Building Details

Building Size 3,197 SF

Year Built 1894

Buildings 1

Stories 3

Listing Agency: Milestone Realty, Inc

Listed By: Leanne McCormick Show Phone

Source: Milestonerealtyinc

Added: May 16 Changed: Oct 7 Last Checked: Oct 7 at 9:25AM

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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

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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

Is this asking price fair?

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 (±1% cap)

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 (±1% cap)

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

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Electrical Service Locksmith Carpet & Flooring Store Storage Facility Home Appliance Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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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.