Flexible Office Unit with High
For Sale
$299,900
61 Cedar Avenue 3, East Greenwich, RI 02818
Open commercial space offers central air, a half bath, gas heat, and on-site parking.
Property Size1,380 SF
Price / SF$217.32
Days on Market89
Property Features for 61 Cedar Avenue 3
General Information
Standard status
Active
Size
1,380 SF
Amenities
central air
half bath
gas heat
parking lots
Building Details
Year Built
1925
Listing Agency:
Weichert Realtors-Cress & Co.
Listed By:
Robert Cressman · License #REC.0012910
(401) 885-2990
Source:
Alpernandmesenbourg
Added: Jul 21
Changed: Oct 7
Last Checked: Oct 16 at 2:12PM
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 Weichert Realtors-Cress & Co.
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Investment Insights
Based on property information with market context.
This 1,380-square-foot office unit provides an open interior with high ceilings and front-facing visibility within Steeple Street Office Park. The space includes central air conditioning, gas heat, a half bath, and access to parking lots. Its layout supports office, studio, or art gallery use, subject to applicable requirements.
The property is located on Cedar Avenue in East Greenwich, near Post Road. Constructed in 1925, the unit combines a flexible interior configuration with established office park surroundings.
The property is located on Cedar Avenue in East Greenwich, near Post Road. Constructed in 1925, the unit combines a flexible interior configuration with established office park surroundings.
Key Highlights
- 1,380 SF office unit with an open interior layout
- High ceilings and front‑facing visibility within Steeple Street Office Park
- Central air conditioning and gas heat
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,947
Cap Rate
5.65%
Suggested Prices Based on Cap Rates
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
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 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 5.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$345.6K
$302.4K – $403.2K
NOI $24,194 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office units - Open commercial space offers central air, a half bath, gas heat, and on-site parking.
Where is this office units located?
The property is located at 61 Cedar Avenue 3 East Greenwich, RI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,380 SF office unit with an open interior layout; High ceilings and front‑facing visibility within Steeple Street Office Park; Central air conditioning and gas heat
