Main Road Mixed-Use
For Sale
$329,000
Pending
898 Main, Tiverton, RI 02878
Half-acre lot with renovation-needed home, business zoning, high visibility.
Property Size1,080 SF
Lot Size0.52 Acres
Days on Market289
Property Features for 898 Main
General Information
Standard status
Pending
Size
1,080 SF
Lot size
0.52 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,809
Amenities
Hot Water Heating
Building Details
Year Built
1900
Listing Agency:
T. L. HOLLAND AGENCY
(401) 624-8469
Listed By:
JAMES HOLLAND · License #REB.0014814
Source:
Corcoran
Added: Oct 28, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:13AM
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 T. L. HOLLAND AGENCY
Investment Insights
Based on property information with market context.
This property features a 3-bedroom, 1-bath single-family home situated on a lot exceeding half an acre. The property has direct frontage on Main Road and is zoned Neighborhood Business. Located near Route 24, it presents opportunities for residential use or potential commercial/mixed-use conversion. The existing 1080 square foot home requires renovation. This property offers the chance to own land with business zoning in a visible location.
Key Highlights
- Tiverton Location: Highly visible location.
- Direct Frontage on Main Road: Ensures high visibility and accessibility.
- Over Half Acre Lot: Provides ample space and development possibilities.
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
$10,935
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
3.32%
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%
$218,700
$218.7K
Cap Rate 7%
$156,214
$156.2K
Cap Rate 9%
$121,500
$121.5K
Market Conditions
NOI Build-Up for 1,080 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
$19.4K $18.00/SF
− Vacancy
−$1.9K −$1.80/SF
EGI
$17.5K $16.20/SF
− OpEx
−$6.6K −$6.07/SF
NOI
$10.9K $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%
$218,700
Cap Rate 7%
$156,214
Cap Rate 9%
$121,500
Alternative Uses
Best Use
Mixed Use
$156.2K
$136.7K – $182.3K
NOI $10,935 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$257.7K
$225.5K – $300.6K
NOI $18,038 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
119
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - Half-acre lot with renovation-needed home, business zoning, high visibility.
Where is this commercial land located?
The property is located at 898 Main Tiverton, RI.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Tiverton Location: Highly visible location.; Direct Frontage on Main Road: Ensures high visibility and accessibility.; Over Half Acre Lot: Provides ample space and development possibilities.
