Historic Multi-Unit Retail
For Sale
Contact for pricing
642 East Ave, Warwick, RI 02886
Historic 1875 retail building with three units, supported by 12 on-site parking spaces and A7 zoning flexibility.
Property Size2,955 SF
Lot Size0.17 Acres
Price / SF$296.11
Days on Market107
Property Features for 642 East Ave
General Information
Standard status
Active
Size
2,955 SF
Total Parking Spaces
12
Lot size
0.17 Acres
Property subtype
RETAIL
Zoning
A7
Building Details
Year Built
1875
Listing Agency:
HomeSmart Professional Real Estate
(401) 523-9555
Listed By:
Michael A. Alves · License #REC.0016995
(401) 523-9555
Source:
Moodyscre
Added: Apr 27
Changed: Aug 8
Last Checked: May 8 at 5:59AM
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 HomeSmart Professional Real Estate
Investment Insights
Based on property information with market context.
Built in 1875, this historic commercial building contains 3 retail units totaling 2,955 square feet. The property sits on a 7,405.2 square foot lot and is supported by 12 on-site parking spaces.
The asset is located in Warwick and is zoned A7, which supports a variety of potential uses. This combination of flexible zoning and a multi-unit retail configuration makes the property well suited for investors or owner-users looking for a value-add or repositioning opportunity.
For buyers seeking a commercial asset with parking and multiple storefront units within a historic structure, this property offers a straightforward setup with on-site capacity and A7 zoning for flexible use.
The asset is located in Warwick and is zoned A7, which supports a variety of potential uses. This combination of flexible zoning and a multi-unit retail configuration makes the property well suited for investors or owner-users looking for a value-add or repositioning opportunity.
For buyers seeking a commercial asset with parking and multiple storefront units within a historic structure, this property offers a straightforward setup with on-site capacity and A7 zoning for flexible use.
Key Highlights
- Historic 1875 commercial building with 3 units
- 2,955 SF building on a 7,405.2 SF lot (.17 acres)
- 12 on‑site 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
$38,199
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
4.37%
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%
$763,980
$764.0K
Cap Rate 7%
$545,700
$545.7K
Cap Rate 9%
$424,433
$424.4K
Market Conditions
NOI Build-Up for 2,955 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
$56.0K $18.96/SF
− Vacancy
−$1.5K −$0.49/SF
EGI
$54.6K $18.47/SF
− OpEx
−$16.4K −$5.54/SF
NOI
$38.2K $12.93/SF
Area
Kent County, RI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$763,980
Cap Rate 7%
$545,700
Cap Rate 9%
$424,433
Alternative Uses
Best Use
Retail
$545.7K
$477.5K – $636.7K
NOI $38,199 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$740.1K
$647.6K – $863.5K
NOI $51,807 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
499
Businesses Nearby
198k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 21%
Superstores 21%
Groceries 20%
Home Improvements & Furnishings 18%
BJ's Wholesale Club
Superstores
41,990 visits/mo
0.5 miles
Stop & Shop
Groceries
39,248 visits/mo
0.1 miles
Lowe's
Home Improvements & Furnishings
36,245 visits/mo
0.3 miles
Shell
Shops & Services
27,405 visits/mo
0.2 miles
Crowne Plaza Airport Shuttle
Hotels & Casinos
18,644 visits/mo
0.1 miles
Demographics for 02886, RI
29,373
Population
13,669
Households
2.1
Avg Household Size
47
Median Age
37%
College-Educated
93%
High-School Grad
15.8 sq mi
ZIP Area
1,859
Density / Sq Mi
$91,037
Median Household Income
$52,851
Median Earnings
$1,300
Median Rent
$334,400
Median Home Value
Market
Vacancy Rate% for Retail 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?
Retail space - Historic 1875 retail building with three units, supported by 12 on-site parking spaces and A7 zoning flexibility.
Where is this retail space located?
The property is located at 642 East Ave Warwick, RI.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Historic 1875 commercial building with 3 units; 2,955 SF building on a 7,405.2 SF lot (.17 acres); 12 on‑site parking spaces
