Remodeled Office Space with
For Sale
$1,500,000
19 John Clarke, Middletown, RI 02842
Updated office condo with water views and flexible layout.
Property Size4,662 SF
Price / SF$321.75
Days on Market150
Property Features for 19 John Clarke
General Information
Standard status
Active
Size
4,662 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,585
Amenities
Circuit Breakers
Building Details
Year Built
1978
Listing Agency:
RE/MAX RESULTS
(401) 848-7827
Listed By:
FITZPATRICK TEAM
Source:
Corcoran
Added: Mar 14
Changed: Aug 8
Last Checked: Aug 8 at 6:28AM
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 RE/MAX RESULTS
Investment Insights
Based on property information with market context.
Located in the desirable Aquidneck Corporate Park, this commercial condo offers 4,662 square feet of remodeled and updated office space with water views over Easton's Pond toward Easton's Beach. The layout features a spacious entrance, five private offices, cubicle workspaces, and a large conference room with a retractable partition for flexible use. The unit includes a kitchen, two bathrooms, a workshop area, and storage space. An additional 1,722 square foot mezzanine offers potential for expanded office space, rental income, storage, or future build-out. The property is located in Middletown and has on-site parking, making it suitable for professional, creative, or service-based businesses seeking space and flexibility.
Key Highlights
- Desirable location in Aquidneck Corporate Park with water views of Easton's Pond and Easton's Beach.
- 4,662 sq ft of remodeled and updated office space with abundant natural light.**
- Flexible layout including five private offices, cubicle workspaces, and a large conference room with retractable partition.
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
$44,602
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
2.97%
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%
$892,040
$892.0K
Cap Rate 7%
$637,171
$637.2K
Cap Rate 9%
$495,578
$495.6K
Market Conditions
NOI Build-Up for 4,662 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
$75.0K $16.08/SF
− Vacancy
−$15.5K −$3.32/SF
EGI
$59.5K $12.76/SF
− OpEx
−$14.9K −$3.19/SF
NOI
$44.6K $9.57/SF
Area
Newport County, RI
Vacancy
20.67%
Lease Rate
$16.08 /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%
$892,040
Cap Rate 7%
$637,171
Cap Rate 9%
$495,578
Alternative Uses
Best Use
Office B
$637.2K
$557.5K – $743.4K
NOI $44,602 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.11M
$973.3K – $1.30M
NOI $77,866 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
Explore this area
Business Placement
Demographics for 02842, RI
17,115
Population
8,255
Households
2.1
Avg Household Size
43
Median Age
49%
College-Educated
96%
High-School Grad
12.5 sq mi
ZIP Area
1,369
Density / Sq Mi
$97,650
Median Household Income
$47,307
Median Earnings
$1,906
Median Rent
$536,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Updated office condo with water views and flexible layout.
Where is this office units located?
The property is located at 19 John Clarke Middletown, RI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Desirable location in Aquidneck Corporate Park with water views of Easton's Pond and Easton's Beach.; 4,662 sq ft of remodeled and updated office space with abundant natural light.**; Flexible layout including five private offices, cubicle workspaces, and a large conference room with retractable partition.
