Warwick Light Industrial Zoned
For Sale
$2,600,000
46 Warwick Industrial Drive, Warwick, RI 02886
31,000+ sq. ft. building on one acre in Warwick.
Property Size31,216 SF
Lot Size1.00 Acre
Price / SF$83.29
Days on Market140
Property Features for 46 Warwick Industrial Drive
General Information
Standard status
Active
Size
31,216 SF
Total Parking Spaces
30
Lot size
1.00 Acre
Property subtype
Commercial
Zoning
LI
Taxes and HOA fees
Annual Taxes
$38,727
Building Details
Building Size
31,216 SF
Year Built
1988
Buildings
1
Stories
1
Units
3
Listing Agency:
Coldwell Banker Realty
(401) 580-4555
Listed By:
Kimberly Capirchio
(401) 580-4555
Source:
Liongatere
Added: Mar 25
Changed: Aug 8
Last Checked: Aug 10 at 12:17PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This property is a light industrial zoned building in Warwick, Rhode Island. The building has over 31,000 square feet of space and is situated on over one acre. It is located in a desirable area and is close to T.F. Green Airport and major transportation routes. This location is suitable for light manufacturing, processing, storage, and distribution. The building is configured into two separate spaces, one approximately 10,000 sq. ft. and the other approximately 21,216 sq. ft. Each space includes dedicated office areas, mini-kitchens, restrooms, oversized garage doors, and loading docks. The spaces can function independently or be combined into one expansive facility, offering flexibility for a variety of operational needs. The property's strategic location, substantial square footage, and adaptable layout make it suitable for investors or owner-occupants seeking a high-value light industrial asset.
Key Highlights
- Prime location near T.F. Green Airport and major transportation routes.
- 31,000+ sq. ft. building on over one acre.
- Light Industrial Zoning suitable for manufacturing, processing, storage, and distribution.
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
$152,038
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
5.85%
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%
$3,040,760
$3.0M
Cap Rate 7%
$2,171,971
$2.2M
Cap Rate 9%
$1,689,311
$1.7M
Market Conditions
NOI Build-Up for 31,216 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
$187.3K $6.00/SF
− Vacancy
−$8.4K −$0.27/SF
EGI
$178.9K $5.73/SF
− OpEx
−$26.8K −$0.86/SF
NOI
$152.0K $4.87/SF
Area
Kent County, RI
Vacancy
4.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
15.00%
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%
$3,040,760
Cap Rate 7%
$2,171,971
Cap Rate 9%
$1,689,311
Alternative Uses
Best Use
Warehouse
$2.17M
$1.90M – $2.53M
NOI $152,038 @ 7.0% cap · market cap 5.85%
Second Best
Industrial
$2.07M
$1.82M – $2.42M
NOI $145,241 @ 7.0% cap · market cap 5.59%
Theoretical Best
Specialty Retail
$7.82M
$6.84M – $9.12M
NOI $547,279 @ 7.0% cap · market cap 21.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
Explore this area
Business Placement
Demographics for 02886, RI
29,373
Population
13,669
Households
2.1
Avg Household Size
47
Median Age
37%
College-Educated
93%
High-School Grad
15.8 sq mi
ZIP Area
1,859
Density / Sq Mi
$91,037
Median Household Income
$52,851
Median Earnings
$1,300
Median Rent
$334,400
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?
Manufacturing property - 31,000+ sq. ft. building on one acre in Warwick.
Where is this manufacturing property located?
The property is located at 46 Warwick Industrial Drive Warwick, RI.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Prime location near T.F. Green Airport and major transportation routes.; 31,000+ sq. ft. building on over one acre.; Light Industrial Zoning suitable for manufacturing, processing, storage, and distribution.
