Corner Commercial Building and
For Sale
$1,350,000
1593 Centerville Road Warwick, Warwick, RI 02886
Mixed-use corner parcels include a former bar/restaurant, a two-unit residential building, and dedicated parking.
Property Size6,215 SF
Price / SF$217.22
Days on Market91
Property Features for 1593 Centerville Road Warwick
General Information
Standard status
Active
Size
6,215 SF
Total Parking Spaces
30
Zoning
A&
Additional Details
Road Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,710
Building Details
Year Built
1950
Buildings
2
Stories
2
Listing Agency:
(508) 501-1443
Listed By:
Michele Costa
(508) 501-1443
Source:
Milestonerealtyinc
Added: Jun 3
Changed: Aug 27
Last Checked: Aug 31 at 1:01PM
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 Michele Costa
Investment Insights
Based on property information with market context.
This sale includes three separate parcels totaling a corner opportunity at the intersection of Centerville Road and New London Avenue in Warwick. New London Avenue parcel (M:251 L:100) is 0.13 acres and currently serves as parking for the property at 1593 Centerville Road.
1593 Centerville Road is a former bar/restaurant with 2,034 sq. ft. of above-grade space and 1,473 sq. ft. in the basement. Also included is 1585 Centerville Road, a two-unit residential building with one bedroom and one bathroom in each unit. The residential building contains approximately 1,704 sq. ft. above grade and includes a full 1,004 sq. ft. basement.
With both commercial and residential components on a corner lot, the property is well suited for an owner looking to operate or renovate a mixed-use asset. The on-site parking parcel supports practical day-to-day use for the commercial structure and the overall site layout, giving the owner a straightforward way to manage multiple property types within the same acquisition.
1593 Centerville Road is a former bar/restaurant with 2,034 sq. ft. of above-grade space and 1,473 sq. ft. in the basement. Also included is 1585 Centerville Road, a two-unit residential building with one bedroom and one bathroom in each unit. The residential building contains approximately 1,704 sq. ft. above grade and includes a full 1,004 sq. ft. basement.
With both commercial and residential components on a corner lot, the property is well suited for an owner looking to operate or renovate a mixed-use asset. The on-site parking parcel supports practical day-to-day use for the commercial structure and the overall site layout, giving the owner a straightforward way to manage multiple property types within the same acquisition.
Key Highlights
- Three‑parcel mixed‑use property at 1593–1595 Centerville Rd and New London Ave in Warwick, RI
- New London Ave parcel (M:251 L:100) is 0.13 acres and currently serves as parking for 1593 Centerville Rd
- 1593 Centerville Rd: former bar/restaurant with 2,034 sq. ft above grade plus a 1,473 sq. ft basement
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
$108,961
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
8.07%
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%
$2,179,220
$2.2M
Cap Rate 7%
$1,556,586
$1.6M
Cap Rate 9%
$1,210,678
$1.2M
Market Conditions
NOI Build-Up for 6,215 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
$149.2K $24.00/SF
− Vacancy
−$3.9K −$0.62/SF
EGI
$145.3K $23.38/SF
− OpEx
−$36.3K −$5.84/SF
NOI
$109.0K $17.53/SF
Area
Kent County, RI
Vacancy
2.60%
Lease Rate
$24.00 /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%
$2,179,220
Cap Rate 7%
$1,556,586
Cap Rate 9%
$1,210,678
Alternative Uses
Best Use
Specialty Retail
$1.56M
$1.36M – $1.82M
NOI $108,961 @ 7.0% cap · market cap 8.07%
Second Best
Multifamily LT 5
$1.29M
$1.13M – $1.51M
NOI $90,303 @ 7.0% cap · market cap 6.69%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Explore this area
Business Placement
Demographics for 02886, RI
29,373
Population
13,669
Households
2.1
Avg Household Size
47
Median Age
37%
College-Educated
93%
High-School Grad
15.8 sq mi
ZIP Area
1,859
Density / Sq Mi
$91,037
Median Household Income
$52,851
Median Earnings
$1,300
Median Rent
$334,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Mixed-use corner parcels include a former bar/restaurant, a two-unit residential building, and dedicated parking.
Where is this duplex located?
The property is located at 1593 Centerville Road Warwick Warwick, RI.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Three‑parcel mixed‑use property at 1593–1595 Centerville Rd and New London Ave in Warwick, RI; New London Ave parcel (M:251 L:100) is 0.13 acres and currently serves as parking for 1593 Centerville Rd; 1593 Centerville Rd: former bar/restaurant with 2,034 sq. ft above grade plus a 1,473 sq. ft basement
