Historic Creative Space with Gallery
New
For Sale
$729,900
4202 Old Post Road, Charlestown, RI 02813
Character-rich commercial space with exposed wood details, flexible interiors, and Traditional Village District zoning.
Property Size2,402 SF
Price / SF$303.87
Days on Market5
Property Features for 4202 Old Post Road
General Information
Standard status
Active
Size
2,402 SF
Property subtype
Commercial
Zoning
Traditional Village District
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
on-site parking
Building Details
Year Built
1838
Listing Agency:
Lila Delman Compass
(401) 363-3710
Listed By:
The Local Group
(401) 363-3710
Source:
Lockandkeyre
Added: Aug 29
Changed: Sep 2
Last Checked: Sep 1 at 5:06PM
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 Lila Delman Compass
Investment Insights
Based on property information with market context.
Built in 1838, this 2,402-square-foot property retains the character of its original schoolhouse construction while accommodating a flexible commercial layout. Exposed wood details and its most recent use as an art gallery give the interior a distinctive creative setting. The property may suit office, gallery, studio, wellness, or other small-scale business uses, with the possibility of exploring mixed-use under its Traditional Village District zoning. Intended use and zoning requirements are subject to verification with the Town of Charlestown.
The property includes 10 on-site parking spaces and is positioned along Old Post Road with access to Route 1. Charlestown beaches, shops, and restaurants are minutes away, providing a convenient setting for a range of professional or creative operations.
The property includes 10 on-site parking spaces and is positioned along Old Post Road with access to Route 1. Charlestown beaches, shops, and restaurants are minutes away, providing a convenient setting for a range of professional or creative operations.
Key Highlights
- 2,402 SF property built in 1838
- Original schoolhouse construction with exposed wood details
- Most recently operated as an art gallery
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
$27,799
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
3.81%
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%
$555,980
$556.0K
Cap Rate 7%
$397,129
$397.1K
Cap Rate 9%
$308,878
$308.9K
Market Conditions
NOI Build-Up for 2,402 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
$48.1K $20.04/SF
− Vacancy
−$11.1K −$4.61/SF
EGI
$37.1K $15.43/SF
− OpEx
−$9.3K −$3.86/SF
NOI
$27.8K $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%
$555,980
Cap Rate 7%
$397,129
Cap Rate 9%
$308,878
Alternative Uses
Best Use
Office B
$397.1K
$347.5K – $463.3K
NOI $27,799 @ 7.0% cap · market cap 3.81%
Second Best
Retail
$347.9K
$304.4K – $405.9K
NOI $24,355 @ 7.0% cap · market cap 3.34%
Theoretical Best
Healthcare Medical
$479.9K
$419.9K – $559.9K
NOI $33,594 @ 7.0% cap · market cap 4.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
174
Businesses Nearby
Explore this area
Business Placement
Demographics for 02813, RI
8,021
Population
5,334
Households
1.5
Avg Household Size
53
Median Age
42%
College-Educated
94%
High-School Grad
36.7 sq mi
ZIP Area
219
Density / Sq Mi
$103,147
Median Household Income
$53,783
Median Earnings
$1,499
Median Rent
$467,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Creative space - Character-rich commercial space with exposed wood details, flexible interiors, and Traditional Village District zoning.
Where is this creative space located?
The property is located at 4202 Old Post Road Charlestown, RI.
What is the asking price?
The asking price for this property is $729,900.
What are key features of this property?
This property features: 2,402 SF property built in 1838; Original schoolhouse construction with exposed wood details; Most recently operated as an art gallery
