Flexible Flex Space with High
For Sale
$329,900
61 Cedar Avenue, East Greenwich, RI 02818
Commercial/Business,Commercial Sale, East Greenwich, RI
Property Size1,380 SF
Price / SF$239.06
Days on Market203
Property Features for 61 Cedar Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Interior features
Ceiling Height (9 to 12 Ft), Ceiling Height (12 to 15 Ft)
Subdivision
Cedar Avenue
Lot features
Assoc. Fee, Strip Store, Suburban
Standard status
Active
Size
1,380 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8149
HOA Fee
$5,500 Annually
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
high ceilings
central air
half bath
gas heat
Building Details
Year built
1925
Floors in Building
1
Number of units
2
Listing Agency:
Weichert Realtors-Cress & Co.
(401) 885-2990
Listed By:
Robert Cressman
(401) 965-2074
Added: Feb 4
Changed: Aug 19
Last Checked: Aug 26 at 4:06AM
MLS# 1404364
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 1,380-square-foot flex space offers an open interior that can support office, studio, or art gallery uses. The unit includes 9- to 15-foot ceiling heights, central air, forced-air natural gas heat, and a half bath. On-site parking and front-facing visibility add practical functionality for business operations and client access.
The property is located at 61 Cedar Avenue in East Greenwich, within Steeple Street Office Park and near Post Road. Built in 1925, the building provides a flexible commercial setting with a combination of open floor area and essential building systems already in place.
The property is located at 61 Cedar Avenue in East Greenwich, within Steeple Street Office Park and near Post Road. Built in 1925, the building provides a flexible commercial setting with a combination of open floor area and essential building systems already in place.
Key Highlights
- 1,380 SF flex space with open interior layout
- Ceiling heights ranging from 9 to 15 feet
- Central air and forced‑air natural gas heat
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
$16,947
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
5.14%
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%
$338,940
$338.9K
Cap Rate 7%
$242,100
$242.1K
Cap Rate 9%
$188,300
$188.3K
Market Conditions
NOI Build-Up for 1,380 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
$28.5K $20.64/SF
− Vacancy
−$5.9K −$4.27/SF
EGI
$22.6K $16.37/SF
− OpEx
−$5.6K −$4.09/SF
NOI
$16.9K $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%
$338,940
Cap Rate 7%
$242,100
Cap Rate 9%
$188,300
Alternative Uses
Best Use
Office B
$242.1K
$211.8K – $282.5K
NOI $16,947 @ 7.0% cap · market cap 5.14%
Second Best
Flex RnD
$121.2K
$106.1K – $141.5K
NOI $8,487 @ 7.0% cap · market cap 2.57%
Theoretical Best
Specialty Retail
$345.6K
$302.4K – $403.2K
NOI $24,194 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
603
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- O'Shucks Catering — 5707 Post Rd, East Greenwich, RI 02818
Frequently Asked Questions
What type of property is this?
Flex space - Open-plan commercial space with central air, a half bath, natural gas heat, and on-site parking.
Where is this flex space located?
The property is located at 61 Cedar Avenue East Greenwich, RI.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: 1,380 SF flex space with open interior layout; Ceiling heights ranging from 9 to 15 feet; Central air and forced‑air natural gas heat
