Building Details

Year built 1984

Floors in Building 1

Number of units 1

Listing Agency: Here Realty r***@gmail.com Show Phone

Listed By: Megan Hayden Show Phone

Added: Oct 23 Last Checked: Oct 26 at 10:06AM

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MLS# 1426851

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.

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Investment Insights

Based on property information with market context.

This 1,325-square-foot medical office condominium was built in 1984 and previously housed an oral surgery practice. Its existing medical and surgical infrastructure supports continued clinical use. The space has central air conditioning, baseboard heating, and public water service.

The property is directly adjacent to South County Hospital in South Kingstown, placing the office alongside a regional healthcare facility.

Key Highlights

• 1,325‑square‑foot medical office condominium
• Previously used for an oral surgery practice
• Medical and surgical infrastructure in place

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$18,531

Cap Rate

7.41%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$370,620 $370.6K

Cap Rate 7%

$264,729 $264.7K

Cap Rate 9%

$205,900 $205.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,325 SF

Gross rent

$33.4K $25.20/SF

− Vacancy

−$2.5K −$1.89/SF

EGI

$30.9K $23.31/SF

− OpEx

−$12.4K −$9.32/SF

NOI

$18.5K $13.99/SF

Area

Washington County, RI

Vacancy

7.50%

Lease Rate

$25.20 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$370,620

Cap Rate 7%

$264,729

Cap Rate 9%

$205,900

Alternative Uses

Best Use

Healthcare Medical

$264.7K

$231.6K – $308.9K (±1% cap)

NOI $18,531 @ 7.0% cap · market cap 7.41%

Second Best

Office B

$219.1K

$191.7K – $255.6K (±1% cap)

NOI $15,334 @ 7.0% cap · market cap 6.13%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

James G. Couch ... Law Firm Susan Sabol, PSYD Physician Marianne Longacre Do Alternative Medicine Practice Neal W Rogol, ... Dental Office Shelagh M. Stone, ... Counselor

Suggested Use

Top Pick Computer & Electronic Repair Locksmith (Bike/Boat/Book/etc) Store Parking Lot & Garage Furniture & Home Goods Plumbing Service

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

Location Intelligence

Trade Area within ½ mile

1,015

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 02879, RI

20,982

Population

11,959

Households

1.8

Avg Household Size

51

Median Age

59%

College-Educated

95%

High-School Grad

39.5 sq mi

ZIP Area

531

Density / Sq Mi

$115,848

Median Household Income

$56,125

Median Earnings

$1,281

Median Rent

$515,800

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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Similar Off Market Nearby

• South County Veterinary Hospital — 481 Main St, Wakefield, RI 02879
• South County Veterinary Hospital: Otis E J DVM — 481 Main St, Wakefield, RI 02879
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Frequently Asked Questions

What type of property is this?

Medical Office Space - Clinical and surgical infrastructure is already installed within this condominium space.

Where is this medical office space located?

The property is located at 24 Salt Pond Road South Kingstown, RI.

What is the asking price?

The asking price for this property is $250,000.

What are key features of this property?

This property features: 1,325‑square‑foot medical office condominium; Previously used for an oral surgery practice; Medical and surgical infrastructure in place