Medical Office Condominium with Exam
For Sale
$499,900
201-320 Phillips St, North Kingstown, RI 02852
Corner office condominium with elevator access, ample parking, and a layout suited to medical and professional practices.
Property Size3,581 SF
Price / SF$139.60
Days on Market14
Property Features for 201-320 Phillips St
General Information
Standard status
Active
Size
3,581 SF
Elevators
Yes
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,483
Listing Agency:
RI Real Estate Services
(401) 374-4177
Listed By:
Pat Corso
(401) 374-4177
Source:
Exprealty
Added: Jul 27
Changed: Aug 5
Last Checked: Aug 8 at 9:13AM
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 3,581-square-foot medical office condominium offers a functional clinical and administrative layout in North Kingstown. The interior includes eleven exam rooms, multiple private offices, four bathrooms, a reception and waiting area, break room, and substantial storage. A 3D presentation and interactive floor plan are also available for space planning.
The property occupies a prominent corner position and provides elevator access along with ample parking. Major routes connect the site with Providence, South County, Jamestown, and Newport, while Wickford and Kingston train stations are nearby. The existing configuration can accommodate medical, dental, financial, and walk-in clinic operations, subject to applicable requirements.
The property occupies a prominent corner position and provides elevator access along with ample parking. Major routes connect the site with Providence, South County, Jamestown, and Newport, while Wickford and Kingston train stations are nearby. The existing configuration can accommodate medical, dental, financial, and walk-in clinic operations, subject to applicable requirements.
Key Highlights
- 3,581‑square‑foot medical office condominium
- Eleven exam rooms and multiple private offices
- Four bathrooms plus reception and waiting areas
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
$41,443
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
8.29%
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%
$828,860
$828.9K
Cap Rate 7%
$592,043
$592.0K
Cap Rate 9%
$460,478
$460.5K
Market Conditions
NOI Build-Up for 3,581 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
$71.8K $20.04/SF
− Vacancy
−$16.5K −$4.61/SF
EGI
$55.3K $15.43/SF
− OpEx
−$13.8K −$3.86/SF
NOI
$41.4K $11.57/SF
Area
Washington County, RI
Vacancy
23.00%
Lease Rate
$20.04 /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%
$828,860
Cap Rate 7%
$592,043
Cap Rate 9%
$460,478
Alternative Uses
Best Use
Healthcare Medical
$715.5K
$626.1K – $834.7K
NOI $50,084 @ 7.0% cap · market cap 10.02%
Second Best
Office B
$592.0K
$518.0K – $690.7K
NOI $41,443 @ 7.0% cap · market cap 8.29%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02852, RI
23,579
Population
10,589
Households
2.2
Avg Household Size
47
Median Age
49%
College-Educated
96%
High-School Grad
30.8 sq mi
ZIP Area
766
Density / Sq Mi
$112,457
Median Household Income
$60,020
Median Earnings
$1,188
Median Rent
$461,700
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Corner office condominium with elevator access, ample parking, and a layout suited to medical and professional practices.
Where is this medical office space located?
The property is located at 201-320 Phillips St North Kingstown, RI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 3,581‑square‑foot medical office condominium; Eleven exam rooms and multiple private offices; Four bathrooms plus reception and waiting areas
