Mixed-Use Commercial Building on Route
2121 Elmwood Avenue, Warwick, RI 02888
For Sale
Contact for pricing
Pending
Five-unit commercial building with warehouse, retail, and office spaces.
Property Size7,500 SF
Days on Market803
Property Features for 2121 Elmwood Avenue
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Building Details
Year Built
Buildings
Stories
Units
Listing Agency:
Green Island Realty, Inc.
Listed By:
Feng Lei · License RI REC.0016670
(401) 461-2063
Source:
Crexi
Added: Aug 30, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:35AM
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 Green Island Realty, Inc.
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This is a solid five-unit commercial building situated on the high-traffic intersection of Route 1 and Elmwood Avenue. The property includes a large warehouse and retail space featuring one loading dock and a drive-in garage with 800 square feet. The warehouse/retail space is currently subdivided into two units, with an office area located on the second floor. The building also houses an established coffee and ice cream store with patio seating, a hair salon, and a music studio. The property is occupied by long-term tenants, making it a potential investment opportunity. The warehouse with the drive-in garage is available for lease. The property size is 7,500 square feet.
Key Highlights
- High‑traffic location on Rt. 1 and Elmwood Ave.
- Solid 5‑unit commercial building.
- Large warehouse/retail space with loading dock and drive‑in garage (800 sqft).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,529
Cap Rate
5.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$730,580
$730.6K
Cap Rate 7%
$521,843
$521.8K
Cap Rate 9%
$405,878
$405.9K
Market Conditions
NOI Build-Up for 7,500 SF
Gross rent
$45.0K $6.00/SF
− Vacancy
−$2.0K −$0.27/SF
EGI
$43.0K $5.73/SF
− OpEx
−$6.4K −$0.86/SF
NOI
$36.5K $4.87/SF
Area
Kent County, RI
Vacancy
4.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$730,580
Cap Rate 7%
$521,843
Cap Rate 9%
$405,878
Alternative Uses
Best Use
Specialty Retail
$1.88M
$1.64M – $2.19M
NOI $131,490 @ 7.0% cap · market cap 19.93%
Second Best
Retail
$1.39M
$1.21M – $1.62M
NOI $96,952 @ 7.0% cap · market cap 14.69%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
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
$318,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Mixed-use properties in Kent County, RI
Properties on Market for Mixed-use properties in Kent County
Vacancy Rate% for Industrial in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Five-unit commercial building with warehouse, retail, and office spaces.
Where is this mixed-use property located?
The property is located at 2121 Elmwood Avenue Warwick, RI.
What is the asking price?
The asking price for this property is $659,900.
What are key features of this property?
This property features: High‑traffic location on Rt. 1 and Elmwood Ave.; Solid 5‑unit commercial building.; Large warehouse/retail space with loading dock and drive‑in garage (800 sqft).
