Flex Property with Regional
For Sale
Contact for pricing
22 Minnesota Avenue, Warwick, RI 02888
Flex property at 22 Minnesota Avenue with immediate access to major routes and TF Green International Airport.
Property Size3,200 SF
Price / SF$156.25
Days on Market52
Property Features for 22 Minnesota Avenue
General Information
Standard status
Active
Size
3,200 SF
Class
C
Total Parking Spaces
10
Property subtype
Industrial
Zoning
LI
Additional Details
Highway Access
Yes
Building Details
Year Built
1979
Buildings
1
Listing Agency:
Cushman & Wakefield Hayes & Sherry Real Estate Service
Listed By:
David Lucivero · License #RI RES.0030865
Source:
Crexi
Added: Jul 9
Changed: Aug 26
Last Checked: Aug 26 at 7:35AM
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 Cushman & Wakefield Hayes & Sherry Real Estate Service
Investment Insights
Based on property information with market context.
This flex property at 22 Minnesota Avenue offers a flexible layout designed to support a range of commercial, industrial, and service-oriented uses. The offering is positioned as a functional space for businesses seeking operational versatility within an established corridor.
The property is described as having immediate access to I-95, Route 2 (Bald Hill Road), Route 117, and TF Green International Airport, supporting connectivity for employees, customers, and distribution across Warwick and the broader Providence area.
With a stated property size of 3,200 square feet, it provides a compact, adaptable footprint for organizations looking for a flexible real estate option.
The property is described as having immediate access to I-95, Route 2 (Bald Hill Road), Route 117, and TF Green International Airport, supporting connectivity for employees, customers, and distribution across Warwick and the broader Providence area.
With a stated property size of 3,200 square feet, it provides a compact, adaptable footprint for organizations looking for a flexible real estate option.
Key Highlights
- Flex property at 22 Minnesota Avenue in Warwick, RI, built in 1979
- Immediate access to I‑95
- Convenient access to Route 2 (Bald Hill Road) and Route 117
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
$19,681
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
3.94%
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%
$393,620
$393.6K
Cap Rate 7%
$281,157
$281.2K
Cap Rate 9%
$218,678
$218.7K
Market Conditions
NOI Build-Up for 3,200 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
$31.9K $9.96/SF
− Vacancy
−$1.6K −$0.50/SF
EGI
$30.3K $9.46/SF
− OpEx
−$10.6K −$3.31/SF
NOI
$19.7K $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 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%
$393,620
Cap Rate 7%
$281,157
Cap Rate 9%
$218,678
Alternative Uses
Best Use
Flex RnD
$281.2K
$246.0K – $328.0K
NOI $19,681 @ 7.0% cap · market cap 3.94%
Second Best
Industrial
$212.7K
$186.1K – $248.2K
NOI $14,889 @ 7.0% cap · market cap 2.98%
Theoretical Best
Specialty Retail
$801.5K
$701.3K – $935.0K
NOI $56,102 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
564
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
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Flex property at 22 Minnesota Avenue with immediate access to major routes and TF Green International Airport.
Where is this flex space located?
The property is located at 22 Minnesota Avenue Warwick, RI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Flex property at 22 Minnesota Avenue in Warwick, RI, built in 1979; Immediate access to I‑95; Convenient access to Route 2 (Bald Hill Road) and Route 117
