Mixed-Use Medical Office
For Sale
$995,000
634 Main Street, Warren, RI 02885
Fully occupied commercial property with a dental practice and two private-entry office suites.
Property Size4,332 SF
Price / SF$229.69
Days on Market13
Property Features for 634 Main Street
General Information
Standard status
Active
Size
4,332 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Road Access
Yes
Building Details
Year Built
1980
Year Renovated
2025
Tenancy
Multi
Listing Agency:
RE/MAX River's Edge - Bristol
(401) 254-1776
Listed By:
Debra Jobin · License #132868
Source:
Lockandkeyre
Added: Jul 28
Changed: Aug 8
Last Checked: Aug 9 at 5:13AM
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 RE/MAX River's Edge - Bristol
Investment Insights
Based on property information with market context.
This 4,332-square-foot mixed-use medical office property, built in 1980, includes a main-level dental practice and two lower-level office suites. Each lower-level suite has its own private entrance, supporting a range of professional office configurations. The property is fully occupied and includes on-site parking for tenants and clients.
Located on Main Street in Warren’s Commercial and Downtown District, the property has a visible commercial setting and frontage along a central business corridor. Recent improvements include a roof replacement in 2012, HVAC systems less than seven years old, and a completely refurbished exterior in 2025.
Located on Main Street in Warren’s Commercial and Downtown District, the property has a visible commercial setting and frontage along a central business corridor. Recent improvements include a roof replacement in 2012, HVAC systems less than seven years old, and a completely refurbished exterior in 2025.
Key Highlights
- 4,332‑square‑foot mixed‑use medical office property
- Fully occupied with a main‑level dental practice
- Two lower‑level office suites with private entrances
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
$74,126
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
7.45%
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%
$1,482,520
$1.5M
Cap Rate 7%
$1,058,943
$1.1M
Cap Rate 9%
$823,622
$823.6K
Market Conditions
NOI Build-Up for 4,332 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
$117.0K $27.00/SF
− Vacancy
−$18.1K −$4.19/SF
EGI
$98.8K $22.81/SF
− OpEx
−$24.7K −$5.70/SF
NOI
$74.1K $17.11/SF
Area
Bristol County, RI
Vacancy
15.50%
Lease Rate
$27.00 /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%
$1,482,520
Cap Rate 7%
$1,058,943
Cap Rate 9%
$823,622
Alternative Uses
Best Use
Office B
$1.06M
$926.6K – $1.24M
NOI $74,126 @ 7.0% cap · market cap 7.45%
Second Best
Healthcare Medical
$984.3K
$861.3K – $1.15M
NOI $68,900 @ 7.0% cap · market cap 6.92%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,450 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
751
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02885, RI
11,147
Population
5,546
Households
2
Avg Household Size
47
Median Age
36%
College-Educated
90%
High-School Grad
6.2 sq mi
ZIP Area
1,798
Density / Sq Mi
$89,722
Median Household Income
$53,980
Median Earnings
$1,253
Median Rent
$363,900
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.
Similar Off Market Nearby
- Pinard Holli a DVM — 581 metacom ave, warren, ri 02885
- Warren Animal Hospital — 581 Metacom Ave, Warren, RI 02885
- Warren Animal Hospital: Bickford Ilse DVM — 581 Metacom Ave, Warren, RI 02885
- Chris Crane DVM — 581 metacom ave, warren, ri 02885
- Kirker Jody M DVM — 581 metacom ave, warren, ri 02885
Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully occupied commercial property with a dental practice and two private-entry office suites.
Where is this medical office space located?
The property is located at 634 Main Street Warren, RI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 4,332‑square‑foot mixed‑use medical office property; Fully occupied with a main‑level dental practice; Two lower‑level office suites with private entrances
