Office Unit with High
3-61 Cedar Ave, East Greenwich, RI 02818
For Sale
$329,900
Flexible office and studio space with high ceilings, front visibility, and dedicated parking.
Property Size1,380 SF
Price / SF$239.06
Days on Market282
Property Features for 3-61 Cedar Ave
General Information
Standard status
Size
Taxes and HOA fees
Annual Taxes
Listing Agency:
Weichert Realtors-Cress & Co.
(401) 885-2990
Listed By:
Robert Cressman · License RI REC.0012910
(401) 965-2074
Source:
Exprealty
Added: Feb 4
Changed: Nov 3
Last Checked: Nov 12 at 12:53PM
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 Weichert Realtors-Cress & Co.
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Investment Insights
Based on property information with market context.
This offering is an office unit within Steeple Street Office Park featuring a wide-open layout designed for maximum flexibility. The unit has high ceilings, central air, a half bath, and gas heat, with front visibility from the Cedar Avenue frontage. Parking is available through the property’s parking lots.
The property is located in East Greenwich on Cedar Avenue, near Post Road, providing convenient access to surrounding commercial areas. Positioned within the office park, the space benefits from its front-facing exposure.
The open-plan configuration suits a range of professional and creative uses, including office operations, studio work, and gallery-style environments. With central air, gas heat, and an in-unit half bath, the space is positioned for straightforward buildout and day-to-day occupancy. The property is available for sale, and the public remarks indicate it may also be available for rent under the referenced MLS listing.
The property is located in East Greenwich on Cedar Avenue, near Post Road, providing convenient access to surrounding commercial areas. Positioned within the office park, the space benefits from its front-facing exposure.
The open-plan configuration suits a range of professional and creative uses, including office operations, studio work, and gallery-style environments. With central air, gas heat, and an in-unit half bath, the space is positioned for straightforward buildout and day-to-day occupancy. The property is available for sale, and the public remarks indicate it may also be available for rent under the referenced MLS listing.
Key Highlights
- Flexible office and studio space in Steeple Street Office Park with front visibility
- Wide open layout with high ceilings for multiple space configurations
- Unit includes central air and gas heat
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,947
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$338,940
$338.9K
Cap Rate 7%
$242,100
$242.1K
Cap Rate 9%
$188,300
$188.3K
Market Conditions
NOI Build-Up for 1,380 SF
Gross rent
$28.5K $20.64/SF
− Vacancy
−$5.9K −$4.27/SF
EGI
$22.6K $16.37/SF
− OpEx
−$5.6K −$4.09/SF
NOI
$16.9K $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 Rate 5%
$338,940
Cap Rate 7%
$242,100
Cap Rate 9%
$188,300
Alternative Uses
Best Use
Office B
$242.1K
$211.8K – $282.5K
NOI $16,947 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$345.6K
$302.4K – $403.2K
NOI $24,194 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
649
Businesses Nearby
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Business Placement
Demographics for 02818, RI
19,907
Population
8,623
Households
2.3
Avg Household Size
45
Median Age
63%
College-Educated
97%
High-School Grad
21.2 sq mi
ZIP Area
939
Density / Sq Mi
$120,952
Median Household Income
$72,985
Median Earnings
$1,384
Median Rent
$564,800
Median Home Value
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Market
Average Price Trend$/SF for Office Units in Kent County, RI
Properties on Market for Office Units in Kent County
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - Flexible office and studio space with high ceilings, front visibility, and dedicated parking.
Where is this office unit located?
The property is located at 3-61 Cedar Ave East Greenwich, RI.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Flexible office and studio space in Steeple Street Office Park with front visibility; Wide open layout with high ceilings for multiple space configurations; Unit includes central air and gas heat
