Well-Maintained Office Building For
For Sale
$875,000
460 East Main Road Middletown, Newport, RI 02840
Two-story office building with excellent visibility and business potential.
Property Size3,197 SF
Price / SF$273.69
Days on Market151
Property Features for 460 East Main Road Middletown
General Information
Standard status
Active
Size
3,197 SF
Total Parking Spaces
10
Zoning
LBA
Lease Type
Gross
Taxes and HOA fees
Annual Taxes
$9,980
Building Details
Building Size
3,197 SF
Year Built
1894
Buildings
1
Stories
3
Listing Agency:
Milestone Realty, Inc
Listed By:
Leanne McCormick
(774) 309-3101
Source:
Milestonerealtyinc
Added: May 16
Changed: Oct 7
Last Checked: Oct 7 at 9:25AM
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 Milestone Realty, Inc
Investment Insights
Based on property information with market context.
This well-maintained, two-story office building offers excellent visibility and is situated adjacent to a lighted intersection, facilitating easy access. The property features eight offices and is zoned Limited Business, allowing for a multitude of options. The first floor includes a reception space, two offices, a kitchenette, and two half baths. The second level provides six offices and access to an unfinished third floor, offering expansion possibilities. Additional features include a newer roof, heating system, and electrical wiring. Parking is available for 10 vehicles. The property is centrally located and suitable for various business uses. The sale of the property can also include the adjacent single-family, LBA zoned property.
Key Highlights
- Excellent visibility at a lighted intersection for easy access.
- Centrally located with Limited Business zoning allowing for a multitude of options.
- Eight office spaces across two stories, suitable for a growing business.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,586
Cap Rate
3.50%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with excellent visibility and business potential.
Where is this office building located?
The property is located at 460 East Main Road Middletown Newport, 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: Excellent visibility at a lighted intersection for easy access.; Centrally located with Limited Business zoning allowing for a multitude of options.; Eight office spaces across two stories, suitable for a growing business.
