Cannabis Cultivation
New
For Sale
$995,000
49 Mechanic Street, Hopkinton, RI 02832
Commercial/Business,Commercial Sale, Hopkinton, RI
Property Size19,420 SF
Lot Size9.78 Acres
Price / SF$51.24
Days on Market6
Property Features for 49 Mechanic Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M
Parking
100
Security features
Security System
Interior features
Ceiling Height (20 Plus Feet)
Lot features
Free Standing, Rural, Suburban
Standard status
Active
Size
19,420 SF
Lot size
9.78 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6836
Utilities
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Ductless, Other (Cooling), Central Air
Water source
Well
Building Details
Year built
1920
Floors in Building
1
Number of units
2
Building materials
Frame
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Michael Russo · License #REB.0017244
(401) 465-0417
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 30 at 8:06AM
MLS# 1421505
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 cannabis property encompasses 9.78 acres and includes a commercial building originally constructed in 1920. The facility was most recently used for cultivation and features ceiling heights above 20 feet, two loading docks, and two ground-level doors. Construction is frame, with forced-air heating, central air, ductless cooling, well water, and a septic tank. The property also has upgraded electrical service and a climate-control system.
Located at 49 Mechanic Street in Hopkinton, Rhode Island, the site is positioned moments from I-95. The Wood River forms the eastern and southern property boundaries, creating a setting with direct waterway context. M zoning is identified for the property, and expansion plans are available for review.
Located at 49 Mechanic Street in Hopkinton, Rhode Island, the site is positioned moments from I-95. The Wood River forms the eastern and southern property boundaries, creating a setting with direct waterway context. M zoning is identified for the property, and expansion plans are available for review.
Key Highlights
- 9.78‑acre property with a 19,420‑square‑foot commercial building
- M zoning with a documented history as a cultivation facility
- Two loading docks and 2 ground‑level doors
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
$90,876
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
9.13%
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%
$1,817,520
$1.8M
Cap Rate 7%
$1,298,229
$1.3M
Cap Rate 9%
$1,009,733
$1.0M
Market Conditions
NOI Build-Up for 19,420 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
$135.9K $7.00/SF
− Vacancy
−$6.1K −$0.32/SF
EGI
$129.8K $6.69/SF
− OpEx
−$38.9K −$2.01/SF
NOI
$90.9K $4.68/SF
Area
Washington County, RI
Vacancy
4.50%
Lease Rate
$7.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,817,520
Cap Rate 7%
$1,298,229
Cap Rate 9%
$1,009,733
Alternative Uses
Best Use
Industrial
$1.30M
$1.14M – $1.51M
NOI $90,876 @ 7.0% cap · market cap 9.13%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$3.88M
$3.40M – $4.53M
NOI $271,608 @ 7.0% cap · market cap 27.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Explore this area
Business Placement
Demographics for 02832, RI
4,887
Population
2,170
Households
2.3
Avg Household Size
47
Median Age
36%
College-Educated
91%
High-School Grad
24.8 sq mi
ZIP Area
197
Density / Sq Mi
$101,225
Median Household Income
$46,394
Median Earnings
$1,114
Median Rent
$391,100
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Cannabis property - Commercial facility with high ceilings, loading infrastructure, upgraded electrical service, and room for specialized operations.
Where is this cannabis property located?
The property is located at 49 Mechanic Street Hopkinton, RI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 9.78‑acre property with a 19,420‑square‑foot commercial building; M zoning with a documented history as a cultivation facility; Two loading docks and 2 ground‑level doors
