Corner Flex Space with
For Sale
$395,000
37 Lark Industrial Parkway A, Smithfield, RI 02828
Corner-unit flex property with a separately accessed office, full bath, HVAC, kitchen, and second-floor space.
Property Size2,500 SF
Price / SF$158
Days on Market18
Property Features for 37 Lark Industrial Parkway A
General Information
Standard status
Active
Size
2,500 SF
Warehouse & Industrial
Office Build-Out
400 SF
Three-Phase Power
Yes
Building Details
Year Built
1994
Stories
2
Listing Agency:
Acumen Group
Listed By:
Matthew Goudreau
(401) 714-4493
Source:
Alpernandmesenbourg
Added: Aug 17
Changed: Aug 30
Last Checked: Sep 1 at 8:55PM
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 Acumen Group
Investment Insights
Based on property information with market context.
This 2,500-square-foot flex unit includes a 400-square-foot office with a private entrance, full bathroom, and dedicated HVAC. The configuration also provides a main work area, full kitchen, second-floor space, and two additional bathrooms with marble finishes. Ceramic tile extends throughout the unit.
The corner position brings eastern and southern exposure, with eight windows and two glass doors supplying natural light. A 10-foot garage door supports access to the main area. Building systems include a new Trane rooftop HVAC unit serving the primary space, three-phase electrical service, and heavily insulated Styrofoam-insert masonry walls. The property also has a new roof and was built in 1994.
The corner position brings eastern and southern exposure, with eight windows and two glass doors supplying natural light. A 10-foot garage door supports access to the main area. Building systems include a new Trane rooftop HVAC unit serving the primary space, three-phase electrical service, and heavily insulated Styrofoam-insert masonry walls. The property also has a new roof and was built in 1994.
Key Highlights
- 2,500 sf total size, including an additional 400 sf office
- Office has its own entrance, full bath, and HVAC
- Corner unit with eastern and southern exposure
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
$15,457
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
3.91%
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%
$309,140
$309.1K
Cap Rate 7%
$220,814
$220.8K
Cap Rate 9%
$171,744
$171.7K
Market Conditions
NOI Build-Up for 2,500 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
$24.9K $9.96/SF
− Vacancy
−$1.1K −$0.45/SF
EGI
$23.8K $9.51/SF
− OpEx
−$8.3K −$3.33/SF
NOI
$15.5K $6.18/SF
Area
Providence County, RI
Vacancy
4.50%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$309,140
Cap Rate 7%
$220,814
Cap Rate 9%
$171,744
Alternative Uses
Best Use
Flex RnD
$220.8K
$193.2K – $257.6K
NOI $15,457 @ 7.0% cap · market cap 3.91%
Second Best
Industrial
$186.4K
$163.1K – $217.4K
NOI $13,046 @ 7.0% cap · market cap 3.30%
Theoretical Best
Multifamily LT 5
$594.7K
$520.3K – $693.8K
NOI $41,626 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
509
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02828, RI
7,469
Population
3,012
Households
2.5
Avg Household Size
50
Median Age
41%
College-Educated
95%
High-School Grad
4.3 sq mi
ZIP Area
1,737
Density / Sq Mi
$94,746
Median Household Income
$61,278
Median Earnings
$999
Median Rent
$400,900
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Corner-unit flex property with a separately accessed office, full bath, HVAC, kitchen, and second-floor space.
Where is this flex space located?
The property is located at 37 Lark Industrial Parkway A Smithfield, RI.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 2,500 sf total size, including an additional 400 sf office; Office has its own entrance, full bath, and HVAC; Corner unit with eastern and southern exposure
