Two-Building Restaurant
For Sale
$895,900
923 Main Street, West Warwick, RI 02893
Commercial/Business,Commercial Sale, West Warwick, RI
Property Size4,360 SF
Lot Size0.31 Acres
Price / SF$205.48
Days on Market153
Property Features for 923 Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B
Parking
55
Security features
Security
Interior features
Ceiling Height (7 to 9 Ft), Ceiling Height (12 to 15 Ft)
Lot features
Paved, Sidewalks, Free Standing, Suburban
Standard status
Active
Size
4,360 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2021
Tax Annual Amount
15498
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Central Air
Building Details
Year built
1978
Floors in Building
1
Number of units
2
Building materials
Brick, Frame, Masonry
Listing Agency:
Re/Max Real Estate Center · RE/MAX International
(401) 823-7600
Listed By:
David Tatangelo · License #S29833
(401) 465-0263
Added: Mar 28
Changed: Aug 19
Last Checked: Aug 27 at 8:06AM
MLS# 1408573
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.
The property combines two one-level commercial buildings under B zoning. The restaurant building is configured for seasonal ice cream and food service, with a walk-up service window, commercial kitchen, refreshed dining room, and a new roof and exterior siding. Parking is provided on site.
The second structure contains 2328 square feet in an all-brick format, along with a full basement that can support storage or additional space. It is occupied by a medical office user under a long-term lease. The property totals 4360 square feet on a 0.308-acre lot and was built in 1978. Public sewer, baseboard heat, and central air are in place.
The second structure contains 2328 square feet in an all-brick format, along with a full basement that can support storage or additional space. It is occupied by a medical office user under a long-term lease. The property totals 4360 square feet on a 0.308-acre lot and was built in 1978. Public sewer, baseboard heat, and central air are in place.
Key Highlights
- Two‑building property totaling 4360 square feet on a 0.308‑acre lot
- Seasonal restaurant and ice cream building with walk‑up window and commercial kitchen
- Restaurant building features a new roof, new siding, and updated dining room
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
$76,440
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
8.53%
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%
$1,528,800
$1.5M
Cap Rate 7%
$1,092,000
$1.1M
Cap Rate 9%
$849,333
$849.3K
Market Conditions
NOI Build-Up for 4,360 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
$104.6K $24.00/SF
− Vacancy
−$2.7K −$0.62/SF
EGI
$101.9K $23.38/SF
− OpEx
−$25.5K −$5.84/SF
NOI
$76.4K $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%
$1,528,800
Cap Rate 7%
$1,092,000
Cap Rate 9%
$849,333
Alternative Uses
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
396
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02893, RI
31,030
Population
15,103
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
7.8 sq mi
ZIP Area
3,978
Density / Sq Mi
$73,903
Median Household Income
$49,087
Median Earnings
$1,249
Median Rent
$293,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant and ice cream operations are paired with a leased medical office building and on-site parking.
Where is this conventional 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: Two‑building property totaling 4360 square feet on a 0.308‑acre lot; Seasonal restaurant and ice cream building with walk‑up window and commercial kitchen; Restaurant building features a new roof, new siding, and updated dining room
