Building Details

Buildings 1

Building Size 12,000 SF

Tenancy Multi

Listing Agency: Sweeney Real Estate

Listed By: Thomas Sweeney · License #RI Show Phone

Source: Crexi

Added: Jul 28 Changed: Oct 17 Last Checked: Oct 16 at 7:45AM

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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

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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.

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 / Yr

$58,446

Cap Rate

5.84%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,168,920 $1.2M

Cap Rate 7%

$834,943 $834.9K

Cap Rate 9%

$649,400 $649.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 12,000 SF

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 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 (±1% cap)

NOI $58,446 @ 7.0% cap · market cap 5.84%

Second Best

Industrial

$797.6K

$697.9K – $930.6K (±1% cap)

NOI $55,833 @ 7.0% cap · market cap 5.58%

Theoretical Best

Specialty Retail

$3.01M

$2.63M – $3.51M (±1% cap)

NOI $210,384 @ 7.0% cap · market cap 21.04%

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

Property Analytics

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Current Use

Vale Storage Facility Storage Facility Balise Collision Auto Repair Shop American Wooden Products (Bike/Boat/Book/etc) Store Majestic Collision Auto Repair Shop

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Auto Parts Store Kitchen & Bath Showroom Parking Lot & Garage 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.

Lease Details

Multi-tenant

Tenancy

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

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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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