Flex Condominium with Overhead
For Sale
$750,000
303-597 S County Trl, Exeter, RI 02822
Two adjoining units combine office space with warehouse, garage, and storage functionality.
Property Size2,800 SF
Price / SF$267.86
Days on Market23
Property Features for 303-597 S County Trl
General Information
Standard status
Active
Size
2,800 SF
Additional Details
HOA Fee
$400
Listing Agency:
Fieldstone Properties, Inc.
(617) 901-7372
Listed By:
Lance Padulsky · License #RES.0044059
(617) 901-7372
Source:
Exprealty
Added: Aug 7
Changed: Aug 29
Last Checked: Aug 29 at 10:23AM
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 Fieldstone Properties, Inc.
Investment Insights
Based on property information with market context.
This flex condominium combines two adjoining units with pass-through connectivity, office space, and overhead doors serving warehouse, garage, and storage functions. Interior improvements include an office loft, upgraded restroom, custom floor finishes, enhanced lighting and electrical systems, and central heat and AC. An RV pump-out is located within the unit.
The property is part of South Trail Commerce Center on Rt. 2 in Eastern Exeter’s Business District, with South County access. The space is available for immediate occupancy and is located at 303-597 S County Trl, Exeter, RI.
The property is part of South Trail Commerce Center on Rt. 2 in Eastern Exeter’s Business District, with South County access. The space is available for immediate occupancy and is located at 303-597 S County Trl, Exeter, RI.
Key Highlights
- Two side‑by‑side condominium units with pass‑through access
- Office loft, upgraded restroom, custom flooring, and central heat and AC
- Overhead doors support warehouse, garage, and storage use
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
$32,405
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
4.32%
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%
$648,100
$648.1K
Cap Rate 7%
$462,929
$462.9K
Cap Rate 9%
$360,056
$360.1K
Market Conditions
NOI Build-Up for 2,800 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
$56.1K $20.04/SF
− Vacancy
−$12.9K −$4.61/SF
EGI
$43.2K $15.43/SF
− OpEx
−$10.8K −$3.86/SF
NOI
$32.4K $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%
$648,100
Cap Rate 7%
$462,929
Cap Rate 9%
$360,056
Alternative Uses
Best Use
Office B
$462.9K
$405.1K – $540.1K
NOI $32,405 @ 7.0% cap · market cap 4.32%
Second Best
Flex RnD
$246.0K
$215.3K – $287.0K
NOI $17,221 @ 7.0% cap · market cap 2.30%
Theoretical Best
Healthcare Medical
$559.4K
$489.5K – $652.7K
NOI $39,161 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
24
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02822, RI
5,960
Population
2,084
Households
2.9
Avg Household Size
48
Median Age
42%
College-Educated
86%
High-School Grad
54.4 sq mi
ZIP Area
110
Density / Sq Mi
$87,185
Median Household Income
$38,404
Median Earnings
$1,128
Median Rent
$469,600
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?
Flex space - Two adjoining units combine office space with warehouse, garage, and storage functionality.
Where is this flex space located?
The property is located at 303-597 S County Trl Exeter, RI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two side‑by‑side condominium units with pass‑through access; Office loft, upgraded restroom, custom flooring, and central heat and AC; Overhead doors support warehouse, garage, and storage use
