Restaurant and Medical Office
923 Main, West Warwick, RI 02893
Two investment properties: restaurant/ice cream parlor and medical office.
Type:Commercial
Property size:
4,360 SFLot size:
0.31 AcresPrice / SF:
$205/SF- Added:
- Mar 28, 2026
- Days on Market:
- 56
- Last Refresh:
- Mar 28 at 8:09 pm
Property Features for 923 Main
General Information
- Standard status
- Active
- Size
- 4,360 SF
- Lot size
- 0.31 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1978
Listing agent DAVID TATANGELO License #S29833
Listing office RE/MAX REAL ESTATE CENTER (401) 823-7600
Listing date Mar 28, 2026
Source Corcoran
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 RE/MAX REAL ESTATE CENTER
HighLights
- Two investment properties included: a restaurant/ice cream business and a leased medical office.
- Strong, long‑term lease in place with Bay State Physical Therapy in the 2328 sqft brick building.
- Restaurant/ice cream parlor has a new roof and siding, updated dining room, commercial kitchen, and walk‑up window.
- High‑traffic location close to all amenities.
- The 2328 sqft brick building has a full basement for potential expansion or storage.
- Plenty of parking available for both properties.
Overview
This offering presents an opportunity to acquire two investment properties. The first building is configured as a seasonal ice cream parlor and restaurant, featuring a walk-up window, a commercial kitchen, and an updated dining room. The building benefits from a new roof and siding, along with ample parking. The second building, constructed of brick, spans 2328 square feet on one level and is currently leased to Bay State Physical Therapy. This medical office space includes a full basement that offers potential for expansion or storage. The property is located in a high-traffic area and is close to amenities. The total property size is 4360 square feet.
Financial Insights
Value Estimation Calculated for Specialty Retail
Conservative
$849.3K
NOI $76,440 @ 9.00% cap · cautious / downside scenario
Moderate
$1.09M
NOI $76,440 @ 7.00% cap · market / base-case scenario
Aggressive
$1.53M
NOI $76,440 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Specialty Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $104.6k | $24.00 |
| − Vacancy | −$2.7k | −$0.62 |
| EGI | $101.9k | $23.38 |
| − OpEx | −$25.5k | −$5.84 |
| NOI | $76.4k | $17.53 |
4,360 SF · lease $24.00/SF/yr · vacancy 2.60% · expense 25.00%
Alternative Use Scenarios
Best Use
Specialty Retail
$1.09M
$955.5K – $1.27M
NOI $76,440 @ 7.0% cap · market cap 8.53%
Second Best
Healthcare Medical
$933.4K
$816.7K – $1.09M
NOI $65,335 @ 7.0% cap · market cap 7.29%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Bay State Physical ...
Medical Clinic
Similar Places Nearby
- DE Vine Foods — 1143 Main St, West Warwick, RI 02893
- Iil Rhody Catering — 60 Clyde St, West Warwick, RI 02893
- Touch of Class Catering — 1143 Main St, West Warwick, RI 02893
Location Insight
- Map
- Local Demand
- City
- West Warwick
- County
- Kent
- State
- Rhode Island
- Longitude
- -71.5244851
- Latitude
- 41.7175429
Nearby Similar for Sale
FAQs
What type of property is this?
Restaurant - Two investment properties: restaurant/ice cream parlor and medical office.
Where is this restaurant located?
The property is located at 923 Main West Warwick, RI.
What is the asking price?
The asking price for this property is $895,900.
What are key features of this property?
This property features: Two investment properties included: a restaurant/ice cream business and a leased medical office.; **Strong, long‑term lease in place with Bay State Physical Therapy** in the 2328 sqft brick building.; Restaurant/ice cream parlor has a new roof and siding, updated dining room, commercial kitchen, and walk‑up window.
