Medical Office
For Sale
Contact for pricing
35 Wells St, Westerly, RI 02891
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 Market300
Property Features for 35 Wells St
General Information
Standard status
Active
Size
4,143 SF
Property subtype
OFFICE
Listing Agency:
Pequot Commercial
(860) 447-9570
Listed By:
John E Jensen · License #REB.0339523
(860) 460-0255
Source:
Moodyscre
Added: Jan 2
Changed: Oct 26
Last Checked: Oct 28 at 5:29AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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
Estimated NOI and Cap Rate
NOI / Yr
$57,944
Cap Rate
6.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,158,880
$1.2M
Cap Rate 7%
$827,771
$827.8K
Cap Rate 9%
$643,822
$643.8K
Market Conditions
NOI Build-Up for 4,143 SF
Gross rent
$104.4K $25.20/SF
− Vacancy
−$7.8K −$1.89/SF
EGI
$96.6K $23.31/SF
− OpEx
−$38.6K −$9.32/SF
NOI
$57.9K $13.99/SF
Area
Washington County, RI
Vacancy
7.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,158,880
Cap Rate 7%
$827,771
Cap Rate 9%
$643,822
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.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
768
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 02891, RI
21,803
Population
12,660
Households
1.7
Avg Household Size
50
Median Age
41%
College-Educated
94%
High-School Grad
26.3 sq mi
ZIP Area
829
Density / Sq Mi
$90,435
Median Household Income
$49,448
Median Earnings
$1,249
Median Rent
$422,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Similar Off Market Nearby
- Westerly Animal Hospital — 92 Franklin St, Westerly, RI 02891
- Dr. Michael Conway VMD — 92 Franklin St, Westerly, RI 02891
- Kitty Corner Cat Clinic — 49 Beach 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
