Live-Work Office and
For Sale
Contact for pricing
623 POST RD, Warwick, RI 02888
Mixed-use property offering 2 one-bedroom apartments alongside 2,100 SF of office space.
Property Size3,528 SF
Price / SF$212.56
Days on Market37
Property Features for 623 POST RD
General Information
Standard status
Active
Size
3,528 SF
Class
B
Total Parking Spaces
16
Property subtype
Office
Occupancy
100%
Investment Type
Owner/User
Additional Details
Multifamily Units
2
Building Details
Year Built
1993
Buildings
1
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
Broadway Real Estate Group
(401) 255-5530
Listed By:
Doug Jeffrey
Source:
Crexi
Added: Jul 6
Changed: Aug 10
Last Checked: Aug 11 at 4:51PM
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 Broadway Real Estate Group
Investment Insights
Based on property information with market context.
This mixed-use live-work property includes 2,100 SF of office space and two 1BR apartments. The remaining area is part of the overall 3,528 SF building configuration, supporting both professional and residential use within the same structure.
The property is located at 623 Post Rd in Warwick, RI. It presents an owner-occupant or investor configuration that combines office space with separate residential units.
The office component is sized at 2,100 SF, and the residential portion consists of two one-bedroom units, allowing the building to function as both an office property and a residential income property.
The property is located at 623 Post Rd in Warwick, RI. It presents an owner-occupant or investor configuration that combines office space with separate residential units.
The office component is sized at 2,100 SF, and the residential portion consists of two one-bedroom units, allowing the building to function as both an office property and a residential income property.
Key Highlights
- Mixed‑use building built in 1993 featuring office and residential space
- Includes 2,100 SF of office space
- Features two 1BR apartments
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
$51,261
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
6.84%
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%
$1,025,220
$1.0M
Cap Rate 7%
$732,300
$732.3K
Cap Rate 9%
$569,567
$569.6K
Market Conditions
NOI Build-Up for 3,528 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
$78.3K $22.20/SF
− Vacancy
−$5.1K −$1.44/SF
EGI
$73.2K $20.76/SF
− OpEx
−$22.0K −$6.23/SF
NOI
$51.3K $14.53/SF
Area
Kent County, RI
Vacancy
6.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,025,220
Cap Rate 7%
$732,300
Cap Rate 9%
$569,567
Alternative Uses
Best Use
Multifamily LT 5
$732.3K
$640.8K – $854.4K
NOI $51,261 @ 7.0% cap · market cap 6.84%
Second Best
Apartment 5plus
$672.7K
$588.7K – $784.9K
NOI $47,092 @ 7.0% cap · market cap 6.28%
Theoretical Best
Specialty Retail
$883.6K
$773.2K – $1.03M
NOI $61,853 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
770
Businesses Nearby
Explore this area
Business Placement
Demographics for 02888, RI
19,578
Population
9,117
Households
2.1
Avg Household Size
46
Median Age
32%
College-Educated
96%
High-School Grad
5.9 sq mi
ZIP Area
3,318
Density / Sq Mi
$88,750
Median Household Income
$55,561
Median Earnings
$1,218
Median Rent
$318,100
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?
Live-work space - Mixed-use property offering 2 one-bedroom apartments alongside 2,100 SF of office space.
Where is this live-work space located?
The property is located at 623 POST RD Warwick, RI.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Mixed‑use building built in 1993 featuring office and residential space; Includes 2,100 SF of office space; Features two 1BR apartments
