Two-Level Office
For Sale
$499,900
230 Airport Road, Warwick, RI 02889
Commercial/Business,Commercial Sale, Warwick, RI
Property Size2,400 SF
Lot Size0.62 Acres
Price / SF$208.29
Days on Market13
Property Features for 230 Airport Road
General Information
Property type
Commercial Sale
Property subtype
Single Family Residence
Zoning
GB
Rooms
Basement
Parking
25
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Full
Lot features
Urban
Standard status
Active
Lot size
0.62 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10644
Utilities
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1958
Floors in Building
1
Number of units
1
Architectural style
Ranch
Listing Agency:
Keller Williams Coastal · Keller Williams Realty
(401) 845-9200
Listed By:
The Janikies Group
(401) 529-4322
Added: Aug 11
Changed: Aug 19
Last Checked: Aug 23 at 10:06AM
MLS# 1420351
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This office property at 230 Airport Road comprises flexible space across two levels on a 0.62-acre parcel. The building dates to 1958 and includes a basement, central air conditioning, forced-air heating, and ceiling heights ranging from 7 to 9 feet. Public water serves the property, while wastewater is handled by a septic tank.
The site is positioned along a highly traveled Warwick corridor with road exposure and on-site parking. T.F. Green International Airport and major highways are nearby. The property is currently associated with commercial office use and carries GB zoning. Any change to residential use, tax classification, expansion, or other intended use remains subject to applicable City of Warwick requirements and approvals.
The site is positioned along a highly traveled Warwick corridor with road exposure and on-site parking. T.F. Green International Airport and major highways are nearby. The property is currently associated with commercial office use and carries GB zoning. Any change to residential use, tax classification, expansion, or other intended use remains subject to applicable City of Warwick requirements and approvals.
Key Highlights
- 0.62‑acre office property at 230 Airport Road, Warwick, RI 02889
- GB zoning with commercial office use
- Two‑level building constructed in 1958
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
$29,473
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
5.90%
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%
$589,460
$589.5K
Cap Rate 7%
$421,043
$421.0K
Cap Rate 9%
$327,478
$327.5K
Market Conditions
NOI Build-Up for 2,400 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
$49.5K $20.64/SF
− Vacancy
−$10.2K −$4.27/SF
EGI
$39.3K $16.37/SF
− OpEx
−$9.8K −$4.09/SF
NOI
$29.5K $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 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%
$589,460
Cap Rate 7%
$421,043
Cap Rate 9%
$327,478
Alternative Uses
Best Use
Office B
$421.0K
$368.4K – $491.2K
NOI $29,473 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$601.1K
$526.0K – $701.3K
NOI $42,077 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
427
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - GB-zoned property with public water, central air, and on-site parking along Airport Road.
Where is this office building located?
The property is located at 230 Airport Road Warwick, RI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 0.62‑acre office property at 230 Airport Road, Warwick, RI 02889; GB zoning with commercial office use; Two‑level building constructed in 1958
