Mixed-Use Office
For Sale
$749,900
623 Post Road, Warwick, RI 02888
Commercial/Business,Commercial Sale, Warwick, RI
Property Size3,450 SF
Lot Size0.23 Acres
Price / SF$217.36
Days on Market55
Property Features for 623 Post Road
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
16
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Full
Lot features
Suburban
Standard status
Active
Size
3,450 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10219
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Building Details
Year built
1990
Floors in Building
2
Number of units
4
Building materials
Brick
Listing Agency:
Broadway Real Estate Group
(401) 354-7969
Listed By:
Doug Jeffrey
(401) 255-5530
Added: Jul 6
Changed: Aug 19
Last Checked: Aug 29 at 3:06AM
MLS# 1416890
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 3,450-square-foot mixed-use property combines a professional office building with two one-bedroom apartments. Built in 1990, the brick structure includes central air, a basement, ceiling heights from 7 to 9 feet, and public sewer service. The configuration supports office operations alongside residential rental space.
The property sits on 0.23 acres along Post Road in Warwick at a signalized intersection, with access to 16 off-street parking spaces. I-95, T.F. Green International Airport, restaurants, retail, and other amenities are located minutes away.
The property sits on 0.23 acres along Post Road in Warwick at a signalized intersection, with access to 16 off-street parking spaces. I-95, T.F. Green International Airport, restaurants, retail, and other amenities are located minutes away.
Key Highlights
- 3,450‑square‑foot mixed‑use property with professional office space and two one‑bedroom apartments
- 0.23‑acre site on Post Road at a signalized intersection
- 16 off‑street parking spaces
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
$46,051
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
6.14%
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%
$921,020
$921.0K
Cap Rate 7%
$657,871
$657.9K
Cap Rate 9%
$511,678
$511.7K
Market Conditions
NOI Build-Up for 3,450 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
$89.8K $26.04/SF
− Vacancy
−$6.1K −$1.77/SF
EGI
$83.7K $24.27/SF
− OpEx
−$37.7K −$10.92/SF
NOI
$46.1K $13.35/SF
Area
Kent County, RI
Vacancy
6.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$921,020
Cap Rate 7%
$657,871
Cap Rate 9%
$511,678
Alternative Uses
Best Use
Apartment 5plus
$657.9K
$575.6K – $767.5K
NOI $46,051 @ 7.0% cap · market cap 6.14%
Second Best
Mixed Use
$608.8K
$532.7K – $710.3K
NOI $42,616 @ 7.0% cap · market cap 5.68%
Theoretical Best
Specialty Retail
$864.1K
$756.1K – $1.01M
NOI $60,485 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
438
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?
Mixed-use property - Brick commercial property with residential units, central air, and convenient access to major transportation and area amenities.
Where is this mixed-use property located?
The property is located at 623 Post Road 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: 3,450‑square‑foot mixed‑use property with professional office space and two one‑bedroom apartments; 0.23‑acre site on Post Road at a signalized intersection; 16 off‑street parking spaces
