Single-Level Office Suite with
For Sale
$629,000
6-61 Cedar Ave, East Greenwich, RI 02818
Single-level office suite with private offices, conference room, kitchen, and front-unit parking.
Property Size3,560 SF
Price / SF$176.69
Days on Market115
Property Features for 6-61 Cedar Ave
General Information
Standard status
Active
Size
3,560 SF
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$13,297
Listing Agency:
Coldwell Banker Realty
(401) 884-8050
Listed By:
Bruning Gomes Group
(401) 935-7339
Source:
Exprealty
Added: May 26
Changed: Sep 11
Last Checked: Sep 16 at 9:18PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
61 Cedar Avenue, Unit 6, is a single-level commercial office suite offering over 3,500 square feet of interior space. The layout includes seven private offices, five individual workstations, a conference room, multipurpose open space, a full kitchen, and restroom facilities. An additional flexible area can support an eighth office, storage, or other specialized needs, and expansive attic storage helps keep the main level organized and client-ready. Interior character features include natural light, exposed brick, and high ceilings.
The unit benefits from parking directly in front of the space, with additional shared parking available for clients and staff. The property is located one block from Post Road, with convenient access to Route 1 and public transportation.
Unit 6 is well suited for professional and service-oriented use where a mix of private offices, collaboration space, and supporting amenities are important.
The unit benefits from parking directly in front of the space, with additional shared parking available for clients and staff. The property is located one block from Post Road, with convenient access to Route 1 and public transportation.
Unit 6 is well suited for professional and service-oriented use where a mix of private offices, collaboration space, and supporting amenities are important.
Key Highlights
- Over 3,500 sq. ft. single‑level commercial office suite in East Greenwich (61 Cedar Avenue, Unit 6).
- Layout includes 7 private offices, 5 individual workstations, a conference room, and multipurpose open space.
- Additional flexible area that could be used as an 8th office, storage, or specialized support space.
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
$43,718
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
6.95%
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%
$874,360
$874.4K
Cap Rate 7%
$624,543
$624.5K
Cap Rate 9%
$485,756
$485.8K
Market Conditions
NOI Build-Up for 3,560 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
$73.5K $20.64/SF
− Vacancy
−$15.2K −$4.27/SF
EGI
$58.3K $16.37/SF
− OpEx
−$14.6K −$4.09/SF
NOI
$43.7K $12.28/SF
Area
Kent County, RI
Vacancy
20.67%
Lease Rate
$20.64 /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%
$874,360
Cap Rate 7%
$624,543
Cap Rate 9%
$485,756
Alternative Uses
Best Use
Office B
$624.5K
$546.5K – $728.6K
NOI $43,718 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$891.6K
$780.2K – $1.04M
NOI $62,414 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
603
Businesses Nearby
Explore this area
Business Placement
Demographics for 02818, RI
19,907
Population
8,623
Households
2.3
Avg Household Size
45
Median Age
63%
College-Educated
97%
High-School Grad
21.2 sq mi
ZIP Area
939
Density / Sq Mi
$120,952
Median Household Income
$72,985
Median Earnings
$1,384
Median Rent
$564,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Single-level office suite with private offices, conference room, kitchen, and front-unit parking.
Where is this office units located?
The property is located at 6-61 Cedar Ave East Greenwich, RI.
What is the asking price?
The asking price for this property is $629,000.
What are key features of this property?
This property features: Over 3,500 sq. ft. single‑level commercial office suite in East Greenwich (61 Cedar Avenue, Unit 6).; Layout includes 7 private offices, 5 individual workstations, a conference room, and multipurpose open space.; Additional flexible area that could be used as an 8th office, storage, or specialized support space.
