Heated Flex Space with Drive-In
New
For Sale
$229,900
25 Starline Way, Cranston, RI 02921
Heated industrial condo with a separate office, air conditioning, and private bathroom.
Property Size1,150 SF
Price / SF$199.91
Days on Market6
Property Features for 25 Starline Way
General Information
Standard status
Active
Size
1,150 SF
Property subtype
Commercial
Warehouse & Industrial
Clear Height
16 ft
Clear Span
Yes
Drive-In Doors
1
Amenities
Heated Space
Separate Office with AC and Bathroom
Building Details
Year Built
2004
Listing Agency:
Lock and Key Realty
Listed By:
Jordan Healy
(413) 717-0635
Source:
Lockandkeyre
Added: Sep 17
Changed: Sep 21
Last Checked: Sep 21 at 6:55AM
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 Lock and Key Realty
Investment Insights
Based on property information with market context.
Built in 2004, this 1,150-square-foot industrial condominium combines heated workspace with a separately configured office area. The unit includes air conditioning in the office, a bathroom, and a 12 x 14-foot overhead drive-in door for direct access.
The space offers 16-foot clear-span height, providing functional volume for a range of flex and light industrial applications. Its location at 25 Starline Way places the property in Western Cranston, Rhode Island.
The space offers 16-foot clear-span height, providing functional volume for a range of flex and light industrial applications. Its location at 25 Starline Way places the property in Western Cranston, Rhode Island.
Key Highlights
- 1,150 SF industrial condominium
- 12 x 14 Ft overhead drive‑in door
- 16ft clear‑span height
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
$7,287
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
3.17%
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%
$145,740
$145.7K
Cap Rate 7%
$104,100
$104.1K
Cap Rate 9%
$80,967
$81.0K
Market Conditions
NOI Build-Up for 1,150 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
$8.6K $7.50/SF
− Vacancy
−$52 −$0.05/SF
EGI
$8.6K $7.46/SF
− OpEx
−$1.3K −$1.12/SF
NOI
$7.3K $6.34/SF
Area
Providence County, RI
Vacancy
0.60%
Lease Rate
$7.50 /SF/Yr
Expense Ratio
15.00%
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%
$145,740
Cap Rate 7%
$104,100
Cap Rate 9%
$80,967
Alternative Uses
Best Use
Warehouse
$104.1K
$91.1K – $121.5K
NOI $7,287 @ 7.0% cap · market cap 3.17%
Second Best
Flex RnD
$101.6K
$88.9K – $118.5K
NOI $7,110 @ 7.0% cap · market cap 3.09%
Theoretical Best
Multifamily LT 5
$273.5K
$239.4K – $319.1K
NOI $19,148 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
185
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 02921, RI
12,406
Population
4,823
Households
2.6
Avg Household Size
45
Median Age
47%
College-Educated
95%
High-School Grad
13.0 sq mi
ZIP Area
954
Density / Sq Mi
$135,500
Median Household Income
$72,060
Median Earnings
$1,439
Median Rent
$523,900
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?
Flex space - Heated industrial condo with a separate office, air conditioning, and private bathroom.
Where is this flex space located?
The property is located at 25 Starline Way Cranston, RI.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 1,150 SF industrial condominium; 12 x 14 Ft overhead drive‑in door; 16ft clear‑span height
