Corner Office
For Sale
$899,900
Pending
5 Woodruff Avenue, Narragansett, RI 02882
Commercial/Business,Commercial Sale, Narragansett, RI
Property Size2,940 SF
Lot Size0.21 Acres
Days on Market8
Property Features for 5 Woodruff Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-B
Rooms
Basement
Parking
10
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Full
Lot features
Downtown
Standard status
Pending
Size
2,940 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4281
Utilities
Sewer type
Septic Tank
Heating system
Baseboard
Cooling system
Ductless
Building Details
Year built
1968
Number of units
1
Building materials
Brick
Listing Agency:
Bhhs Commonwealth Real Estate · Berkshire Hathaway HomeServices
(401) 886-6100
Listed By:
Allen Gammons · License #8574
(401) 742-6050
Added: Aug 15
Changed: Aug 19
Last Checked: Aug 22 at 1:06PM
MLS# 1420692
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 2,940-square-foot office building occupies a 0.21-acre parcel and was constructed in 1968. The brick structure includes a basement, ceiling heights ranging from 7 to 9 feet, baseboard heating, ductless cooling, and a septic tank system. Existing long-term tenants are on month-to-month leases and wish to remain.
The property sits at the intersection of Woodruff Avenue and Pt. Judith Road in Narragansett, beside the area’s largest retail plaza. Nearby plaza tenants include Stop and Shop, TJMAXX, Citizens Bank, and West Marine. The property is zoned B-B.
The property sits at the intersection of Woodruff Avenue and Pt. Judith Road in Narragansett, beside the area’s largest retail plaza. Nearby plaza tenants include Stop and Shop, TJMAXX, Citizens Bank, and West Marine. The property is zoned B-B.
Key Highlights
- 2,940‑square‑foot office building on a 0.21‑acre parcel
- Corner position 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
$34,025
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
3.78%
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%
$680,500
$680.5K
Cap Rate 7%
$486,071
$486.1K
Cap Rate 9%
$378,056
$378.1K
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
$58.9K $20.04/SF
− Vacancy
−$13.6K −$4.61/SF
EGI
$45.4K $15.43/SF
− OpEx
−$11.3K −$3.86/SF
NOI
$34.0K $11.57/SF
Area
Washington County, RI
Vacancy
23.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$680,500
Cap Rate 7%
$486,071
Cap Rate 9%
$378,056
Alternative Uses
Best Use
Office B
$486.1K
$425.3K – $567.1K
NOI $34,025 @ 7.0% cap · market cap 3.78%
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
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
551
Businesses Nearby
Explore this area
Business Placement
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 Office 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?
Office building - Brick office property with existing month-to-month tenants and frontage at a prominent two-road intersection.
Where is this office building 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 office building on a 0.21‑acre parcel; Corner position at Woodruff Avenue and Pt. Judith Road; Adjacent to Narragansett’s largest retail plaza
