Pawtucket Flex Space
For Sale
Contact for pricing
579 Weeden Street UNIT 1, Pawtucket, RI 02860
New 1625 SF flex space condo for sale.
Property Size1,625 SF
Lot Size1.59 Acres
Price / SF$184.55
Days on Market648
Property Features for 579 Weeden Street UNIT 1
General Information
Standard status
Active
Size
1,625 SF
Total Parking Spaces
4
Lot size
1.59 Acres
Property subtype
Industrial, Office, Mixed Use, Retail, Special Purpose, Self Storage
Building Details
Year Built
2024
Buildings
1
Stories
1
Units
1
Listing Agency:
MGM REALTY CORPORATION
(401) 723-6461
Listed By:
Frank Moreau
Source:
Crexi
Added: Nov 2, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:24AM
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 MGM REALTY CORPORATION
Investment Insights
Based on property information with market context.
This commercial condominium unit offers 1625 square feet of flex space, with dimensions of 30 feet wide by 50 feet deep. The property is part of a development where up to 10 individual units are available, allowing for a potential custom buildout of up to 11,000 square feet. Constructed with modern features, the unit includes radiant heat, a bathroom, and a security system. Two overhead doors, each measuring 12 feet by 14 feet, provide access. The property is situated on a 1.59-acre lot with ample parking and area lighting. Located less than one mile from Route 95, the property offers convenient access. The zoning allows for a wide range of uses, including warehouse, industrial, and small business operations. Potential uses include small engine repair, electrician, plumber, computer/tech repair shop, furniture up-cycler, soap/candle maker, carpenter, and classic vehicle storage.
Key Highlights
- Zoning allows widest range of uses in Pawtucket.
- Brand new construction (2024).
- Up to 11,000 sq ft available for custom buildout**; individual units are 1625 sq ft.
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
$10,297
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
3.43%
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%
$205,940
$205.9K
Cap Rate 7%
$147,100
$147.1K
Cap Rate 9%
$114,411
$114.4K
Market Conditions
NOI Build-Up for 1,625 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
$12.2K $7.50/SF
− Vacancy
−$73 −$0.05/SF
EGI
$12.1K $7.46/SF
− OpEx
−$1.8K −$1.12/SF
NOI
$10.3K $6.34/SF
Area
Providence County, RI
Vacancy
0.60%
Lease Rate
$7.50 /SF/Yr
Expense Ratio
15.00%
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%
$205,940
Cap Rate 7%
$147,100
Cap Rate 9%
$114,411
Alternative Uses
Best Use
Warehouse
$147.1K
$128.7K – $171.6K
NOI $10,297 @ 7.0% cap · market cap 3.43%
Second Best
Flex RnD
$143.5K
$125.6K – $167.5K
NOI $10,047 @ 7.0% cap · market cap 3.35%
Theoretical Best
Multifamily LT 5
$386.5K
$338.2K – $451.0K
NOI $27,057 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
726
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - New 1625 SF flex space condo for sale.
Where is this flex space located?
The property is located at 579 Weeden Street UNIT 1 Pawtucket, RI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Zoning allows widest range of uses in Pawtucket.; Brand new construction (2024).; Up to 11,000 sq ft available for custom buildout**; individual units are 1625 sq ft.
