Mixed-Use Building with
For Sale
$995,000
651 Main Road, Tiverton, RI 02878
Four-unit property combines office suites, an apartment, and a detached conditioned workshop.
Property Size5,699 SF
Lot Size0.84 Acres
Price / SF$174.59
Days on Market67
Property Features for 651 Main Road
General Information
Standard status
Active
Size
5,699 SF
Class
C
Lot size
0.84 Acres
Property subtype
Office
Additional Details
Road Access
Yes
Office Units
3
Amenities
signage
Building Details
Building Size
5,699 SF
Year Built
1780
Buildings
2
Tenancy
Multi
Parking Ratio
5 per 1,000 SF
Listing Agency:
MG Commercial
(401) 474-4879
Listed By:
Whitney Rugg · License #RI #RES.0049709
(401) 474-4879
Source:
Mgcommercial
Added: Jun 24
Changed: Aug 29
Last Checked: Aug 29 at 6:43PM
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 MG Commercial
Investment Insights
Based on property information with market context.
Built in 1780, this 5,699-square-foot mixed-use property contains three commercial office suites and a three-bedroom apartment. A separate 1,200-square-foot garage-workshop expands the improvements with an overhead door, central air conditioning, heat, and a half bath. The building and detached structure support a combination of commercial and residential occupancy within one property.
The parcel encompasses 0.839 acres at 651 Main Road in Tiverton, with curb cuts on both Main Road and Pleasant Avenue. Off-street parking is provided at a ratio of 5 spaces per 1,000 square feet, and the property includes frontage suitable for signage.
The parcel encompasses 0.839 acres at 651 Main Road in Tiverton, with curb cuts on both Main Road and Pleasant Avenue. Off-street parking is provided at a ratio of 5 spaces per 1,000 square feet, and the property includes frontage suitable for signage.
Key Highlights
- 5,699 SF mixed‑use building with 3 commercial office suites and a 3‑bedroom apartment
- 1,200 SF detached garage‑workshop with overhead door, central A/C, heat, and 1/2 bath
- 4 total units within the mixed‑use building
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
$57,702
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
5.80%
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%
$1,154,040
$1.2M
Cap Rate 7%
$824,314
$824.3K
Cap Rate 9%
$641,133
$641.1K
Market Conditions
NOI Build-Up for 5,699 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
$102.6K $18.00/SF
− Vacancy
−$10.3K −$1.80/SF
EGI
$92.3K $16.20/SF
− OpEx
−$34.6K −$6.07/SF
NOI
$57.7K $10.13/SF
Area
Newport County, RI
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,154,040
Cap Rate 7%
$824,314
Cap Rate 9%
$641,133
Alternative Uses
Best Use
Mixed Use
$824.3K
$721.3K – $961.7K
NOI $57,702 @ 7.0% cap · market cap 5.80%
Second Best
Office B
$778.9K
$681.5K – $908.7K
NOI $54,523 @ 7.0% cap · market cap 5.48%
Theoretical Best
Multifamily LT 5
$1.36M
$1.19M – $1.59M
NOI $95,186 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
199
Businesses Nearby
Explore this area
Business Placement
Demographics for 02878, RI
16,359
Population
7,747
Households
2.1
Avg Household Size
50
Median Age
40%
College-Educated
93%
High-School Grad
29.1 sq mi
ZIP Area
562
Density / Sq Mi
$99,542
Median Household Income
$49,228
Median Earnings
$1,228
Median Rent
$367,400
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 - Four-unit property combines office suites, an apartment, and a detached conditioned workshop.
Where is this mixed-use property located?
The property is located at 651 Main Road Tiverton, 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: 5,699 SF mixed‑use building with 3 commercial office suites and a 3‑bedroom apartment; 1,200 SF detached garage‑workshop with overhead door, central A/C, heat, and 1/2 bath; 4 total units within the mixed‑use building
