Automotive Storage Facility with
For Sale
$1,099,000
1079 Aquidneck Avenue 2a, Middletown, RI 02842
Vehicle storage facility with loft, bathroom, laundry, lifting equipment, and a private outdoor area.
Property Size3,739 SF
Price / SF$293.93
Days on Market40
Property Features for 1079 Aquidneck Avenue 2a
General Information
Standard status
Active
Size
3,739 SF
Site & Location
Road Access
Yes
Outdoor Storage
Yes
Amenities
bathroom
laundry
private outdoor area
loft
car lifts
Building Details
Year Built
1999
Listing Agency:
Hogan Associates Christie's
(401) 845-9500
Listed By:
Jeff Brooks · License #RES.0034174
Source:
Alpernandmesenbourg
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 3:57AM
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 Hogan Associates Christie's
Investment Insights
Based on property information with market context.
Configured for automotive storage, this 1999 facility provides 3,160 SF of floor space plus a 252 SF loft. The improvements include three dual BendPak lifts, a bathroom, laundry area, and capacity for upwards of 20 cars. A private outdoor area is set back from the street, adding space beyond the enclosed building.
The property is located at 1079 Aquidneck Avenue in Middletown, Rhode Island, along Aquidneck Avenue. Its dedicated vehicle-storage layout and automotive-oriented equipment support specialized collector-car storage and related ownership needs.
The property is located at 1079 Aquidneck Avenue in Middletown, Rhode Island, along Aquidneck Avenue. Its dedicated vehicle-storage layout and automotive-oriented equipment support specialized collector-car storage and related ownership needs.
Key Highlights
- 3,160 SF of floor space with a 252 SF loft
- Storage capacity for upwards of 20 cars
- Three dual BendPak lifts
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
$42,188
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
3.84%
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%
$843,760
$843.8K
Cap Rate 7%
$602,686
$602.7K
Cap Rate 9%
$468,756
$468.8K
Market Conditions
NOI Build-Up for 3,739 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
$67.3K $18.00/SF
− Vacancy
−$7.0K −$1.88/SF
EGI
$60.3K $16.12/SF
− OpEx
−$18.1K −$4.84/SF
NOI
$42.2K $11.28/SF
Area
Newport County, RI
Vacancy
10.45%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$843,760
Cap Rate 7%
$602,686
Cap Rate 9%
$468,756
Alternative Uses
Best Use
Retail
$602.7K
$527.4K – $703.1K
NOI $42,188 @ 7.0% cap · market cap 3.84%
Second Best
Industrial
$248.5K
$217.5K – $290.0K
NOI $17,397 @ 7.0% cap · market cap 1.58%
Theoretical Best
Multifamily LT 5
$892.1K
$780.6K – $1.04M
NOI $62,449 @ 7.0% cap · market cap 5.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
721
Businesses Nearby
17k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 49%
Dunkin' Donuts
Dining
8,369 visits/mo
0.4 miles
Bank of America
Shops & Services
5,709 visits/mo
0.4 miles
Langway Toyota Of Newport
Shops & Services
2,435 visits/mo
0.5 miles
Demographics for 02842, RI
17,115
Population
8,255
Households
2.1
Avg Household Size
43
Median Age
49%
College-Educated
96%
High-School Grad
12.5 sq mi
ZIP Area
1,369
Density / Sq Mi
$97,650
Median Household Income
$47,307
Median Earnings
$1,906
Median Rent
$536,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- U-Haul Neighborhood Dealer — 909 Aquidneck Ave, Middletown, RI 02842
- Middletown Self Storage — 909 Aquidneck Ave, Middletown, RI 02842
- KV Rentals — 1138 Aquidneck Ave, Middletown, RI 02842
Frequently Asked Questions
What type of property is this?
Automotive property - Vehicle storage facility with loft, bathroom, laundry, lifting equipment, and a private outdoor area.
Where is this automotive property located?
The property is located at 1079 Aquidneck Avenue 2a Middletown, RI.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: 3,160 SF of floor space with a 252 SF loft; Storage capacity for upwards of 20 cars; Three dual BendPak lifts
