Two-Unit Flex
For Sale
$1,250,000
103 Glenham Avenue Warwick, Warwick, RI 02886
Clean two-unit flex space with 2022 interior and exterior upgrades in a special district permitting many non-industrial uses.
Property Size6,900 SF
Price / SF$181.16
Days on Market94
Property Features for 103 Glenham Avenue Warwick
General Information
Standard status
Active
Size
6,900 SF
Total Parking Spaces
10
Zoning
City Centre/Intermodal Redevelopment District (Special District)
Lease Type
Gross
Net Operating Income
$75,000
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$10,997
Building Details
Building Size
6,900 SF
Year Built
1970
Year Renovated
2022
Buildings
1
Stories
1
Tenancy
Multi
Listed By:
Derek DaRosa
(508) 501-1443
Source:
Milestonerealtyinc
Added: Jun 3
Changed: Sep 3
Last Checked: Sep 2 at 1:45PM
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 Derek DaRosa
Investment Insights
Based on property information with market context.
This is a clean, well-built two-unit flex property at 103 Glenham Avenue in Warwick, Rhode Island. The building was newly upgraded in 2022, including new lighting, interior and exterior paint, flooring, fans, heat upgrades, and electrical improvements. The layout supports dual-tenant flexibility, making it suitable for either income-producing occupancy or owner occupancy, and the lease/tenant terms are described as negotiable.
The property is located in Warwick’s City Centre within the Intermodal Redevelopment District. Public remarks note proximity to a parking garage, the airport, the train station, and Rt. 95, along with restaurants and nearby lodging activity. The City Centre/Intermodal District zoning is described as a “Special District” that allows many uses but specifically states that industrial uses are not permitted.
For tenants and operators seeking flex space in a district that supports a walkable mix, this configuration offers practical options with two separate units. The 2022 capital improvements can help reduce near-term site work, while the district’s emphasis on retail, restaurants, cafes, and community-oriented development aligns well with non-industrial business models. This offering is also positioned for buyers considering either leasing income or consolidating use under one owner-occupied arrangement.
The property is located in Warwick’s City Centre within the Intermodal Redevelopment District. Public remarks note proximity to a parking garage, the airport, the train station, and Rt. 95, along with restaurants and nearby lodging activity. The City Centre/Intermodal District zoning is described as a “Special District” that allows many uses but specifically states that industrial uses are not permitted.
For tenants and operators seeking flex space in a district that supports a walkable mix, this configuration offers practical options with two separate units. The 2022 capital improvements can help reduce near-term site work, while the district’s emphasis on retail, restaurants, cafes, and community-oriented development aligns well with non-industrial business models. This offering is also positioned for buyers considering either leasing income or consolidating use under one owner-occupied arrangement.
Key Highlights
- 1970‑built 2‑unit flex space in Warwick’s City Centre Intermodal Redevelopment District
- Special District zoning allows many uses, with no industrial use permitted
- New in 2022: lighting, interior and exterior paint, flooring, and fans
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
$42,437
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
3.39%
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%
$848,740
$848.7K
Cap Rate 7%
$606,243
$606.2K
Cap Rate 9%
$471,522
$471.5K
Market Conditions
NOI Build-Up for 6,900 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
$68.7K $9.96/SF
− Vacancy
−$3.4K −$0.50/SF
EGI
$65.3K $9.46/SF
− OpEx
−$22.9K −$3.31/SF
NOI
$42.4K $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%
$848,740
Cap Rate 7%
$606,243
Cap Rate 9%
$471,522
Alternative Uses
Best Use
Flex RnD
$606.2K
$530.5K – $707.3K
NOI $42,437 @ 7.0% cap · market cap 3.39%
Second Best
Industrial
$458.6K
$401.3K – $535.1K
NOI $32,104 @ 7.0% cap · market cap 2.57%
Theoretical Best
Specialty Retail
$1.73M
$1.51M – $2.02M
NOI $120,971 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02886, RI
29,373
Population
13,669
Households
2.1
Avg Household Size
47
Median Age
37%
College-Educated
93%
High-School Grad
15.8 sq mi
ZIP Area
1,859
Density / Sq Mi
$91,037
Median Household Income
$52,851
Median Earnings
$1,300
Median Rent
$334,400
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Chelo's Banquets and Catering — 2209 Post Rd, Warwick, RI 02886
- Eurest Dining Services — 475 Kilvert St #150, Warwick, RI 02886
- Emery's Catering Services — 425 Pavilion Ave, Warwick, RI 02888
Frequently Asked Questions
What type of property is this?
Flex space - Clean two-unit flex space with 2022 interior and exterior upgrades in a special district permitting many non-industrial uses.
Where is this flex space located?
The property is located at 103 Glenham Avenue Warwick Warwick, RI.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 1970‑built 2‑unit flex space in Warwick’s City Centre Intermodal Redevelopment District; Special District zoning allows many uses, with no industrial use permitted; New in 2022: lighting, interior and exterior paint, flooring, and fans
