Two-Story Office
For Sale
$875,000
460 E Main Road, Middletown, RI 02840
Commercial/Business,Commercial Sale, Middletown, RI
Property Size3,197 SF
Lot Size0.42 Acres
Price / SF$273.69
Days on Market173
Property Features for 460 E Main Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LBA
Rooms
Basement
Parking
10
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Full
Subdivision
East Main / Aquidneck
Lot features
Corner, Free Standing
Standard status
Active
Size
3,197 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9980
Utilities
Heating system
Natural Gas
Building Details
Year built
1894
Floors in Building
2
Number of units
1
Building materials
Frame
Listing Agency:
Gustave White Sotheby's Realty · Sotheby's International Realty
(401) 849-3000
Listed By:
Mike Sweeney
(401) 862-0164
Added: Mar 2
Changed: Aug 19
Last Checked: Aug 22 at 5:06AM
MLS# 1405687
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.
This two-story office building contains 3,197 square feet and eight offices. The first floor includes a reception area, two offices, a kitchenette, and two half bathrooms. Six additional offices occupy the second floor, which also connects to an unfinished third floor that may provide additional expansion area. The property includes a basement, frame construction, natural-gas heating, and ceiling heights from 7 to 9 feet.
Located along E Main Road in Middletown, the building sits beside a lighted intersection that supports convenient ingress and egress. Limited Business zoning is identified for the property, and on-site parking accommodates 10 vehicles. Improvements include a newer roof, heating system, and electrical wiring. Built in 1894, the property is configured for continued office use.
Located along E Main Road in Middletown, the building sits beside a lighted intersection that supports convenient ingress and egress. Limited Business zoning is identified for the property, and on-site parking accommodates 10 vehicles. Improvements include a newer roof, heating system, and electrical wiring. Built in 1894, the property is configured for continued office use.
Key Highlights
- 3,197‑square‑foot office building with eight offices across two finished levels
- Unfinished third floor offers additional expansion area
- First‑floor reception, two offices, kitchenette, and two half bathrooms
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
$30,586
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
3.50%
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%
$611,720
$611.7K
Cap Rate 7%
$436,943
$436.9K
Cap Rate 9%
$339,844
$339.8K
Market Conditions
NOI Build-Up for 3,197 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
$51.4K $16.08/SF
− Vacancy
−$10.6K −$3.32/SF
EGI
$40.8K $12.76/SF
− OpEx
−$10.2K −$3.19/SF
NOI
$30.6K $9.57/SF
Area
Newport County, RI
Vacancy
20.67%
Lease Rate
$16.08 /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%
$611,720
Cap Rate 7%
$436,943
Cap Rate 9%
$339,844
Alternative Uses
Best Use
Office B
$436.9K
$382.3K – $509.8K
NOI $30,586 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$762.8K
$667.5K – $890.0K
NOI $53,397 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Office units
Location Intelligence
Trade Area within ½ mile
755
Businesses Nearby
Explore this area
Business Placement
Demographics for 02840, RI
23,902
Population
13,515
Households
1.8
Avg Household Size
40
Median Age
55%
College-Educated
95%
High-School Grad
7.3 sq mi
ZIP Area
3,274
Density / Sq Mi
$83,515
Median Household Income
$41,228
Median Earnings
$1,610
Median Rent
$669,500
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?
Office building - Office property with reception, kitchenette, parking, and Limited Business zoning at a signalized intersection.
Where is this office building located?
The property is located at 460 E Main Road Middletown, RI.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 3,197‑square‑foot office building with eight offices across two finished levels; Unfinished third floor offers additional expansion area; First‑floor reception, two offices, kitchenette, and two half bathrooms
