Multi-Level Flex
For Sale
$995,000
577 Warren Avenue, East Providence, RI 02914
Commercial/Business,Commercial Sale, East Providence, RI
Property Size11,080 SF
Lot Size0.12 Acres
Price / SF$105.85
Days on Market243
Property Features for 577 Warren Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-3
Rooms
Basement
Parking
4
Security features
Security
Basement
Full
Lot features
Strip Store
Standard status
Active
Size
9,400 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10511
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Amenities
loading dock
conference room
kitchenette
full kitchen
Building Details
Year built
1970
Floors in Building
2
Number of units
4
Building materials
Brick
Listing Agency:
Residential Properties Ltd.
(401) 245-9600
Listed By:
Kathleen Flaherty
(508) 564-3555
Added: Dec 23, 2025
Changed: Aug 19
Last Checked: Aug 23 at 5:06PM
MLS# 1402116
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 multi-level flex property combines office, warehouse, and storage-oriented areas within a brick building constructed in 1970. The first level includes an open main area, private offices, restrooms, a kitchenette, and a separate rear office suite with its own restroom. An attached warehouse provides high-ceiling space and a loading dock for shipping and receiving. The second level adds reception space, a conference room, private offices, filing or storage space, a kitchen, and a bathroom. A wide-open basement offers additional storage or inventory space.
The property is located on Warren Avenue in East Providence, within a major commercial corridor. C-3 zoning supports commercial use, while a sprinkler system, natural gas heating, and central air conditioning are installed. The property is offered as-is, with possible lease options also noted.
The property is located on Warren Avenue in East Providence, within a major commercial corridor. C-3 zoning supports commercial use, while a sprinkler system, natural gas heating, and central air conditioning are installed. The property is offered as-is, with possible lease options also noted.
Key Highlights
- Multi‑level brick flex building constructed in 1970
- C‑3 zoning for commercial use
- Attached warehouse with high ceilings and loading dock
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
$59,565
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
5.99%
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%
$1,191,300
$1.2M
Cap Rate 7%
$850,929
$850.9K
Cap Rate 9%
$661,833
$661.8K
Market Conditions
NOI Build-Up for 9,400 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
$70.5K $7.50/SF
− Vacancy
−$423 −$0.05/SF
EGI
$70.1K $7.46/SF
− OpEx
−$10.5K −$1.12/SF
NOI
$59.6K $6.34/SF
Area
Providence County, RI
Vacancy
0.60%
Lease Rate
$7.50 /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%
$1,191,300
Cap Rate 7%
$850,929
Cap Rate 9%
$661,833
Alternative Uses
Best Use
Office B
$1.74M
$1.52M – $2.03M
NOI $121,503 @ 7.0% cap · market cap 12.21%
Second Best
Warehouse
$850.9K
$744.6K – $992.8K
NOI $59,565 @ 7.0% cap · market cap 5.99%
Theoretical Best
Multifamily LT 5
$2.24M
$1.96M – $2.61M
NOI $156,515 @ 7.0% cap · market cap 15.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
724
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02914, RI
22,140
Population
10,082
Households
2.2
Avg Household Size
43
Median Age
25%
College-Educated
82%
High-School Grad
4.9 sq mi
ZIP Area
4,518
Density / Sq Mi
$60,838
Median Household Income
$43,696
Median Earnings
$1,165
Median Rent
$309,600
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?
Flex space - C-3 commercial property with office, warehouse, basement, loading dock, and central air conditioning.
Where is this flex space located?
The property is located at 577 Warren Avenue East Providence, 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: Multi‑level brick flex building constructed in 1970; C‑3 zoning for commercial use; Attached warehouse with high ceilings and loading dock
