Tri-Level Stand Alone
For Sale
$350,000
Pending
191 Airport, Warwick, RI 02889
Tri-level building with parking, central A/C, and full basement.
Property Size1,400 SF
Days on Market193
Property Features for 191 Airport
General Information
Standard status
Pending
Size
1,400 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,750
Amenities
Central air
Central Air Cooling
Circuit Breakers
Building Details
Year Built
1974
Listing Agency:
WHITE SWAN REALTY
(401) 316-4110
Listed By:
MICHAEL MIELE · License #744043047
Source:
Corcoran
Added: Feb 1
Changed: Aug 8
Last Checked: Jul 23 at 8:08AM
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 WHITE SWAN REALTY
Investment Insights
Based on property information with market context.
This tri-level stand alone building offers approximately 1400 square feet of space and features off-street parking. The well-maintained building includes central air conditioning and a full basement. The main level features a lounge area and a handicap-accessible bathroom. The upper level contains three rooms, a full bathroom, and a full kitchen. The property is centrally located and may be suitable for various business uses.
Key Highlights
- Stand‑alone tri‑level building offering business ownership instead of renting.
- Centrally located with plenty of off‑street parking.
- Features a main lounge area, full kitchen, and handicap‑accessible bathroom on the main level.
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
$17,192
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
4.91%
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%
$343,840
$343.8K
Cap Rate 7%
$245,600
$245.6K
Cap Rate 9%
$191,022
$191.0K
Market Conditions
NOI Build-Up for 1,400 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
$28.9K $20.64/SF
− Vacancy
−$6.0K −$4.27/SF
EGI
$22.9K $16.37/SF
− OpEx
−$5.7K −$4.09/SF
NOI
$17.2K $12.28/SF
Area
Kent County, RI
Vacancy
20.67%
Lease Rate
$20.64 /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%
$343,840
Cap Rate 7%
$245,600
Cap Rate 9%
$191,022
Alternative Uses
Best Use
Office B
$245.6K
$214.9K – $286.5K
NOI $17,192 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$350.6K
$306.8K – $409.1K
NOI $24,545 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
471
Businesses Nearby
Explore this area
Business Placement
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 Office 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?
Office building - Tri-level building with parking, central A/C, and full basement.
Where is this office building located?
The property is located at 191 Airport Warwick, RI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Stand‑alone tri‑level building offering business ownership instead of renting.; Centrally located with plenty of off‑street parking.; Features a main lounge area, full kitchen, and handicap‑accessible bathroom on the main level.
