Versatile Portsmouth Property For
For Sale
$949,000
35 Dyer Street, Portsmouth, RI 02871
Unique property with redevelopment potential in a desirable coastal community.
Property Size4,800 SF
Price / SF$197.71
Days on Market204
Property Features for 35 Dyer Street
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Commercial
Lease Term
[]
Building Details
Year Built
1930
Listing Agency:
Our Real Estate
(401) 835-7778
Listed By:
Lauren Mailloux
(401) 619-8222
Source:
Teridegnan
Added: Feb 2
Changed: Aug 23
Last Checked: Aug 24 at 7:15AM
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 Our Real Estate
Investment Insights
Based on property information with market context.
Located at 35 Dyer Street in Portsmouth, this property offers a unique opportunity for investors, developers, or owner-operators. The generous parcel includes an additional abutting lot at 0 Dyer St, presenting significant opportunity for long-term value creation and potential redevelopment. The existing structure spans approximately 4,800+ square feet and is currently approved for professional office use by special permit. Originally constructed as an American Legion hall, the building has evolved over time into a dance studio and later an office space, demonstrating its adaptability. The main level features expansive open areas well-suited for office or collaborative workspace, while the lower level is currently designated for storage use. The property is located in an established neighborhood with convenient access to local amenities, waterfront areas, and major routes. This is a chance to secure a versatile asset in a desirable coastal community, whether for continued office use, future reconfiguration, or exploring potential subdivision or zoning relief.
Key Highlights
- Large 4,800+ sq ft building approved for professional office use
- Includes an additional abutting lot (0 Dyer St) for potential redevelopment or expansion
- Located in a desirable coastal community with convenient access to amenities, waterfront, and major routes
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
$45,923
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
4.84%
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%
$918,460
$918.5K
Cap Rate 7%
$656,043
$656.0K
Cap Rate 9%
$510,256
$510.3K
Market Conditions
NOI Build-Up for 4,800 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
$77.2K $16.08/SF
− Vacancy
−$16.0K −$3.32/SF
EGI
$61.2K $12.76/SF
− OpEx
−$15.3K −$3.19/SF
NOI
$45.9K $9.57/SF
Area
Newport County, RI
Vacancy
20.67%
Lease Rate
$16.08 /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%
$918,460
Cap Rate 7%
$656,043
Cap Rate 9%
$510,256
Alternative Uses
Best Use
Office B
$656.0K
$574.0K – $765.4K
NOI $45,923 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.15M
$1.00M – $1.34M
NOI $80,170 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
229
Businesses Nearby
Explore this area
Business Placement
Demographics for 02871, RI
17,640
Population
8,044
Households
2.2
Avg Household Size
47
Median Age
60%
College-Educated
96%
High-School Grad
17.1 sq mi
ZIP Area
1,032
Density / Sq Mi
$119,135
Median Household Income
$56,615
Median Earnings
$1,577
Median Rent
$539,700
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?
Office units - Unique property with redevelopment potential in a desirable coastal community.
Where is this office units located?
The property is located at 35 Dyer Street Portsmouth, RI.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Large 4,800+ sq ft building approved for professional office use; Includes an additional abutting lot (0 Dyer St) for potential redevelopment or expansion; Located in a desirable coastal community with convenient access to amenities, waterfront, and major routes
