Flexible Office
New
For Sale
$299,900
61 Cedar Avenue, East Greenwich, RI 02818
Commercial/Business,Commercial Sale, East Greenwich, RI
Property Size1,380 SF
Price / SF$217.32
Days on Market3
Property Features for 61 Cedar Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Interior features
Ceiling Height (9 to 12 Ft)
Subdivision
Steeple View
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
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: Aug 27
Changed: Aug 28
Last Checked: Aug 29 at 11:06AM
MLS# 1421424
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 1380-square-foot office unit provides a wide-open interior suited to flexible office, studio, or art gallery use. The space features ceiling heights from 9 to 12 feet, central air, forced-air natural-gas heat, and a half bath. Parking is available in the surrounding lots, and the building dates to 1925.
The property is located at 61 Cedar Avenue in East Greenwich, within Steeple Street Office Park near Post Road. Front visibility is noted from the office park setting, providing a recognizable presence for occupants and visitors.
The property is located at 61 Cedar Avenue in East Greenwich, within Steeple Street Office Park near Post Road. Front visibility is noted from the office park setting, providing a recognizable presence for occupants and visitors.
Key Highlights
- 1380 square feet of office space
- Ceiling height ranges from 9 to 12 Ft
- Wide‑open interior layout
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
5.65%
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 5.65%
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.
Property Analytics
Property Profile
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
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?
Office units - The unit includes high ceilings, central air, a half bath, natural-gas heat, and parking.
Where is this office units located?
The property is located at 61 Cedar Avenue 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: 1380 square feet of office space; Ceiling height ranges from 9 to 12 Ft; Wide‑open interior layout
