Office Unit with High
For Sale
$329,900
3-61 Cedar Ave, East Greenwich, RI 02818
Flexible office and studio space with high ceilings, front visibility, and dedicated parking.
Property Size1,380 SF
Price / SF$239.06
Days on Market188
Property Features for 3-61 Cedar Ave
General Information
Standard status
Active
Size
1,380 SF
Listing Agency:
Weichert Realtors-Cress & Co.
(401) 965-2074
Listed By:
Robert Cressman
(401) 965-2074
Source:
Exprealty
Added: Feb 4
Changed: Jul 10
Last Checked: Aug 11 at 12:08PM
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.
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 = 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
$16,947
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
5.14%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
79
Businesses Nearby
Explore this area
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
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 units - Flexible office and studio space with high ceilings, front visibility, and dedicated parking.
Where is this office units 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
