Mixed-Use Property with Studio
For Sale
$387,000
1168 Warwick, Warwick, RI 02888
Two remodeled commercial units and flexible upper-level space support varied occupancy configurations.
Property Size2,224 SF
Price / SF$174.01
Days on Market10
Property Features for 1168 Warwick
General Information
Standard status
Active
Size
2,224 SF
Total Parking Spaces
14
Property subtype
Commercial
Property Condition
Severity
Minor
Evidence
in need of work
Additional Details
Office Units
3
Taxes and HOA fees
Annual Taxes
$7,034
Amenities
Central air
Central Air Cooling
Circuit Breakers
Forced Air Heating
Gas Heating
Building Details
Year Built
1970
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX PROFESSIONALS
(401) 884-6050
Listed By:
MICHELLE VERRY · License #S22562
Source:
Corcoran
Added: Aug 11
Changed: Aug 16
Last Checked: Aug 20 at 6:34AM
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 RE/MAX PROFESSIONALS
Investment Insights
Based on property information with market context.
This mixed-use commercial property contains two remodeled first-floor units and a second-floor studio-style office. The lower-level spaces each provide open areas, office or storage space, and a 1/2 bath. They may also be combined into one larger contiguous area. The upper floor includes a 3/4 bath and kitchenette and requires additional work. New windows and an exterior door have been installed upstairs.
The property is occupied by a barber/hair salon on a month-to-month lease and an owner-operated eyewear store. Building improvements include a new second-floor HVAC system installed in 2022, refurbished first-floor HVAC completed in 2025, updated electric service in 2024, and remodeled first-floor units. Fourteen parking spaces serve the property.
The property is occupied by a barber/hair salon on a month-to-month lease and an owner-operated eyewear store. Building improvements include a new second-floor HVAC system installed in 2022, refurbished first-floor HVAC completed in 2025, updated electric service in 2024, and remodeled first-floor units. Fourteen parking spaces serve the property.
Key Highlights
- 2,224 SF mixed‑use commercial property
- Two remodeled first‑floor commercial units with open areas, offices or storage, and 1/2 baths
- Second‑floor studio‑style office with 3/4 bath and kitchenette
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
$28,749
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
7.43%
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%
$574,980
$575.0K
Cap Rate 7%
$410,700
$410.7K
Cap Rate 9%
$319,433
$319.4K
Market Conditions
NOI Build-Up for 2,224 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
$42.2K $18.96/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$41.1K $18.47/SF
− OpEx
−$12.3K −$5.54/SF
NOI
$28.7K $12.93/SF
Area
Kent County, RI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$574,980
Cap Rate 7%
$410,700
Cap Rate 9%
$319,433
Alternative Uses
Best Use
Retail
$410.7K
$359.4K – $479.2K
NOI $28,749 @ 7.0% cap · market cap 7.43%
Second Best
Mixed Use
$392.5K
$343.4K – $457.9K
NOI $27,472 @ 7.0% cap · market cap 7.10%
Theoretical Best
Specialty Retail
$557.0K
$487.4K – $649.9K
NOI $38,991 @ 7.0% cap · market cap 10.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
365
Businesses Nearby
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two remodeled commercial units and flexible upper-level space support varied occupancy configurations.
Where is this mixed-use property located?
The property is located at 1168 Warwick Warwick, RI.
What is the asking price?
The asking price for this property is $387,000.
What are key features of this property?
This property features: 2,224 SF mixed‑use commercial property; Two remodeled first‑floor commercial units with open areas, offices or storage, and 1/2 baths; Second‑floor studio‑style office with 3/4 bath and kitchenette
