Office Property with
For Sale
$387,000
1168 Warwick Avenue, Warwick, RI 02888
Commercial/Business,Commercial Sale, Warwick, RI
Property Size2,224 SF
Lot Size0.15 Acres
Price / SF$174.01
Days on Market12
Property Features for 1168 Warwick Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
14
Subdivision
Narragansett Pkwy
Lot features
Paved, Sidewalks, Free Standing
Standard status
Active
Size
2,224 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7034
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1970
Floors in Building
1
Number of units
3
Building materials
Frame, Masonry
Listing Agency:
Re/Max Professionals · RE/MAX International
(401) 884-6050
Listed By:
Michelle Verry · License #S22562
(401) 486-3300
Added: Aug 10
Changed: Aug 21
Last Checked: Aug 21 at 7:06AM
MLS# 1420294
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,224-square-foot office property at 1168 Warwick Avenue includes two first-floor commercial units and a second-floor studio-style office. The remodeled first-floor spaces provide open areas, offices or storage areas, and half baths. One unit operates as a barber and hair salon under a month-to-month lease, while the other is occupied by an owner-operated eyewear store. The two lower-level units can be connected into a larger contiguous area. The second-floor office includes a three-quarter bath and kitchenette and requires work.
The property includes 14 parking spaces on a 0.15-acre lot. Improvements include updated electric service in 2024, refurbished first-floor HVAC in 2025, and second-floor HVAC installed in 2022. The upper level also has new windows and an exterior door. The building was constructed in 1970 with frame and masonry materials, forced-air natural gas heating, and central air conditioning.
The property includes 14 parking spaces on a 0.15-acre lot. Improvements include updated electric service in 2024, refurbished first-floor HVAC in 2025, and second-floor HVAC installed in 2022. The upper level also has new windows and an exterior door. The building was constructed in 1970 with frame and masonry materials, forced-air natural gas heating, and central air conditioning.
Key Highlights
- 2,224‑square‑foot office property with two first‑floor units and a second‑floor studio‑style office
- 14 parking spaces on a 0.15‑acre lot
- First‑floor units remodeled; second‑floor office includes a 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
Office B
$390.2K
$341.4K – $455.2K
NOI $27,311 @ 7.0% cap · market cap 7.06%
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Flexible commercial layout includes occupied first-floor suites and a second-floor studio-style office.
Where is this office units located?
The property is located at 1168 Warwick Avenue 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‑square‑foot office property with two first‑floor units and a second‑floor studio‑style office; 14 parking spaces on a 0.15‑acre lot; First‑floor units remodeled; second‑floor office includes a 3/4 bath and kitchenette
