Manufacturing Building with 20' Clear
For Sale
Contact for pricing
22 Frontage Rd, Westerly, RI 02891
Steel-framed facility with specialized electrical capacity, industrial utilities, and a cannabis cultivation special permit subject to licensing requirements.
Property Size14,759 SF
Lot Size4.89 Acres
Price / SF$88.08
Days on Market232
Property Features for 22 Frontage Rd
General Information
Standard status
Active
Size
14,759 SF
Lot size
4.89 Acres
Property subtype
INDUSTRIAL
Zoning
GI
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
20 ft
Power
2,500 amps
Voltage
480 V
Three-Phase Power
Yes
Amenities
security camera surveillance
Building Details
Buildings
1
Building Size
14,759 SF
Construction
steel frame
Listing Agency:
Colliers - Hartford
(860) 616-4020
Listed By:
John Cafasso, CCIM, SIOR · License #0799851
(860) 983-4282
Source:
Moodyscre
Added: Jan 9
Changed: Aug 29
Last Checked: Aug 29 at 1:49PM
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 Colliers - Hartford
Investment Insights
Based on property information with market context.
This freestanding manufacturing property includes a 14,759-square-foot steel-framed building on 4.89 acres. The facility has polished concrete flooring, 20-foot clear ceilings, and rough-ins for plumbing, HVAC, and electrical systems. A 2,500 Amp, 480/277V 3 Phase electrical service supports specialized industrial operations, while a private well serves fire-suppression needs. The building also contains an automated water and nutrient dispensing system, along with installed security camera surveillance.
The property is located in Westerly’s GI (General Industrial) zone, just off Route 78 and minutes from the Connecticut state line. A non-expiring special permit is in place for cannabis cultivation, subject to applicable contingencies including an RI License to cultivate.
The property is located in Westerly’s GI (General Industrial) zone, just off Route 78 and minutes from the Connecticut state line. A non-expiring special permit is in place for cannabis cultivation, subject to applicable contingencies including an RI License to cultivate.
Key Highlights
- 14,759 SF freestanding steel‑framed manufacturing building on 4.89 acres
- 20‑foot clear ceilings with polished concrete slab
- 2,500 Amp, 480/277V 3 Phase electrical system
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
$69,065
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
5.31%
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%
$1,381,300
$1.4M
Cap Rate 7%
$986,643
$986.6K
Cap Rate 9%
$767,389
$767.4K
Market Conditions
NOI Build-Up for 14,759 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
$103.3K $7.00/SF
− Vacancy
−$4.6K −$0.32/SF
EGI
$98.7K $6.69/SF
− OpEx
−$29.6K −$2.01/SF
NOI
$69.1K $4.68/SF
Area
Washington County, RI
Vacancy
4.50%
Lease Rate
$7.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,381,300
Cap Rate 7%
$986,643
Cap Rate 9%
$767,389
Alternative Uses
Best Use
Industrial
$986.6K
$863.3K – $1.15M
NOI $69,065 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.95M
$2.58M – $3.44M
NOI $206,419 @ 7.0% cap · market cap 15.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
76
Businesses Nearby
Explore this area
Business Placement
Demographics for 02891, RI
21,803
Population
12,660
Households
1.7
Avg Household Size
50
Median Age
41%
College-Educated
94%
High-School Grad
26.3 sq mi
ZIP Area
829
Density / Sq Mi
$90,435
Median Household Income
$49,448
Median Earnings
$1,249
Median Rent
$422,600
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Steel-framed facility with specialized electrical capacity, industrial utilities, and a cannabis cultivation special permit subject to licensing requirements.
Where is this manufacturing property located?
The property is located at 22 Frontage Rd Westerly, RI.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 14,759 SF freestanding steel‑framed manufacturing building on 4.89 acres; 20‑foot clear ceilings with polished concrete slab; 2,500 Amp, 480/277V 3 Phase electrical system
