Freestanding Retail Building on
For Sale
$299,000
1822 Warwick, Warwick, RI 02889
Highly visible retail opportunity with ample parking and expansion potential.
Property Size864 SF
Lot Size0.17 Acres
Price / SF$346.06
Days on Market326
Property Features for 1822 Warwick
General Information
Standard status
Active
Size
864 SF
Lot size
0.17 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,431
Amenities
Central air
Corner Lot
Baseboard Heating
Circuit Breakers
Common Area
Gas Heating
Hot Water Heating
Wall Units Cooling
Building Details
Year Built
1925
Listing Agency:
RI REAL ESTATE SERVICES
(401) 885-5400
Listed By:
MICHAEL RUSSO · License #REB.0017244
Source:
Corcoran
Added: Sep 30, 2025
Changed: Aug 13
Last Checked: Apr 5 at 9:20PM
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 RI REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
This is a highly visible retail opportunity situated on Warwick Avenue, benefiting from significant daily car counts. The property features a freestanding building located on a corner lot, offering ample parking and room for expansion. Currently configured as a hair salon, the property's GB (General Business Zone) designation allows for a multitude of potential uses, including retail, hospitality, food/beverage, fitness, commercial, and office applications. The building is connected to all public utilities, including natural gas. The property has a size of 864 square feet.
Key Highlights
- High‑visibility location on Warwick Avenue with high daily car counts.
- Versatile GB (General Business Zone) allows for a multitude of retail, hospitality, food/beverage, fitness, commercial, and office uses.
- Freestanding building on a corner lot with ample parking.
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
$11,169
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
3.74%
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%
$223,380
$223.4K
Cap Rate 7%
$159,557
$159.6K
Cap Rate 9%
$124,100
$124.1K
Market Conditions
NOI Build-Up for 864 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
$16.4K $18.96/SF
− Vacancy
−$426 −$0.49/SF
EGI
$16.0K $18.47/SF
− OpEx
−$4.8K −$5.54/SF
NOI
$11.2K $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%
$223,380
Cap Rate 7%
$159,557
Cap Rate 9%
$124,100
Alternative Uses
Best Use
Retail
$159.6K
$139.6K – $186.2K
NOI $11,169 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$216.4K
$189.4K – $252.5K
NOI $15,148 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
402
Businesses Nearby
39k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 69%
Dining 24%
Beauty & Spa 7%
Citizens Bank
Shops & Services
11,181 visits/mo
0.5 miles
Shell
Shops & Services
7,269 visits/mo
0.4 miles
Seasons Corner Market
Shops & Services
5,058 visits/mo
0.4 miles
D'Angelo Grilled Sandwiches
Dining
4,808 visits/mo
0.5 miles
Honey Dew Donuts
Dining
3,368 visits/mo
0.1 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
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Frequently Asked Questions
What type of property is this?
Retail space - Highly visible retail opportunity with ample parking and expansion potential.
Where is this retail space located?
The property is located at 1822 Warwick Warwick, RI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: High‑visibility location on Warwick Avenue with high daily car counts.; Versatile GB (General Business Zone) allows for a multitude of retail, hospitality, food/beverage, fitness, commercial, and office uses.; Freestanding building on a corner lot with ample parking.
