Office/Warehouse Conversion
For Sale
$1,095,000
2670 Warwick Avenue, Warwick, RI 02889
Vacant freestanding building offers 6,000 SF of office and 2,850 SF of warehouse with a loading dock and two overhead doors.
Property Size8,850 SF
Lot Size1.73 Acres
Price / SF$123.73
Days on Market48
Property Features for 2670 Warwick Avenue
General Information
Standard status
Active
Size
8,850 SF
Lot size
1.73 Acres
Property subtype
Office/Warehouse
Additional Details
Highway Access
Yes
Building Details
Year Built
1980
Construction
concrete block
Listing Agency:
MG Commercial
(401) 374-7038
Listed By:
George Paskalis, SIOR · License #RI #0040525
(401) 374-7038
Source:
Mgcommercial
Added: Jun 25
Changed: Jul 21
Last Checked: Aug 11 at 6:21AM
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 MG Commercial
Investment Insights
Based on property information with market context.
2670 Warwick Avenue is a vacant, freestanding office/warehouse building constructed of concrete block on a 1.73-acre site. The property includes 6,000 SF of office space and 2,850 SF of warehouse space. Warehouse improvements include a loading dock and two overhead doors. The layout also offers flexibility for conversion back to an industrial configuration, with the potential to return the space to 7,650 SF of warehouse and 1,200 SF of office.
On-site parking is available along the front, side, and rear of the building. The property is described as having convenient proximity to highway access.
As currently configured, the building supports combined office and warehouse use, while the documented door and dock features can support loading and distribution operations associated with warehouse space.
On-site parking is available along the front, side, and rear of the building. The property is described as having convenient proximity to highway access.
As currently configured, the building supports combined office and warehouse use, while the documented door and dock features can support loading and distribution operations associated with warehouse space.
Key Highlights
- Vacant, free‑standing office/warehouse building totaling 8,850 SF
- Built in 1980; concrete block construction on a 1.73‑acre site
- Includes 6,000 SF office space and 2,850 SF warehouse space
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
$54,430
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
4.97%
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%
$1,088,600
$1.1M
Cap Rate 7%
$777,571
$777.6K
Cap Rate 9%
$604,778
$604.8K
Market Conditions
NOI Build-Up for 8,850 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
$88.1K $9.96/SF
− Vacancy
−$4.4K −$0.50/SF
EGI
$83.7K $9.46/SF
− OpEx
−$29.3K −$3.31/SF
NOI
$54.4K $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%
$1,088,600
Cap Rate 7%
$777,571
Cap Rate 9%
$604,778
Alternative Uses
Best Use
Office B
$1.55M
$1.36M – $1.81M
NOI $108,681 @ 7.0% cap · market cap 9.93%
Second Best
Flex RnD
$777.6K
$680.4K – $907.2K
NOI $54,430 @ 7.0% cap · market cap 4.97%
Theoretical Best
Specialty Retail
$2.22M
$1.94M – $2.59M
NOI $155,158 @ 7.0% cap · market cap 14.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02889, RI
28,277
Population
11,947
Households
2.4
Avg Household Size
44
Median Age
26%
College-Educated
91%
High-School Grad
8.5 sq mi
ZIP Area
3,327
Density / Sq Mi
$85,617
Median Household Income
$50,988
Median Earnings
$1,216
Median Rent
$299,900
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?
Flex space - Vacant freestanding building offers 6,000 SF of office and 2,850 SF of warehouse with a loading dock and two overhead doors.
Where is this flex space located?
The property is located at 2670 Warwick Avenue Warwick, RI.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Vacant, free‑standing office/warehouse building totaling 8,850 SF; Built in 1980; concrete block construction on a 1.73‑acre site; Includes 6,000 SF office space and 2,850 SF warehouse space
