Mixed-Use Building with Office and
For Sale
$599,900
75 Division Road 5, West Greenwich, RI 02817
Recently renovated mixed-use building with a renovated one-bedroom apartment and a second-floor office suite.
Property Size3,108 SF
Price / SF$193.02
Days on Market54
Property Features for 75 Division Road 5
General Information
Standard status
Active
Size
3,108 SF
Additional Details
Business Included
Yes
Highway Access
Yes
Building Details
Year Built
1930
Year Renovated
1
Listing Agency:
BHHS Commonwealth Real Estate
Listed By:
Allen Gammons
Source:
Alpernandmesenbourg
Added: Jul 13
Changed: Sep 3
Last Checked: Sep 1 at 10:36PM
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 BHHS Commonwealth Real Estate
Investment Insights
Based on property information with market context.
This recently renovated mixed-use building offers residential and commercial space. The property includes a totally renovated one-bedroom apartment and a second-floor three-room office suite, providing flexible options for an owner-occupant or rental use.
The building is located on a corner along Division Road and New London Turnpike in West Greenwich, with nearby destination and retail activity described in the remarks, including a State Police Headquarters under construction and major retailers such as Home Depot and BJ’s. The seller also notes proximity to a busy park and ride lot for commuters and an I-95 North and South exit within about 200 yards.
According to the provided remarks, the prior use was a seasonal ice cream business, and ice cream equipment may be available for purchase as an extra.
The building is located on a corner along Division Road and New London Turnpike in West Greenwich, with nearby destination and retail activity described in the remarks, including a State Police Headquarters under construction and major retailers such as Home Depot and BJ’s. The seller also notes proximity to a busy park and ride lot for commuters and an I-95 North and South exit within about 200 yards.
According to the provided remarks, the prior use was a seasonal ice cream business, and ice cream equipment may be available for purchase as an extra.
Key Highlights
- Recently renovated mixed‑use building built in 1930
- Corner location on Division Road and New London Turnpike
- Includes a totally renovated 1‑bedroom luxury apartment
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
$38,392
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
6.40%
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%
$767,840
$767.8K
Cap Rate 7%
$548,457
$548.5K
Cap Rate 9%
$426,578
$426.6K
Market Conditions
NOI Build-Up for 3,108 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
$68.3K $21.96/SF
− Vacancy
−$6.8K −$2.20/SF
EGI
$61.4K $19.76/SF
− OpEx
−$23.0K −$7.41/SF
NOI
$38.4K $12.35/SF
Area
Kent County, RI
Vacancy
10.00%
Lease Rate
$21.96 /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%
$767,840
Cap Rate 7%
$548,457
Cap Rate 9%
$426,578
Alternative Uses
Best Use
Mixed Use
$548.5K
$479.9K – $639.9K
NOI $38,392 @ 7.0% cap · market cap 6.40%
Second Best
Office B
$545.2K
$477.1K – $636.1K
NOI $38,167 @ 7.0% cap · market cap 6.36%
Theoretical Best
Specialty Retail
$778.4K
$681.1K – $908.2K
NOI $54,489 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
Explore this area
Business Placement
Demographics for 02817, RI
6,528
Population
2,509
Households
2.6
Avg Household Size
46
Median Age
35%
College-Educated
91%
High-School Grad
50.3 sq mi
ZIP Area
130
Density / Sq Mi
$137,485
Median Household Income
$64,676
Median Earnings
$1,977
Median Rent
$500,500
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.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Recently renovated mixed-use building with a renovated one-bedroom apartment and a second-floor office suite.
Where is this mixed-use property located?
The property is located at 75 Division Road 5 West Greenwich, RI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Recently renovated mixed‑use building built in 1930; Corner location on Division Road and New London Turnpike; Includes a totally renovated 1‑bedroom luxury apartment
