Building Details

Year Built 1989

Listing Agency: ELITE Property Group Show Phone

Listed By: Cristina Fletcher · License #RES.0043370 Show Phone

Source: Lockandkeyre

Added: Oct 21 Changed: Oct 25 Last Checked: Oct 24 at 5:42PM

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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 ELITE Property Group

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Investment Insights

Based on property information with market context.

This 1,820-square-foot medical office suite occupies a front corner position on a private lot. Recent improvements include LVP flooring and fresh paint, while exam or office rooms have private bathrooms. Natural light reaches the interior, and off-street parking is available for staff and visitors.

The property is centrally located with access to I-95 and I-295, and Kent County Memorial Hospital is nearby. Built in 1989, the suite offers an updated interior in a medical office setting.

Key Highlights

• 1,820‑square‑foot medical office suite
• Front corner position on a private lot
• Exam or office rooms feature private bathrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,350

Cap Rate

8.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$447,000 $447.0K

Cap Rate 7%

$319,286 $319.3K

Cap Rate 9%

$248,333 $248.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,820 SF

Gross rent

$37.6K $20.64/SF

− Vacancy

−$7.8K −$4.27/SF

EGI

$29.8K $16.37/SF

− OpEx

−$7.5K −$4.09/SF

NOI

$22.4K $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 Rate 5%

$447,000

Cap Rate 7%

$319,286

Cap Rate 9%

$248,333

Alternative Uses

Best Use

Healthcare Medical

$389.6K

$340.9K – $454.6K (±1% cap)

NOI $27,273 @ 7.0% cap · market cap 9.92%

Second Best

Office B

$319.3K

$279.4K – $372.5K (±1% cap)

NOI $22,350 @ 7.0% cap · market cap 8.13%

Theoretical Best

Specialty Retail

$455.8K

$398.9K – $531.8K (±1% cap)

NOI $31,908 @ 7.0% cap · market cap 11.60%

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

Kent Hospital Laboratory ... Medical Laboratory Gate Professional Center Medical Clinic Womens Medical Center ... Medical Clinic Warwick Physical Therapy ... Physician Dr. Joseph E. ... Physician

Suggested Use

Top Pick Hair Salon Building Supply Furniture & Home Goods (Bike/Boat/Book/etc) Store Nail Salon Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,452

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 02886, RI

29,373

Population

13,669

Households

2.1

Avg Household Size

47

Median Age

37%

College-Educated

93%

High-School Grad

15.8 sq mi

ZIP Area

1,859

Density / Sq Mi

$91,037

Median Household Income

$52,851

Median Earnings

$1,300

Median Rent

$334,400

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - A corner suite with exam or office rooms, private bathrooms, and abundant natural light.

Where is this medical office space located?

The property is located at 215 Toll Gate Road #301 Warwick, RI.

What is the asking price?

The asking price for this property is $275,000.

What are key features of this property?

This property features: 1,820‑square‑foot medical office suite; Front corner position on a private lot; Exam or office rooms feature private bathrooms