Professional Office
For Sale
Contact for pricing
28 Caswell Street, Narragansett, RI 02882
Multi-suite office property with private offices, paved parking, and an Urban Renewal zoning designation.
Property Size10,270 SF
Lot Size0.59 Acres
Price / SF$175.27
Days on Market113
Property Features for 28 Caswell Street
General Information
Standard status
Active
Size
10,270 SF
Class
B
Total Parking Spaces
24
Lot size
0.59 Acres
Property subtype
Office
Zoning
Urban Renewal (UR)
Lease Type
Modified Gross
Investment Type
Stabilized
Additional Details
Road Access
Yes
Building Details
Year Built
1989
Buildings
1
Units
24
Tenancy
Multi
Listing Agency:
Sweeney Real Estate
(401) 331-9300
Listed By:
Thomas Sweeney · License #RI
Source:
Crexi
Added: May 11
Changed: Aug 30
Last Checked: Aug 30 at 11:46PM
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 Sweeney Real Estate
Investment Insights
Based on property information with market context.
The Pier Professional Building is a 10,270-square-foot office property on 25,805 square feet of land. Its layout includes three office suites and six individual offices, providing a range of professional workspace configurations. The building was constructed in 1989 and carries Urban Renewal (UR) zoning.
The property fronts Caswell Street for approximately 224 feet and includes 24 paved parking spaces, with additional on-street parking available. Its setting is next to Narragansett Pier Village and Town Beach in Narragansett, Rhode Island.
The property fronts Caswell Street for approximately 224 feet and includes 24 paved parking spaces, with additional on-street parking available. Its setting is next to Narragansett Pier Village and Town Beach in Narragansett, Rhode Island.
Key Highlights
- 10,270± square foot office building on 25,805± square feet of land
- Three office suites plus six single offices
- Approximately 224± feet of frontage on Caswell Street
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
$118,856
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
6.60%
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%
$2,377,120
$2.4M
Cap Rate 7%
$1,697,943
$1.7M
Cap Rate 9%
$1,320,622
$1.3M
Market Conditions
NOI Build-Up for 10,270 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
$205.8K $20.04/SF
− Vacancy
−$47.3K −$4.61/SF
EGI
$158.5K $15.43/SF
− OpEx
−$39.6K −$3.86/SF
NOI
$118.9K $11.57/SF
Area
Washington County, RI
Vacancy
23.00%
Lease Rate
$20.04 /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%
$2,377,120
Cap Rate 7%
$1,697,943
Cap Rate 9%
$1,320,622
Alternative Uses
Best Use
Office B
$1.70M
$1.49M – $1.98M
NOI $118,856 @ 7.0% cap · market cap 6.60%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.05M
$1.80M – $2.39M
NOI $143,636 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
Explore this area
Business Placement
Demographics for 02882, RI
12,919
Population
8,870
Households
1.5
Avg Household Size
52
Median Age
64%
College-Educated
98%
High-School Grad
12.8 sq mi
ZIP Area
1,009
Density / Sq Mi
$95,794
Median Household Income
$44,042
Median Earnings
$1,661
Median Rent
$686,000
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-suite office property with private offices, paved parking, and an Urban Renewal zoning designation.
Where is this office building located?
The property is located at 28 Caswell Street Narragansett, RI.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 10,270± square foot office building on 25,805± square feet of land; Three office suites plus six single offices; Approximately 224± feet of frontage on Caswell Street
