Medical Office Space with Exam
For Sale
$499,900
320 Phillips Street Unit 201, North Kingstown, RI 02852
Corner office condominium with private offices, reception areas, elevator access, and ample parking.
Property Size3,581 SF
Price / SF$139.60
Days on Market34
Property Features for 320 Phillips Street Unit 201
General Information
Standard status
Active
Size
3,581 SF
Elevators
Yes
Property subtype
Commercial
Site & Location
Highway Access
Yes
Public Transit
Yes
Building Details
Year Built
1988
Listing Agency:
RI Real Estate Services
(401) 885-5400
Listed By:
Pat Corso
Source:
Lockandkeyre
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 29 at 2:50PM
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 RI Real Estate Services
Investment Insights
Based on property information with market context.
This 3,581-square-foot office condominium, built in 1988, is configured for professional use with 11 exam rooms, multiple private offices, and four bathrooms. The interior also includes a reception and waiting area, break room, and substantial storage, creating a practical layout for an established practice or other office operation. A 3D and interactive floor plan are available for reviewing the configuration.
The property occupies a prominent corner position and provides elevator access along with ample parking. Its North Kingstown setting offers convenient connections to major routes serving Providence, South County, Jamestown, and Newport, with Wickford and Kingston train stations nearby.
The property occupies a prominent corner position and provides elevator access along with ample parking. Its North Kingstown setting offers convenient connections to major routes serving Providence, South County, Jamestown, and Newport, with Wickford and Kingston train stations nearby.
Key Highlights
- 3,581 SF office condominium built in 1988
- 11 exam rooms and multiple private offices
- Four bathrooms, reception and waiting areas, break room, and storage
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
$41,443
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
8.29%
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%
$828,860
$828.9K
Cap Rate 7%
$592,043
$592.0K
Cap Rate 9%
$460,478
$460.5K
Market Conditions
NOI Build-Up for 3,581 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
$71.8K $20.04/SF
− Vacancy
−$16.5K −$4.61/SF
EGI
$55.3K $15.43/SF
− OpEx
−$13.8K −$3.86/SF
NOI
$41.4K $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%
$828,860
Cap Rate 7%
$592,043
Cap Rate 9%
$460,478
Alternative Uses
Best Use
Healthcare Medical
$715.5K
$626.1K – $834.7K
NOI $50,084 @ 7.0% cap · market cap 10.02%
Second Best
Office B
$592.0K
$518.0K – $690.7K
NOI $41,443 @ 7.0% cap · market cap 8.29%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02852, RI
23,579
Population
10,589
Households
2.2
Avg Household Size
47
Median Age
49%
College-Educated
96%
High-School Grad
30.8 sq mi
ZIP Area
766
Density / Sq Mi
$112,457
Median Household Income
$60,020
Median Earnings
$1,188
Median Rent
$461,700
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?
Medical Office Space - Corner office condominium with private offices, reception areas, elevator access, and ample parking.
Where is this medical office space located?
The property is located at 320 Phillips Street Unit 201 North Kingstown, RI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 3,581 SF office condominium built in 1988; 11 exam rooms and multiple private offices; Four bathrooms, reception and waiting areas, break room, and storage
