Pawtucket Office Space
For Sale
$1,200,000
700 School Street 2 Pawtucket, Pawtucket, RI 02860
Tenant-occupied office space with Class A buildout and long-term lease.
Property Size7,920 SF
Price / SF$151.52
Days on Market106
Property Features for 700 School Street 2 Pawtucket
General Information
Standard status
Active
Size
7,920 SF
Total Parking Spaces
61
Taxes and HOA fees
Annual Taxes
$14,367
Building Details
Building Size
7,920 SF
Year Built
2008
Buildings
1
Listing Agency:
(508) 501-1443
Listed By:
Crystal Silva
(508) 501-1443
Source:
Milestonerealtyinc
Added: May 15
Changed: Aug 18
Last Checked: Aug 28 at 7:59AM
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 Crystal Silva
Investment Insights
Based on property information with market context.
This commercial property in Pawtucket, Rhode Island, presents an investment opportunity with a tenant in place. The property, consisting of 7,920 square feet of office space, is currently leased to JBD/JGA, an architectural firm specializing in design work for country clubs, restaurants, and luxury homes. The tenant has occupied the space for several years and has approximately 4 years remaining on the current lease term. The space features a Class A buildout and is well-maintained. A new HVAC system was installed in 2024.
Key Highlights
- High capitalization rate (nearly 10 cap)
- Stable, long‑term tenant (JBD/JGA architectural firm) with 4 years remaining on the lease
- Class A buildout and well‑maintained space
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
$102,372
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
8.53%
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%
$2,047,440
$2.0M
Cap Rate 7%
$1,462,457
$1.5M
Cap Rate 9%
$1,137,467
$1.1M
Market Conditions
NOI Build-Up for 7,920 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
$158.7K $20.04/SF
− Vacancy
−$22.2K −$2.81/SF
EGI
$136.5K $17.23/SF
− OpEx
−$34.1K −$4.31/SF
NOI
$102.4K $12.93/SF
Area
Providence County, RI
Vacancy
14.00%
Lease Rate
$20.04 /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%
$2,047,440
Cap Rate 7%
$1,462,457
Cap Rate 9%
$1,137,467
Alternative Uses
Best Use
Office B
$1.46M
$1.28M – $1.71M
NOI $102,372 @ 7.0% cap · market cap 8.53%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.88M
$1.65M – $2.20M
NOI $131,872 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,706
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
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?
Office units - Tenant-occupied office space with Class A buildout and long-term lease.
Where is this office units located?
The property is located at 700 School Street 2 Pawtucket Pawtucket, RI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: High capitalization rate (nearly 10 cap); Stable, long‑term tenant (JBD/JGA architectural firm) with 4 years remaining on the lease; Class A buildout and well‑maintained space
