Flex Space with Office and
New
For Sale
$875,000
2 Evergreen Ave, Warwick, RI 02888
A split office and contractor-warehouse layout supports a range of commercial operations.
Property Size1,970 SF
Lot Size0.36 Acres
Price / SF$218.75
Days on Market6
Property Features for 2 Evergreen Ave
General Information
Standard status
Active
Size
1,970 SF
Lot size
0.36 Acres
Property subtype
Commercial
Warehouse & Industrial
Warehouse Space
2,000 SF
Office Build-Out
2,000 SF
Additional Details
Highway Access
Yes
Building Details
Building Size
1,970 SF
Year Built
1970
Listing Agency:
Remax Revolution
(401) 921-5011
Listed By:
Michael Alves · License #REB.0014141
(401) 523-9555
Source:
Iverty
Added: Sep 30
Changed: Oct 4
Last Checked: Oct 4 at 10:31AM
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 Remax Revolution
Investment Insights
Based on property information with market context.
This flex property combines 2,000± SF of office area with 2,000± SF configured for contractor and warehouse use, totaling 4,000± SF. The building dates to 1970 and occupies a 0.36±-acre lot.
The property is near T.F. Green Airport and major highways, with office and warehouse functions in one building.
The property is near T.F. Green Airport and major highways, with office and warehouse functions in one building.
Key Highlights
- 4,000± SF total building area
- 2,000± SF of office space
- 2,000± SF of contractor and warehouse space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,601
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$492,020
$492.0K
Cap Rate 7%
$351,443
$351.4K
Cap Rate 9%
$273,344
$273.3K
Market Conditions
NOI Build-Up for 4,000 SF
Gross rent
$39.8K $9.96/SF
− Vacancy
−$2.0K −$0.50/SF
EGI
$37.8K $9.46/SF
− OpEx
−$13.2K −$3.31/SF
NOI
$24.6K $6.15/SF
Area
Kent County, RI
Vacancy
5.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$492,020
Cap Rate 7%
$351,443
Cap Rate 9%
$273,344
Alternative Uses
Best Use
Flex RnD
$351.4K
$307.5K – $410.0K
NOI $24,601 @ 7.0% cap · market cap 2.81%
Second Best
Warehouse
$278.3K
$243.5K – $324.7K
NOI $19,482 @ 7.0% cap · market cap 2.23%
Theoretical Best
Specialty Retail
$1.00M
$876.6K – $1.17M
NOI $70,128 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 02888, RI
19,578
Population
9,117
Households
2.1
Avg Household Size
46
Median Age
32%
College-Educated
96%
High-School Grad
5.9 sq mi
ZIP Area
3,318
Density / Sq Mi
$88,750
Median Household Income
$55,561
Median Earnings
$1,218
Median Rent
$318,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Northeast region
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Similar Off Market Nearby
- Emery's Catering Services — 425 Pavilion Ave, Warwick, RI 02888
- Edible Creations by Gerry — 335 Jefferson Blvd, Warwick, RI 02888
- Encore Catering — 1260 Post Rd, Warwick, RI 02888
Frequently Asked Questions
What type of property is this?
Flex space - A split office and contractor-warehouse layout supports a range of commercial operations.
Where is this flex space located?
The property is located at 2 Evergreen Ave Warwick, RI.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 4,000± SF total building area; 2,000± SF of office space; 2,000± SF of contractor and warehouse space
