Corner Retail Space with
For Sale
$225,000
1709 Warwick Avenue, Warwick, RI 02889
Commercial/Business,Commercial Sale, Warwick, RI
Property Size960 SF
Price / SF$234.38
Days on Market87
Property Features for 1709 Warwick Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
18
Security features
Security Lighting
Interior features
Ceiling Height (7 to 9 Ft)
Subdivision
Hoxie 4 Corners/Warwick Ave
Lot features
Assoc. Fee, Sidewalks, Strip Store, Urban
Standard status
Active
Size
960 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2445
HOA Fee
$200 Monthly
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Wall Unit(s)
Water source
Public
Amenities
bus stop
signage
windowed frontage
400+ amp electric panel
forced air/gas heat
a/c units
updated half bathroom
Building Details
Year built
1979
Floors in Building
1
Number of units
1
Building materials
Brick, Masonry
Listing Agency:
Keller Williams Coastal · Keller Williams Realty
(401) 845-9200
Listed By:
Joellen Wunner
(401) 368-1200
Added: Jun 1
Changed: Aug 19
Last Checked: Aug 26 at 10:06AM
MLS# 1414125
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 960-square-foot retail unit is vacant and configured for a new occupant. Windowed frontage provides display area or natural light, while prominent signage is illuminated at night. The space includes an updated half bathroom, a 400+ amp electrical panel, forced-air natural-gas heat, and air-conditioning units. Brick and masonry construction dates to 1979, with fire-code compliance noted.
The property occupies the corner of Omaha and Warwick Avenue in Warwick, with more than 20,000 cars passing daily. A bus stop is located on the street, and parking includes 18 on-site spaces plus additional street parking along the side road. Public water serves the property, and the interior ceiling height is reported at 7 to 9 feet.
The property occupies the corner of Omaha and Warwick Avenue in Warwick, with more than 20,000 cars passing daily. A bus stop is located on the street, and parking includes 18 on-site spaces plus additional street parking along the side road. Public water serves the property, and the interior ceiling height is reported at 7 to 9 feet.
Key Highlights
- 960 square feet of vacant retail space
- Corner position at Omaha and Warwick Avenue with more than 20,000 daily drive‑by vehicles
- 18 on‑site parking spaces plus street parking on the side road
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
$12,410
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
5.52%
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%
$248,200
$248.2K
Cap Rate 7%
$177,286
$177.3K
Cap Rate 9%
$137,889
$137.9K
Market Conditions
NOI Build-Up for 960 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
$18.2K $18.96/SF
− Vacancy
−$473 −$0.49/SF
EGI
$17.7K $18.47/SF
− OpEx
−$5.3K −$5.54/SF
NOI
$12.4K $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%
$248,200
Cap Rate 7%
$177,286
Cap Rate 9%
$137,889
Alternative Uses
Best Use
Retail
$177.3K
$155.1K – $206.8K
NOI $12,410 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$240.4K
$210.4K – $280.5K
NOI $16,831 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
63k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 41%
Beauty & Spa 4%
Electronics 3%
Speedway
Shops & Services
11,605 visits/mo
0.4 miles
Citizens Bank
Shops & Services
11,181 visits/mo
0.3 miles
Starbucks
Dining
9,920 visits/mo
0.4 miles
Bank of America
Shops & Services
6,891 visits/mo
0.3 miles
Five Guys
Dining
6,451 visits/mo
0.4 miles
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 Retail 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?
Retail space - Vacant storefront with windowed frontage, dedicated parking, updated restroom, and building systems suited to an operating business.
Where is this retail space located?
The property is located at 1709 Warwick Avenue Warwick, RI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 960 square feet of vacant retail space; Corner position at Omaha and Warwick Avenue with more than 20,000 daily drive‑by vehicles; 18 on‑site parking spaces plus street parking on the side road
