Narragansett Medical Office For
For Sale
$89,900
Pending
360 Kingstown #107, Narragansett, RI 02882
Ground level office space in Narragansett Medical Building.
Property Size655 SF
Days on Market317
Property Features for 360 Kingstown #107
General Information
Standard status
Pending
Size
655 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$919
Amenities
Central air
Corner Lot
Central Air Cooling
Circuit Breakers
Forced Air Heating
Building Details
Year Built
1987
Listing Agency:
COMPASS
(401) 364-3388
Listed By:
SCOT HALLBERG
Source:
Corcoran
Added: Sep 30, 2025
Changed: Aug 8
Last Checked: Apr 5 at 9:21PM
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 COMPASS
Investment Insights
Based on property information with market context.
This ground-level office space is located in the Narragansett Medical Building and offers immediate occupancy. The interior layout includes four office/exam rooms, a reception/waiting area, and a bathroom. The property is handicap accessible and features ample parking. The association fee covers all utilities, excluding phone and internet services. Situated in a high-traffic area, the property benefits from excellent visibility and proximity to South County Hospital, with immediate access to Route 1. Permitted uses include medical practices, attorney offices, accounting firms, architectural services, appraisal services, engineering firms, insurance agencies, real estate offices, and surveyor services. The property has a size of 655 square feet.
Key Highlights
- Ground level office space with immediate occupancy.
- Includes 4 office/exam rooms, reception/waiting room, and bathroom.
- Association fee covers all utilities except phone/internet.
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
$7,580
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
8.43%
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%
$151,600
$151.6K
Cap Rate 7%
$108,286
$108.3K
Cap Rate 9%
$84,222
$84.2K
Market Conditions
NOI Build-Up for 655 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
$13.1K $20.04/SF
− Vacancy
−$3.0K −$4.61/SF
EGI
$10.1K $15.43/SF
− OpEx
−$2.5K −$3.86/SF
NOI
$7.6K $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%
$151,600
Cap Rate 7%
$108,286
Cap Rate 9%
$84,222
Alternative Uses
Best Use
Healthcare Medical
$130.9K
$114.5K – $152.7K
NOI $9,161 @ 7.0% cap · market cap 10.19%
Second Best
Office B
$108.3K
$94.8K – $126.3K
NOI $7,580 @ 7.0% cap · market cap 8.43%
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
711
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02882, RI
12,919
Population
8,870
Households
1.5
Avg Household Size
52
Median Age
64%
College-Educated
98%
High-School Grad
12.8 sq mi
ZIP Area
1,009
Density / Sq Mi
$95,794
Median Household Income
$44,042
Median Earnings
$1,661
Median Rent
$686,000
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?
Medical Office Space - Ground level office space in Narragansett Medical Building.
Where is this medical office space located?
The property is located at 360 Kingstown #107 Narragansett, RI.
What is the asking price?
The asking price for this property is $89,900.
What are key features of this property?
This property features: Ground level office space with immediate occupancy.; Includes 4 office/exam rooms, reception/waiting room, and bathroom.; Association fee covers all utilities except phone/internet.
