ft
- Individual utilities, town water and sewer, natural gas, and central air
- Private parking in front of and behind the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$7,523
Suggested Prices Based on Cap Rates
Cap Rate 5%
$150,460
$150.5K
Cap Rate 7%
$107,471
$107.5K
Cap Rate 9%
$83,589
$83.6K
Market Conditions
NOI Build-Up for 650 SF
Gross rent
$13.0K $20.04/SF
− Vacancy
−$3.0K −$4.61/SF
EGI
$10.0K $15.43/SF
− OpEx
−$2.5K −$3.86/SF
NOI
$7.5K $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 Rate 5%
$150,460
Cap Rate 7%
$107,471
Cap Rate 9%
$83,589
Alternative Uses
Best Use
Office B
$107.5K
$94.0K – $125.4K
NOI $7,523 @ 7.0% cap
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$129.9K
$113.6K – $151.5K
NOI $9,091 @ 7.0% cap
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
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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
$422,600
Median Home Value
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Market
Average Price Trend$/SF for Office Units in Washington County, RI
Properties on Market for Office Units in Washington County
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - Three enclosed rooms, including one suitable for meetings, are complemented by a half bath and central air.
Where is this office unit located?
The property is located at 101 Franklin Street #2B Westerly, RI.
What are key features of this property?
This property features: Three private rooms and a half bath in approximately 650 sq ft; Individual utilities, town water and sewer, natural gas, and central air; Private parking in front of and behind the building
