Corner Storefront
For Sale
$899,900
Pending
5 Woodruff Avenue, Narragansett, RI 02882
Retail building positioned beside Narragansett’s largest retail plaza, with existing month-to-month tenancy.
Property Size2,940 SF
Days on Market8
Property Features for 5 Woodruff Avenue
General Information
Standard status
Pending
Size
2,940 SF
Property subtype
Commercial
Additional Details
Corner Location
Yes
Building Details
Year Built
1968
Tenancy
Multi
Listing Agency:
BHHS Commonwealth Real Estate
(401) 886-6100
Listed By:
Allen Gammons · License #8574
Source:
Lockandkeyre
Added: Aug 15
Changed: Aug 21
Last Checked: Aug 22 at 4:23AM
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 BHHS Commonwealth Real Estate
Investment Insights
Based on property information with market context.
This 2,940-square-foot storefront property was built in 1968 and occupies the corner of Woodruff Avenue and Pt. Judith Road in Narragansett. Existing tenants have expressed interest in remaining, with current occupancy structured through month-to-month leases.
The property sits next to Narragansett’s largest retail plaza, which includes Stop and Shop, TJMAXX, Citizens Bank, and West Marine. Its location at the Woodruff Avenue and Pt. Judith Road intersection places the building within an established retail setting and provides exposure from multiple approach directions.
The property sits next to Narragansett’s largest retail plaza, which includes Stop and Shop, TJMAXX, Citizens Bank, and West Marine. Its location at the Woodruff Avenue and Pt. Judith Road intersection places the building within an established retail setting and provides exposure from multiple approach directions.
Key Highlights
- 2,940‑square‑foot storefront property built in 1968
- Corner location at Woodruff Avenue and Pt. Judith Road
- Adjacent to Narragansett’s largest retail plaza
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
$29,810
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
3.31%
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%
$596,200
$596.2K
Cap Rate 7%
$425,857
$425.9K
Cap Rate 9%
$331,222
$331.2K
Market Conditions
NOI Build-Up for 2,940 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
$44.5K $15.12/SF
− Vacancy
−$1.9K −$0.64/SF
EGI
$42.6K $14.48/SF
− OpEx
−$12.8K −$4.35/SF
NOI
$29.8K $10.14/SF
Area
Washington County, RI
Vacancy
4.20%
Lease Rate
$15.12 /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%
$596,200
Cap Rate 7%
$425,857
Cap Rate 9%
$331,222
Alternative Uses
Best Use
Retail
$425.9K
$372.6K – $496.8K
NOI $29,810 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$587.4K
$514.0K – $685.3K
NOI $41,119 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
551
Businesses Nearby
115k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 48%
Groceries 32%
Dining 13%
Beauty & Spa 3%
Stop & Shop
Groceries
36,801 visits/mo
0.2 miles
Dunkin' Donuts
Dining
14,931 visits/mo
0.1 miles
Dollar Tree
Shops & Services
13,083 visits/mo
0.3 miles
Stop & Shop Gas
Shops & Services
11,123 visits/mo
Pet Supplies Plus
Shops & Services
8,634 visits/mo
0.2 miles
Demographics for 02882, RI
12,919
Population
8,870
Households
1.5
Avg Household Size
52
Median Age
64%
College-Educated
98%
High-School Grad
12.8 sq mi
ZIP Area
1,009
Density / Sq Mi
$95,794
Median Household Income
$44,042
Median Earnings
$1,661
Median Rent
$686,000
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Pleasantries Flower Shop — 94 Main St, Wakefield, RI 02879
Frequently Asked Questions
What type of property is this?
Storefront property - Retail building positioned beside Narragansett’s largest retail plaza, with existing month-to-month tenancy.
Where is this storefront property located?
The property is located at 5 Woodruff Avenue Narragansett, RI.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 2,940‑square‑foot storefront property built in 1968; Corner location at Woodruff Avenue and Pt. Judith Road; Adjacent to Narragansett’s largest retail plaza
