Remodeled Office Condo with
For Sale
Contact for pricing
19 John Clarke Road, Middletown, RI 02842
Updated office space with flexible layout and expansion potential.
Property Size6,471 SF
Price / SF$247.26
Days on Market150
Property Features for 19 John Clarke Road
General Information
Standard status
Active
Size
6,471 SF
Total Parking Spaces
10
Property subtype
Office, Retail, Industrial, Special Purpose
Building Details
Year Built
1978
Buildings
1
Stories
2
Listing Agency:
RE/MAX Profnl. Newport, Inc
Listed By:
Justine Tarlton · License #REB.0019593
Source:
Crexi
Added: Mar 14
Changed: Aug 8
Last Checked: Aug 8 at 6:27AM
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 Profnl. Newport, Inc
Investment Insights
Based on property information with market context.
Located in the desirable Aquidneck Corporate Park, this commercial condo offers 4,662 sq ft 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 also includes a kitchen, two bathrooms, a workshop area, and generous storage space. An additional 1,722 sq ft mezzanine offers potential for expanded office space, rental income, storage, or future build-out. The property is located in Middletown and has ample on-site parking, making it suitable for professional, creative, or service-based businesses. The total property size is 6,471 sq ft.
Key Highlights
- Desirable Aquidneck Corporate Park location with water views.
- 4,662 sq ft of remodeled and updated office space with abundant natural light.
- 1,722 sq ft mezzanine offering potential for expansion, rental income, or storage.
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
$73,014
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
4.56%
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%
$1,460,280
$1.5M
Cap Rate 7%
$1,043,057
$1.0M
Cap Rate 9%
$811,267
$811.3K
Market Conditions
NOI Build-Up for 6,471 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
$116.5K $18.00/SF
− Vacancy
−$12.2K −$1.88/SF
EGI
$104.3K $16.12/SF
− OpEx
−$31.3K −$4.84/SF
NOI
$73.0K $11.28/SF
Area
Newport County, RI
Vacancy
10.45%
Lease Rate
$18.00 /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%
$1,460,280
Cap Rate 7%
$1,043,057
Cap Rate 9%
$811,267
Alternative Uses
Best Use
Retail
$1.04M
$912.7K – $1.22M
NOI $73,014 @ 7.0% cap · market cap 4.56%
Second Best
Office B
$884.4K
$773.9K – $1.03M
NOI $61,909 @ 7.0% cap · market cap 3.87%
Theoretical Best
Multifamily LT 5
$1.54M
$1.35M – $1.80M
NOI $108,080 @ 7.0% cap · market cap 6.76%
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 space with flexible layout and expansion potential.
Where is this office units located?
The property is located at 19 John Clarke Road Middletown, RI.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Desirable Aquidneck Corporate Park location with water views.; 4,662 sq ft of remodeled and updated office space with abundant natural light.; 1,722 sq ft mezzanine offering potential for expansion, rental income, or storage.
