Multi-Unit Commercial Property For
For Sale
$400,000
Pending
2291 West Shore, Warwick, RI 02889
Versatile commercial property with three units and ample parking.
Property Size2,684 SF
Days on Market317
Property Features for 2291 West Shore
General Information
Standard status
Pending
Size
2,684 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,986
Amenities
Circuit Breakers
Building Details
Year Built
1955
Listing Agency:
WILLIAMS & STUART REAL ESTATE
(401) 942-0200
Listed By:
GIANA VALELLI
Source:
Corcoran
Added: Sep 30, 2025
Changed: Aug 8
Last Checked: Jul 23 at 9:28AM
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 WILLIAMS & STUART REAL ESTATE
Investment Insights
Based on property information with market context.
This multi-unit commercial property offers an opportunity suitable for various business ventures. The property features three units, each with a private bathroom and separate electric meters. Approximately 15 dedicated parking spaces provide parking for business owners and customers. An oversized garage space offers potential for additional rental income or secure storage. The property is located near Oakland Beach and Warwick Neck. It has a history of diverse uses, including a tattoo shop, locksmith, office space, and coffee shop. The property has a flexible and adaptable layout. The property size is 2684 square feet.
Key Highlights
- Three well‑maintained units with flexible layout.
- Each unit has a private bathroom and separate electric meter.
- Approximately 15 dedicated parking spaces.
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
$33,154
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%
$663,080
$663.1K
Cap Rate 7%
$473,629
$473.6K
Cap Rate 9%
$368,378
$368.4K
Market Conditions
NOI Build-Up for 2,684 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
$58.9K $21.96/SF
− Vacancy
−$5.9K −$2.20/SF
EGI
$53.0K $19.76/SF
− OpEx
−$19.9K −$7.41/SF
NOI
$33.2K $12.35/SF
Area
Kent County, RI
Vacancy
10.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
37.50%
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%
$663,080
Cap Rate 7%
$473,629
Cap Rate 9%
$368,378
Alternative Uses
Best Use
Mixed Use
$473.6K
$414.4K – $552.6K
NOI $33,154 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$672.2K
$588.2K – $784.3K
NOI $47,056 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
Explore this area
Business Placement
Demographics for 02889, RI
28,277
Population
11,947
Households
2.4
Avg Household Size
44
Median Age
26%
College-Educated
91%
High-School Grad
8.5 sq mi
ZIP Area
3,327
Density / Sq Mi
$85,617
Median Household Income
$50,988
Median Earnings
$1,216
Median Rent
$299,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Versatile commercial property with three units and ample parking.
Where is this mixed-use property located?
The property is located at 2291 West Shore Warwick, RI.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Three well‑maintained units with flexible layout.; Each unit has a private bathroom and separate electric meter.; Approximately 15 dedicated parking spaces.
