Medical Office Building For
For Sale
Contact for pricing
356 East Avenue, Pawtucket, RI 02860
1,400 SF building ideal for medical or office use.
Property Size1,400 SF
Price / SF$239.29
Days on Market171
Property Features for 356 East Avenue
General Information
Standard status
Active
Size
1,400 SF
Class
C
Property subtype
Office
Zoning
CG
Investment Type
Owner/User
Building Details
Year Built
1975
Buildings
1
Tenancy
Single
Listing Agency:
MG Commercial
(401) 474-4879
Listed By:
Leeds Mitchell · License #REB 0019529
Source:
Crexi
Added: Mar 3
Changed: Aug 10
Last Checked: Aug 20 at 12:29PM
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 MG Commercial
Investment Insights
Based on property information with market context.
This 1,400 SF building is available for sale. The current owner/operator is a medical professional, and the interior is built-out for medical, therapeutic, office, or legal use. The property features an off-street parking lot, employee parking in the rear driveway, and ADA accessibility. The layout includes 5-6 office or exam rooms, 2 restrooms, a waiting room, a reception area, and a full unfinished basement. Situated in a mixed residential-commercial neighborhood, the building is near schools and local amenities. Its location and access to RT-1 and I-95 make it suitable for a small business. The property is less than a 10-minute walk to the new Centerville Bank Stadium and is home to RIFC.
Key Highlights
- Ideal location for small business with access to RT‑1 and I‑95.
- Built‑out interior suitable for medical, therapeutic, office, or legal use.
- Off‑street parking lot and employee parking in rear driveway.
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
$18,096
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
5.40%
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%
$361,920
$361.9K
Cap Rate 7%
$258,514
$258.5K
Cap Rate 9%
$201,067
$201.1K
Market Conditions
NOI Build-Up for 1,400 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
$28.1K $20.04/SF
− Vacancy
−$3.9K −$2.81/SF
EGI
$24.1K $17.23/SF
− OpEx
−$6.0K −$4.31/SF
NOI
$18.1K $12.93/SF
Area
Providence County, RI
Vacancy
14.00%
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%
$361,920
Cap Rate 7%
$258,514
Cap Rate 9%
$201,067
Alternative Uses
Best Use
Office B
$258.5K
$226.2K – $301.6K
NOI $18,096 @ 7.0% cap · market cap 5.40%
Second Best
Healthcare Medical
$193.8K
$169.6K – $226.1K
NOI $13,566 @ 7.0% cap · market cap 4.05%
Theoretical Best
Multifamily LT 5
$333.0K
$291.4K – $388.5K
NOI $23,311 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,400
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Veterinary Services of Pawtucket — 310 East Ave, Pawtucket, RI 02860
Frequently Asked Questions
What type of property is this?
Medical Office Space - 1,400 SF building ideal for medical or office use.
Where is this medical office space located?
The property is located at 356 East Avenue Pawtucket, RI.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Ideal location for small business with access to RT‑1 and I‑95.; Built‑out interior suitable for medical, therapeutic, office, or legal use.; Off‑street parking lot and employee parking in rear driveway.
