Leased Medical Office
1407 South County Trail Units 421 & 423 East Greenwich, RI 02818
1407 South County Trail Units 421 & 423, East Greenwich, RI, 02818
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For Sale
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Two fully leased medical office condominium units anchored by Brown University Health services in a Class A medical office building.
Property Size7,666 SF
Price / SF$224.37
Days on Market50
Property Features for 1407 South County Trail Units 421 & 423
General Information
- Standard status
- Active
- Size
- 7,666 SF
- Property subtype
- Office
Building Details
- Year Built
- 2001
Listing agency
MG Commercial
Listed by
Leeds Mitchell · License #REB 0019529
Source
Crexi
Added: Jun 3 Updated: Jul 10 at 1:51PM Checked: Jul 21 at 6:47AM
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.
This offering consists of two fully leased medical office condominiums within Building 4, a Class A medical office building constructed in 2001. The property includes Unit 421 and Unit 423, which total 7,666 square feet. Unit 421 is leased to Brown University Health Outpatient Psychiatry, and Unit 423 is leased to Brown University Surgical Associates. Both tenants have renewal options, providing continuity for an owner seeking established medical occupancy.
Located at 1407 South County Trail (Route 2) in East Greenwich, the buildings sit on the area’s Medical Mile within the Greenwich Medical Center & Office Park. The location is described as offering strong visibility and accessibility along a well-established professional corridor, with convenient connections to Route 4 and I-95.
For medical providers, physician groups, and investors, these condominiums offer an opportunity to acquire two in-place, lease-supported units tied to specialty outpatient and surgical practices. The setup supports tenant continuity through renewal options, while the shared condominium context within a purpose-built medical office building can simplify ownership and operations for a new buyer.
Located at 1407 South County Trail (Route 2) in East Greenwich, the buildings sit on the area’s Medical Mile within the Greenwich Medical Center & Office Park. The location is described as offering strong visibility and accessibility along a well-established professional corridor, with convenient connections to Route 4 and I-95.
For medical providers, physician groups, and investors, these condominiums offer an opportunity to acquire two in-place, lease-supported units tied to specialty outpatient and surgical practices. The setup supports tenant continuity through renewal options, while the shared condominium context within a purpose-built medical office building can simplify ownership and operations for a new buyer.
Key Highlights
- Class A medical office condominium building (Building 4) built in 2001, totaling 46,183 SF
- Two fully leased medical office condo units: Unit 421 leased to Brown University Health Outpatient Psychiatry and Unit 423 leased to Brown University Surgical Associates
- Both tenants have options to renew
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $207.0k | $27.00 |
| − Vacancy | −$15.5k | −$2.03 |
| EGI | $191.5k | $24.98 |
| − OpEx | −$76.6k | −$9.99 |
| NOI | $114.9k | $14.99 |
7,666 SF · lease $27.00/SF/yr · vacancy 7.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$1.64M
$1.44M – $1.91M
NOI $114,875 @ 7.0% cap · market cap 6.68%
Second Best
Office B
$1.34M
$1.18M – $1.57M
NOI $94,141 @ 7.0% cap · market cap 5.47%
Theoretical Best
Specialty Retail
$1.92M
$1.68M – $2.24M
NOI $134,400 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Medical Office Space
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Similar Off Market Nearby
- Ocean State Veterinary Specialists — 1480 S County Trl, East Greenwich, RI 02818
- Pia Torres — 1480 S County Trl, East Greenwich, RI 028181627
FAQs
What type of property is this?
Medical Office Space - Two fully leased medical office condominium units anchored by Brown University Health services in a Class A medical office building.
Where is this medical office space located?
The property is located at 1407 South County Trail Units 421 & 423 East Greenwich, RI.
What is the asking price?
The asking price for this property is $1,720,000.
What are key features of this property?
This property features: Class A medical office condominium building (Building 4) built in 2001, totaling 46,183 SF; Two fully leased medical office condo units: Unit 421 leased to Brown University Health Outpatient Psychiatry and Unit 423 leased to Brown University Surgical Associates; Both tenants have options to renew
