Medical Office
For Sale
$499,900
320 Phillips Street, North Kingstown, RI 02852
Commercial/Business,Commercial Sale, North Kingstown, RI
Property Size3,581 SF
Price / SF$139.60
Days on Market32
Property Features for 320 Phillips Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
50
Security features
Security Lighting
Interior features
Ceiling Height (7 to 9 Ft)
Subdivision
Wickford
Lot features
Paved, Free Standing, Office Park, Suburban
Standard status
Active
Size
3,581 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5484
HOA Fee
$1,642 Monthly
Utilities
Sewer type
Septic Tank
Heating system
Heat Pump (Heating), Central
Cooling system
Central Air
Building Details
Year built
1988
Floors in Building
2
Number of units
1
Building materials
Frame
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Pat Corso
(401) 374-4177
Added: Jul 27
Changed: Aug 19
Last Checked: Aug 27 at 2:06AM
MLS# 1418010
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This medical office condominium contains 3,581 square feet in a practical clinical configuration. The interior includes eleven exam rooms, multiple private offices, four bathrooms, a reception and waiting area, break room, and storage. The property was built in 1988 with frame construction and features central air, central heating, and heat pump heating. Ceiling height is listed at 7 to 9 Ft.
The building occupies a prominent corner position in Wickford and provides elevator access and ample parking. Its North Kingstown setting offers access to routes serving Providence, South County, Jamestown, and Newport. Wickford and Kingston train stations are also nearby. The property is served by a septic tank.
The building occupies a prominent corner position in Wickford and provides elevator access and ample parking. Its North Kingstown setting offers access to routes serving Providence, South County, Jamestown, and Newport. Wickford and Kingston train stations are also nearby. The property is served by a septic tank.
Key Highlights
- 3,581‑square‑foot medical office condominium
- Eleven exam rooms plus multiple private offices
- Four bathrooms, reception and waiting area, 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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
391
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Village Veterinary Center — 170 W Main St, North Kingstown, RI 02852
Frequently Asked Questions
What type of property is this?
Medical Office Space - Eleven exam rooms, private offices, and accessible common areas support a flexible clinical layout.
Where is this medical office space located?
The property is located at 320 Phillips Street 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‑square‑foot medical office condominium; Eleven exam rooms plus multiple private offices; Four bathrooms, reception and waiting area, break room, and storage
