Single-Level Office
For Sale
Contact for pricing
61 Cedar Avenue UNIT 6, East Greenwich, RI 02818
Flexible single-level suite with multiple offices, conference room, kitchen, and direct front parking for clients and staff.
Property Size3,560 SF
Price / SF$179.75
Days on Market88
Property Features for 61 Cedar Avenue UNIT 6
General Information
Standard status
Active
Size
3,560 SF
Total Parking Spaces
10
Property subtype
Office, Retail, Industrial
Additional Details
Highway Access
Yes
Office Units
7
Building Details
Year Built
1925
Buildings
1
Stories
1
Units
1
Listing Agency:
Coldwell Banker Realty
(401) 884-8050
Listed By:
Bruning Gomes Group
Source:
Crexi
Added: May 27
Changed: Aug 15
Last Checked: Aug 14 at 7:27AM
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 designed for flexible day-to-day use. The interior is highlighted by natural light, exposed brick, and high ceilings, with a layout that includes seven private offices, five dedicated individual workstations, a conference room, and multipurpose open space. Additional improvements include a full kitchen, restroom facilities, and a further flexible area that could function as an eighth office, storage, or specialized support space. Expansive attic storage supports practical operations while helping keep the main level client-ready.
The property is located in East Greenwich, one block from Post Road, with convenient access to Route 1 and public transportation. Parking is provided directly in front of the unit, and there is additional shared parking available for clients and staff.
This suite is well matched to a range of professional and service-oriented uses, including medical or wellness, education, consulting, creative work, and collaborative office environments. The combination of private offices, a dedicated conference room, open work areas, and on-site restroom and kitchen facilities supports both client meetings and internal operations, while the attic storage adds useful capacity for teams that need space without adding clutter to the primary floor.
The property is located in East Greenwich, one block from Post Road, with convenient access to Route 1 and public transportation. Parking is provided directly in front of the unit, and there is additional shared parking available for clients and staff.
This suite is well matched to a range of professional and service-oriented uses, including medical or wellness, education, consulting, creative work, and collaborative office environments. The combination of private offices, a dedicated conference room, open work areas, and on-site restroom and kitchen facilities supports both client meetings and internal operations, while the attic storage adds useful capacity for teams that need space without adding clutter to the primary floor.
Key Highlights
- Over 3,500 sq. ft. of single‑level commercial space in 61 Cedar Avenue, Unit 6
- Includes seven private offices plus five dedicated individual workstations
- Conference room, multipurpose open space, full kitchen, and restroom facilities
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
6.83%
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 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$891.6K
$780.2K – $1.04M
NOI $62,414 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Office units
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 - Flexible single-level suite with multiple offices, conference room, kitchen, and direct front parking for clients and staff.
Where is this office units located?
The property is located at 61 Cedar Avenue UNIT 6 East Greenwich, RI.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: Over 3,500 sq. ft. of single‑level commercial space in 61 Cedar Avenue, Unit 6; Includes seven private offices plus five dedicated individual workstations; Conference room, multipurpose open space, full kitchen, and restroom facilities
