Medical Office
35 Wells St Westerly, RI 02891
For Sale
Contact for pricing
Medical office condominium next to Westerly Hospital, offered for sale with a long-term lease in place and options.
Property Size4,143 SF
Price / SF$229.30
Days on Market209
Property Features for 35 Wells St
General Information
Standard status
Active
Size
4,143 SF
Property subtype
OFFICE
Listing Agency:
Pequot Commercial
(860) 460-0255
Listed By:
John E Jensen · License #REB.0339523
(860) 460-0255
Source:
Moodyscre
Added: Jan 2
Changed: Jul 27
Last Checked: Jul 29 at 2:16PM
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 Pequot Commercial
Investment Insights
Based on property information with market context.
This medical office condominium is offered for sale as a managed, condominium-style space. The property is described as having a long-term lease in place, with options included.
The building is located next to Westerly Hospital, providing direct proximity to a healthcare setting.
As presented, the offering includes the existing leased occupancy through the long-term agreement and its stated options.
The building is located next to Westerly Hospital, providing direct proximity to a healthcare setting.
As presented, the offering includes the existing leased occupancy through the long-term agreement and its stated options.
Key Highlights
- Medical office condominium located next to Westerly Hospital
- Long‑term lease in place
- Lease includes options
Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $104.4k | $25.20 |
| − Vacancy | −$7.8k | −$1.89 |
| EGI | $96.6k | $23.31 |
| − OpEx | −$38.6k | −$9.32 |
| NOI | $57.9k | $13.99 |
4,143 SF · lease $25.20/SF/yr · vacancy 7.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$827.8K
$724.3K – $965.7K
NOI $57,944 @ 7.0% cap · market cap 6.10%
Second Best
Office B
$685.0K
$599.3K – $799.1K
NOI $47,947 @ 7.0% cap · market cap 5.05%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Similar Off Market Nearby
- Westerly Animal Hospital — 92 Franklin St, Westerly, RI 02891
- Kitty Corner Cat Clinic — 49 Beach St, Westerly, RI 02891
- Dr. Michael Conway VMD — 92 Franklin St, Westerly, RI 02891
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office condominium next to Westerly Hospital, offered for sale with a long-term lease in place and options.
Where is this medical office space located?
The property is located at 35 Wells St Westerly, RI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Medical office condominium located next to Westerly Hospital; Long‑term lease in place; Lease includes options
