Mixed-Use Property with
New
For Sale
$1,499,000
91 Duke Street, East Greenwich, RI 02818
Commercial/Business,Commercial Sale, East Greenwich, RI
Property Size5,557 SF
Lot Size0.28 Acres
Price / SF$269.75
Days on Market3
Property Features for 91 Duke Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
10
Security features
Security
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Full
Lot features
Corner Lot, Fenced, Security, Sidewalks, Local Historic District, Downtown, Free Standing, Historic
Standard status
Active
Size
5,557 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14824
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Zoned, Natural Gas, Steam
Cooling system
Ductless, Other (Cooling)
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Building materials
Frame
Listing Agency:
Bhhs Commonwealth Real Estate · Berkshire Hathaway HomeServices
(401) 886-6100
Listed By:
Allen Gammons · License #REB.0015256
(401) 742-6050
Added: Sep 8
Last Checked: Sep 10 at 12:06PM
MLS# 1422716
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.
Investment Insights
Based on property information with market context.
This two-building mixed-use property combines an operating tavern, five residential units, and a leasable two-car garage. The offering includes the real estate, business, and existing fixtures. The property contains 5,557 square feet on 0.28 acres, with frame construction, a basement, and ceiling heights ranging from 7 to 9 feet. Heating includes natural gas baseboard, zoned, and steam systems, with ductless and other cooling systems. Public sewer serves the property.
Situated on Duke Street in East Greenwich’s Hill and Harbor District, the property supports continued operation of the tavern, preservation of the existing use, or redevelopment as described in the offering. The residential component provides five units within the overall two-building configuration, while the garage adds a separate leasable element.
Situated on Duke Street in East Greenwich’s Hill and Harbor District, the property supports continued operation of the tavern, preservation of the existing use, or redevelopment as described in the offering. The residential component provides five units within the overall two-building configuration, while the garage adds a separate leasable element.
Key Highlights
- Two‑building mixed‑use property with an operating tavern, 5 residential units, and a leasable 2‑car garage
- Includes the real estate, business, and all fixtures
- 5,557 square feet on 0.28 acres
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
$97,425
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
6.50%
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%
$1,948,500
$1.9M
Cap Rate 7%
$1,391,786
$1.4M
Cap Rate 9%
$1,082,500
$1.1M
Market Conditions
NOI Build-Up for 5,557 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
$133.4K $24.00/SF
− Vacancy
−$3.5K −$0.62/SF
EGI
$129.9K $23.38/SF
− OpEx
−$32.5K −$5.84/SF
NOI
$97.4K $17.53/SF
Area
Kent County, RI
Vacancy
2.60%
Lease Rate
$24.00 /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%
$1,948,500
Cap Rate 7%
$1,391,786
Cap Rate 9%
$1,082,500
Alternative Uses
Best Use
Specialty Retail
$1.39M
$1.22M – $1.62M
NOI $97,425 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$1.06M
$927.2K – $1.24M
NOI $74,175 @ 7.0% cap · market cap 4.95%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
Explore this area
Business Placement
Demographics for 02818, RI
19,907
Population
8,623
Households
2.3
Avg Household Size
45
Median Age
63%
College-Educated
97%
High-School Grad
21.2 sq mi
ZIP Area
939
Density / Sq Mi
$120,952
Median Household Income
$72,985
Median Earnings
$1,384
Median Rent
$564,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-building commercial property combining a tavern, residential units, and a leasable garage in East Greenwich’s Hill and Harbor District.
Where is this mixed-use property located?
The property is located at 91 Duke Street East Greenwich, RI.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Two‑building mixed‑use property with an operating tavern, 5 residential units, and a leasable 2‑car garage; Includes the real estate, business, and all fixtures; 5,557 square feet on 0.28 acres
