Flex Space with Warehouse and
For Sale
$949,000
376 Dry Bridge Road, North Kingstown, RI 02852
Commercial/Business,Commercial Sale, North Kingstown, RI
Property Size3,841 SF
Price / SF$247.07
Days on Market107
Property Features for 376 Dry Bridge Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LI
Parking
10
Interior features
Ceiling Height (20 Plus Feet)
Subdivision
Dry Bridge Commerce Park
Lot features
Assoc. Fee, Paved, Underground Utilities, Industrial Park
Standard status
Active
Size
3,841 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10137
HOA Fee
$280 Monthly
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Zoned
Cooling system
Central Air
Water source
Public
Amenities
handicap accessible restrooms
3 phase electric
central air
separate entrance
Building Details
Year built
2006
Floors in Building
1
Number of units
3
Building materials
Steel
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Michael Russo · License #REB.0017244
(401) 465-0417
Added: May 13
Changed: Aug 24
Last Checked: Aug 27 at 3:06AM
MLS# 1412564
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Unit B2 at Dry Bridge Commerce Park provides 3,841 square feet of flex space arranged for business operations and office functions. The property includes a 2,000+ SF heated warehouse with 20-foot clear-span ceilings and two 12-by-14-foot ground-level doors. A separate 900+ sf office area includes flexible workspace, a private office, bathroom, central air, and its own entrance and parking area. The 800+ sf lower workshop/manufacturing area is also heated and cooled and includes a second bathroom.
The steel building was constructed in 2006 and offers three-phase electric service, handicap-accessible restrooms, forced-air heating, and central air conditioning. The property is zoned LI and served by public water and a septic tank. Dry Bridge Commerce Park is in North Kingstown, near major routes, Quonset and Port of Davisville, Rhode Island T.F. Green International Airport, Newport, and South County. Exterior and grounds maintenance and master insurance are included in the condo fee.
The steel building was constructed in 2006 and offers three-phase electric service, handicap-accessible restrooms, forced-air heating, and central air conditioning. The property is zoned LI and served by public water and a septic tank. Dry Bridge Commerce Park is in North Kingstown, near major routes, Quonset and Port of Davisville, Rhode Island T.F. Green International Airport, Newport, and South County. Exterior and grounds maintenance and master insurance are included in the condo fee.
Key Highlights
- 3,841‑square‑foot flex unit with warehouse, office, and lower workshop/manufacturing areas
- 2,000+ SF heated warehouse with 20' clear span ceilings
- Two 12'x14' ground‑level doors support warehouse access
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
$44,452
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
4.68%
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%
$889,040
$889.0K
Cap Rate 7%
$635,029
$635.0K
Cap Rate 9%
$493,911
$493.9K
Market Conditions
NOI Build-Up for 3,841 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
$77.0K $20.04/SF
− Vacancy
−$17.7K −$4.61/SF
EGI
$59.3K $15.43/SF
− OpEx
−$14.8K −$3.86/SF
NOI
$44.5K $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%
$889,040
Cap Rate 7%
$635,029
Cap Rate 9%
$493,911
Alternative Uses
Best Use
Office B
$635.0K
$555.7K – $740.9K
NOI $44,452 @ 7.0% cap · market cap 4.68%
Second Best
Flex RnD
$337.5K
$295.3K – $393.7K
NOI $23,623 @ 7.0% cap · market cap 2.49%
Theoretical Best
Healthcare Medical
$767.4K
$671.5K – $895.3K
NOI $53,720 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
2
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
65
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02852, RI
23,579
Population
10,589
Households
2.2
Avg Household Size
47
Median Age
49%
College-Educated
96%
High-School Grad
30.8 sq mi
ZIP Area
766
Density / Sq Mi
$112,457
Median Household Income
$60,020
Median Earnings
$1,188
Median Rent
$461,700
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?
Flex space - Multi-use commercial unit combines industrial workspace with customer-facing offices, truck accommodation, and dedicated parking.
Where is this flex space located?
The property is located at 376 Dry Bridge Road North Kingstown, RI.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 3,841‑square‑foot flex unit with warehouse, office, and lower workshop/manufacturing areas; 2,000+ SF heated warehouse with 20' clear span ceilings; Two 12'x14' ground‑level doors support warehouse access
