Building Details

Year built 1920

Floors in Building 1

Number of units 2

Building materials Frame

Listing Agency: Ri Real Estate Services Show Phone

Listed By: Michael Russo Show Phone

Added: Aug 25 Changed: Oct 20 Last Checked: Oct 26 at 5:06AM

Report an Issue

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.

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

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.

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 / Yr

$90,876

Cap Rate

9.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,817,520 $1.8M

Cap Rate 7%

$1,298,229 $1.3M

Cap Rate 9%

$1,009,733 $1.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 19,420 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $271,608 @ 7.0% cap · market cap 27.30%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Cannabis Properties

Suggested Use

Top Pick Parking Lot & Garage HVAC Service Electrical Service (Bike/Boat/Book/etc) Store Building Supply Storage Facility

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

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

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Similar For Sale Nearby

See more

Monument Manufacturing Property

4 Chase Hill Rd, Hopkinton, RI 02804

$650,000

2,989 SF

View details

Affordable Housing Multifamily Property

332 Canonchet Rd, Hopkinton, RI 02873

Contact for pricing

22,076 SF

View details

5-Unit Apartment Building

8 Highview Avenue, Hopkinton, RI 02832

$833,000

3,597 SF

View details

Duplex with Two-Car Garage

65 Laurel Street, Hopkinton, RI 02804

$512,500

2,180 SF

View details

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