Two-Building Convenience Store
New
For Sale
$849,900
684 Boston Neck Road, North Kingstown, RI 02852
Includes a second building used for daycare, updated systems, and a resurfaced parking area on a corner lot.
Property Size4,172 SF
Price / SF$203.72
Days on Market5
Property Features for 684 Boston Neck Road
General Information
Standard status
Active
Size
4,172 SF
Property subtype
Commercial
Additional Details
Corner Location
Yes
Building Details
Year Built
1930
Buildings
2
Construction
brick/masonry
Listing Agency:
RE/MAX Real Estate Center
(401) 823-7600
Listed By:
Robert Crudale
Source:
Lockandkeyre
Added: Aug 18
Changed: Aug 22
Last Checked: Aug 22 at 5:42AM
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 Real Estate Center
Investment Insights
Based on property information with market context.
This 4,172-square-foot commercial property includes two brick and masonry buildings at 684 Boston Neck Road in North Kingstown. The buildings are currently used as a convenience store and daycare, with the convenience store equipped with gas heat and air conditioning. The daycare building has a roof approximately 2 years old, new heating and air conditioning installed within the last 2 years, and updated electrical service. The property was built in 1930.
The buildings sit on a corner lot totaling over a half acre along a highly trafficked road. The parking area was recently resurfaced, with parking and emergency markings updated. Additional square footage is located toward the rear of the lot, providing room for potential expansion. The property is in the Wickford area of North Kingstown, Rhode Island.
The buildings sit on a corner lot totaling over a half acre along a highly trafficked road. The parking area was recently resurfaced, with parking and emergency markings updated. Additional square footage is located toward the rear of the lot, providing room for potential expansion. The property is in the Wickford area of North Kingstown, Rhode Island.
Key Highlights
- Two brick and masonry buildings totaling 4,172 SF
- Currently configured as a convenience store and daycare
- Corner lot totaling over a half acre
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
$53,956
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
6.35%
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%
$1,079,120
$1.1M
Cap Rate 7%
$770,800
$770.8K
Cap Rate 9%
$599,511
$599.5K
Market Conditions
NOI Build-Up for 4,172 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
$75.1K $18.00/SF
− Vacancy
−$3.2K −$0.76/SF
EGI
$71.9K $17.24/SF
− OpEx
−$18.0K −$4.31/SF
NOI
$54.0K $12.93/SF
Area
Washington County, RI
Vacancy
4.20%
Lease Rate
$18.00 /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%
$1,079,120
Cap Rate 7%
$770,800
Cap Rate 9%
$599,511
Alternative Uses
Best Use
Specialty Retail
$770.8K
$674.5K – $899.3K
NOI $53,956 @ 7.0% cap · market cap 6.35%
Second Best
Retail
$604.3K
$528.8K – $705.0K
NOI $42,302 @ 7.0% cap · market cap 4.98%
Theoretical Best
Healthcare Medical
$833.6K
$729.4K – $972.5K
NOI $58,350 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
115
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02852, RI
23,579
Population
10,589
Households
2.2
Avg Household Size
47
Median Age
49%
College-Educated
96%
High-School Grad
30.8 sq mi
ZIP Area
766
Density / Sq Mi
$112,457
Median Household Income
$60,020
Median Earnings
$1,188
Median Rent
$461,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Includes a second building used for daycare, updated systems, and a resurfaced parking area on a corner lot.
Where is this grocery and convenience store located?
The property is located at 684 Boston Neck Road North Kingstown, RI.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Two brick and masonry buildings totaling 4,172 SF; Currently configured as a convenience store and daycare; Corner lot totaling over a half acre
