Three-Building Mixed-Use Income
For Sale
$1,400,000
28-30-32 Main Road Tiverton, Tiverton, RI 02878
Own three income-producing buildings with retail storefronts and multiple garage units, plus residential units for diversified rental income.
Property Size13,233 SF
Price / SF$105.80
Days on Market852
Property Features for 28-30-32 Main Road Tiverton
General Information
Standard status
Active
Size
13,233 SF
Zoning
R30
Lease Type
NNN
Net Operating Income
$73,719
Units
Multifamily Units
4
Office Units
1
Taxes and HOA fees
Annual Taxes
$7,899
Amenities
No HOA Fees
Building Details
Year Built
1900
Tenancy
Multi
Listed By:
Amanda Lucido Hodges
(508) 643-8166
Source:
Bournetosellrealestate
Added: May 6, 2024
Changed: Aug 8
Last Checked: Sep 4 at 2:00AM
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 Amanda Lucido Hodges
Investment Insights
Based on property information with market context.
This offering is a single lot containing three income-generating buildings. The first building at 28–32 Main Rd is a mixed-use property with four residential units totaling 4,270 square feet and two retail storefront units totaling 1,522 square feet.
The second building at 36 Main Rd includes one large storefront unit of 2,748 square feet that could be split into two units. The storefront area includes a spacious storage room and bathroom in the back, and behind the storefront section are two garage units totaling 2,457 square feet.
The third building at 27 Rock St provides three garage units plus a spacious office loft area above. Each floor offers 1,118 square feet.
In total, the property features 13 rentable units. The reported gross income is $98,280 per year with below-market rents, supported by the existing unit mix spanning residential, retail storefront, garage, and office-loft space. The configuration is well-suited for an owner-operator or investor looking to manage a diversified portfolio within a single assemblage.
The second building at 36 Main Rd includes one large storefront unit of 2,748 square feet that could be split into two units. The storefront area includes a spacious storage room and bathroom in the back, and behind the storefront section are two garage units totaling 2,457 square feet.
The third building at 27 Rock St provides three garage units plus a spacious office loft area above. Each floor offers 1,118 square feet.
In total, the property features 13 rentable units. The reported gross income is $98,280 per year with below-market rents, supported by the existing unit mix spanning residential, retail storefront, garage, and office-loft space. The configuration is well-suited for an owner-operator or investor looking to manage a diversified portfolio within a single assemblage.
Key Highlights
- Three income‑producing buildings: 28–32 Main Rd, 36 Main Rd, and 27 Rock St (built in 1900).
- 28–32 Main Rd includes 4 residential units totaling 4,270 SF plus 2 retail storefront units totaling 1,522 SF.
- 36 Main Rd features a 2,748 SF storefront that could be split into two units, plus back storage and a bathroom.
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
$126,603
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
9.04%
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%
$2,532,060
$2.5M
Cap Rate 7%
$1,808,614
$1.8M
Cap Rate 9%
$1,406,700
$1.4M
Market Conditions
NOI Build-Up for 13,233 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
$212.8K $16.08/SF
− Vacancy
−$44.0K −$3.32/SF
EGI
$168.8K $12.76/SF
− OpEx
−$42.2K −$3.19/SF
NOI
$126.6K $9.57/SF
Area
Newport County, RI
Vacancy
20.67%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
25.00%
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%
$2,532,060
Cap Rate 7%
$1,808,614
Cap Rate 9%
$1,406,700
Alternative Uses
Best Use
Multifamily LT 5
$3.16M
$2.76M – $3.68M
NOI $221,020 @ 7.0% cap · market cap 15.79%
Second Best
Apartment 5plus
$2.81M
$2.46M – $3.28M
NOI $196,562 @ 7.0% cap · market cap 14.04%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
259
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02878, RI
16,359
Population
7,747
Households
2.1
Avg Household Size
50
Median Age
40%
College-Educated
93%
High-School Grad
29.1 sq mi
ZIP Area
562
Density / Sq Mi
$99,542
Median Household Income
$49,228
Median Earnings
$1,228
Median Rent
$367,400
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?
Storefront property - Own three income-producing buildings with retail storefronts and multiple garage units, plus residential units for diversified rental income.
Where is this storefront property located?
The property is located at 28-30-32 Main Road Tiverton Tiverton, RI.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Three income‑producing buildings: 28–32 Main Rd, 36 Main Rd, and 27 Rock St (built in 1900).; 28–32 Main Rd includes 4 residential units totaling 4,270 SF plus 2 retail storefront units totaling 1,522 SF.; 36 Main Rd features a 2,748 SF storefront that could be split into two units, plus back storage and a bathroom.
