Multi-Tenant Industrial
For Sale
Contact for pricing
51 Aster Street, West Warwick, RI 02893
Commercial Industrial-zoned facility with three tenants, separate electric metering, and four overhead doors.
Property Size12,000 SF
Lot Size0.64 Acres
Price / SF$83.33
Days on Market12
Property Features for 51 Aster Street
General Information
Standard status
Active
Size
12,000 SF
Lot size
0.64 Acres
Property subtype
Industrial
Zoning
Commercial Industrial
Occupancy
100%
Lease Type
Modified
Investment Type
Value Add
Net Operating Income
$80,664
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Building Details
Buildings
1
Tenancy
Multi
Building Size
12,000 SF
Listing Agency:
Sweeney Real Estate
(401) 331-9300
Listed By:
Eric Schultheis · License #RI
Source:
Crexi
Added: Jul 28
Changed: Aug 3
Last Checked: Aug 6 at 2:40PM
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 Sweeney Real Estate
Investment Insights
Based on property information with market context.
The property is a 12,000 SF industrial building on 0.64 acres at 51 Aster Street in West Warwick, Rhode Island. Its configuration accommodates three tenants: one occupies approximately half of the building, while two additional tenants divide the balance. Four overhead doors support industrial operations, and the property is designated Commercial Industrial (CI) zoning.
The site is positioned just off Providence Street with access to I-295, I-95, and Bald Hill Road. Tenant electricity is separately metered and paid directly by the occupants. Ownership covers heating and common electric expenses and currently manages the property.
The site is positioned just off Providence Street with access to I-295, I-95, and Bald Hill Road. Tenant electricity is separately metered and paid directly by the occupants. Ownership covers heating and common electric expenses and currently manages the property.
Key Highlights
- 12,000 SF industrial building on 0.64 acres
- Three current tenants with a 50/25/25 occupancy split
- Four (4) overhead 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
$58,446
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
5.84%
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%
$1,168,920
$1.2M
Cap Rate 7%
$834,943
$834.9K
Cap Rate 9%
$649,400
$649.4K
Market Conditions
NOI Build-Up for 12,000 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
$72.0K $6.00/SF
− Vacancy
−$3.2K −$0.27/SF
EGI
$68.8K $5.73/SF
− OpEx
−$10.3K −$0.86/SF
NOI
$58.4K $4.87/SF
Area
Kent County, RI
Vacancy
4.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
15.00%
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%
$1,168,920
Cap Rate 7%
$834,943
Cap Rate 9%
$649,400
Alternative Uses
Best Use
Warehouse
$834.9K
$730.6K – $974.1K
NOI $58,446 @ 7.0% cap · market cap 5.84%
Second Best
Industrial
$797.6K
$697.9K – $930.6K
NOI $55,833 @ 7.0% cap · market cap 5.58%
Theoretical Best
Specialty Retail
$3.01M
$2.63M – $3.51M
NOI $210,384 @ 7.0% cap · market cap 21.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Explore this area
Business Placement
Demographics for 02893, RI
31,030
Population
15,103
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
7.8 sq mi
ZIP Area
3,978
Density / Sq Mi
$73,903
Median Household Income
$49,087
Median Earnings
$1,249
Median Rent
$293,100
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?
Industrial property - Commercial Industrial-zoned facility with three tenants, separate electric metering, and four overhead doors.
Where is this industrial property located?
The property is located at 51 Aster Street West Warwick, RI.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 12,000 SF industrial building on 0.64 acres; Three current tenants with a 50/25/25 occupancy split; Four (4) overhead doors
