Restaurant and Medical Office
923 Main Street West Warwick, RI 02893
For Sale
$895,900
Two investment properties with restaurant and medical office space.
Property Size2,328 SF
Price / SF$384.84
Days on Market122
Property Features for 923 Main Street
General Information
Standard status
Active
Size
2,328 SF
Property subtype
Commercial
Building Details
Year Built
1978
Listing Agency:
RE/MAX Real Estate Center
(401) 465-0263
Listed By:
David Tatangelo · License #S29833
(401) 465-0263
Source:
Liongatere
Added: Mar 28
Changed: Jul 10
Last Checked: Jul 27 at 2:26AM
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
Investment Insights
Based on property information with market context.
This offering presents an opportunity to acquire two investment properties, including a restaurant and ice cream business. The first building, featuring a new roof and siding, is configured as a seasonal ice cream parlor and restaurant. It includes a single-level layout, a walk-up window, a commercial kitchen, and an updated dining room, complemented by ample parking. The second building, a 2328-square-foot all-brick structure, is currently utilized as a Bay State Physical Therapy medical office space under a long-term lease. This single-level building also offers a full basement, providing potential for expansion or storage, and benefits from plenty of parking. The location experiences high traffic and is close to various amenities.
Key Highlights
- Profitable restaurant/ice cream business included.
- Two investment properties included.
- Long‑term lease in place with Bay State Physical Therapy.
Financial Insights For Specialty Retail
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 | $55.9k | $24.00 |
| − Vacancy | −$1.5k | −$0.62 |
| EGI | $54.4k | $23.38 |
| − OpEx | −$13.6k | −$5.84 |
| NOI | $40.8k | $17.53 |
2,328 SF · lease $24.00/SF/yr · vacancy 2.60% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$583.1K
$510.2K – $680.2K
NOI $40,814 @ 7.0% cap · market cap 4.56%
Second Best
Healthcare Medical
$498.4K
$436.1K – $581.4K
NOI $34,885 @ 7.0% cap · market cap 3.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market 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
Frequently Asked Questions
What type of property is this?
Restaurant - Two investment properties with restaurant and medical office space.
Where is this restaurant located?
The property is located at 923 Main Street 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: Profitable restaurant/ice cream business included.; Two investment properties included.; Long‑term lease in place with Bay State Physical Therapy.
