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    Colonial Office and Flex Building Title is generated by Realmo AI

    873 Warwick Avenue, Warwick, RI 02888

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    For Sale
    $685,000

    COMMERCIAL - Warwick, RI

    Type:Office
    Property size:
    4,000 SF
    Lot size:
    0.74 Acres
    Price / SF:
    $171/SF
    Added:
    Jun 4, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 4 at 6:06 pm

    Property Features for 873 Warwick Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    A 10
    Rooms
    Basement
    Parking
    16
    Interior features
    Ceiling Height (7 to 9 Ft)
    Basement
    Partial
    Standard status
    Active
    Lot size
    0.74 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    10340

    Utilities

    Sewer type
    Cesspool
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1938
    Floors in Building
    2
    Number of units
    10
    Building materials
    Brick, Frame

    We can help!

    Listing Contact
    Stephen Antoni

    Listing agent Stephen Antoni License #REB.0016316

    Listing office Mott & Chace Sotheby's Intl. 100 Exchange Street, Narragansett, RI

    Listing date Jun 4, 2026

    MLS# 1414384

    Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 1938 Colonial‑style building with 7–9 ft ceiling height, brick and frame construction
    • Over 4,000 SF of office/flex space with 10 separate offices that may be reconfigured for additional tenants
    • Forced‑air heating and central air conditioning
    • Sewer: cesspool; includes a basement
    • 3/4‑acre lot with mature trees and ample parking
    • Zoned residential with a business use permit; formerly law and real estate office use

    Overview

    Built in the 1930s, this stately Colonial-style property sits on a 3/4-acre lot with mature trees and ample parking. The interior provides over 4,000 square feet of office and flex space, with the current configuration including 10 separate offices that could be reconfigured to support additional tenants. While the building previously housed a law office and a real estate office, it is currently set up with only three spaces occupied by long-term tenants.

    The property is located at 873 Warwick Avenue in Warwick, Rhode Island. It is described as being close to RI’s International Airport and minutes from Downtown Providence, with an indicated quick train ride to Boston and New York. The building is currently supported by a business use permit while remaining zoned residential.

    This offering can fit companies looking for an office headquarters with on-site parking and a layout that supports private office use. Because the structure is zoned residential with a business use permit, potential changes or redevelopment back to residential use would require confirmation with the city. Investors may also find the existing multi-office setup and partial occupancy relevant when evaluating future leasing plans or operational adjustments.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $82.6k $20.64
    − Vacancy −$17.1k −$4.27
    EGI $65.5k $16.37
    − OpEx −$16.4k −$4.09
    NOI $49.1k $12.28
    4,000 SF · lease $20.64/SF/yr · vacancy 20.67% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $701.7K
    $614.0K – $818.7K (±1% cap)
    NOI $49,121 @ 7.0% cap · market cap 7.17%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $1.00M
    $876.6K – $1.17M (±1% cap)
    NOI $70,128 @ 7.0% cap · market cap 10.24%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Law Offices Of Gregory ... Law Firm Picture of Hope Counselor Ronald Newman Jr: ... Insurance Agency Evelyn Veloz Rocheleau Alternative Medicine Practice Solutions Together, Inc. Psychotherapist

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Warwick
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.404516
    Latitude
    41.752208

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    FAQs

    What type of property is this?
    Office building - 1930s office/flex building with ample parking and multiple private offices on a wooded 3/4-acre lot.
    Where is this office building located?
    The property is located at 873 Warwick Avenue Warwick, RI.
    What is the asking price?
    The asking price for this property is $685,000.
    What are key features of this property?
    This property features: 1938 Colonial‑style building with 7–9 ft ceiling height, brick and frame construction; Over 4,000 SF of office/flex space with 10 separate offices that may be reconfigured for additional tenants; Forced‑air heating and central air conditioning
    (401) 789-8899
    We can help!
    Listing Contact
    Stephen Antoni
    Real Estate License ID: REB.0016316
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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