Three-Property Medical Office
For Sale
Contact for pricing
6 Blackstone Valley Pl, Lincoln, RI 02865
Rhode Island portfolio spanning medical office locations in Lincoln, Johnston, and East Greenwich.
Property Size25,300 SF
Price / SF$338.18
Days on Market10
Property Features for 6 Blackstone Valley Pl
General Information
Standard status
Active
Size
25,300 SF
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Net Operating Income
$641,700
Listing Agency:
Cushman & Wakefield Hayes & Sherry Real Estate Service
Listed By:
Matthew Fair · License #RI RES.0033233
Source:
Crexi
Added: Aug 12
Changed: Aug 18
Last Checked: Aug 20 at 6:48PM
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 Cushman & Wakefield Hayes & Sherry Real Estate Service
Investment Insights
Based on property information with market context.
This medical office portfolio includes three Rhode Island properties totaling approximately 25,300 square feet. The assets are located at 6 Blackstone Valley Place in Lincoln, 1239 Hartford Avenue in Johnston, and 1407 South County Trail in East Greenwich. The portfolio is occupied by MDRI medical practices operating under the Blackstone Valley Medicine, Cherry Hill Medicine, Johnston Urgent Care, and Greenwich Bay Medicine names.
MDRI’s service platform includes primary care, urgent care, wellness, and specialty medical services. Its operating model also incorporates preventative medicine, care coordination, and membership-based healthcare options. Together, the properties provide outpatient medical locations across established healthcare corridors in three Rhode Island communities.
MDRI’s service platform includes primary care, urgent care, wellness, and specialty medical services. Its operating model also incorporates preventative medicine, care coordination, and membership-based healthcare options. Together, the properties provide outpatient medical locations across established healthcare corridors in three Rhode Island communities.
Key Highlights
- Three medical properties totaling approximately 25,300 square feet
- Locations in Lincoln, Johnston, and East Greenwich, RI
- 6 Blackstone Valley Place, Lincoln
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
$327,023
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
3.82%
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%
$6,540,460
$6.5M
Cap Rate 7%
$4,671,757
$4.7M
Cap Rate 9%
$3,633,589
$3.6M
Market Conditions
NOI Build-Up for 25,300 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
$507.0K $20.04/SF
− Vacancy
−$71.0K −$2.81/SF
EGI
$436.0K $17.23/SF
− OpEx
−$109.0K −$4.31/SF
NOI
$327.0K $12.93/SF
Area
Providence County, RI
Vacancy
14.00%
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%
$6,540,460
Cap Rate 7%
$4,671,757
Cap Rate 9%
$3,633,589
Alternative Uses
Best Use
Office B
$4.67M
$4.09M – $5.45M
NOI $327,023 @ 7.0% cap · market cap 3.82%
Second Best
Healthcare Medical
$3.50M
$3.06M – $4.09M
NOI $245,151 @ 7.0% cap · market cap 2.87%
Theoretical Best
Multifamily LT 5
$6.02M
$5.27M – $7.02M
NOI $421,257 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 02865, RI
17,902
Population
7,079
Households
2.5
Avg Household Size
45
Median Age
48%
College-Educated
92%
High-School Grad
16.5 sq mi
ZIP Area
1,085
Density / Sq Mi
$117,042
Median Household Income
$59,949
Median Earnings
$1,206
Median Rent
$427,700
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?
Medical Office Space - Rhode Island portfolio spanning medical office locations in Lincoln, Johnston, and East Greenwich.
Where is this medical office space located?
The property is located at 6 Blackstone Valley Pl Lincoln, RI.
What is the asking price?
The asking price for this property is $8,556,000.
What are key features of this property?
This property features: Three medical properties totaling approximately 25,300 square feet; Locations in Lincoln, Johnston, and East Greenwich, RI; 6 Blackstone Valley Place, Lincoln
