Mixed-Use Property with Income
For Sale
Contact for pricing
32 Main Rd, Tiverton, RI 02878
Three buildings with 13 rentable units, offering income potential.
Property Size11,841 SF
Price / SF$92.90
Days on Market948
Property Features for 32 Main Rd
General Information
Standard status
Active
Size
11,841 SF
Total Parking Spaces
8
Property subtype
Retail, Multifamily, Mixed Use, Self Storage
Zoning
R30
Investment Type
Owner/User
Building Details
Year Built
1900
Buildings
3
Stories
4
Units
13
Tenancy
Multi
Listing Agency:
Castle Keep Realty
(508) 677-1600
Listed By:
Cesar Patricio · License #RI RES.0043505
Source:
Crexi
Added: Jan 24, 2024
Changed: Aug 17
Last Checked: Aug 29 at 1:42AM
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 Castle Keep Realty
Investment Insights
Based on property information with market context.
This property presents a unique opportunity to own a single lot improved with three income-generating buildings. The first building, located at 28-32 Main Rd, is a mixed-use structure featuring four residential units totaling 4,270 square feet and two retail storefront units totaling 1,522 square feet. The second building, at 36 Main Rd, contains one large storefront unit of 2,748 square feet, which could potentially be divided into two separate units. This unit includes a storage room and a bathroom at the rear. Behind the storefront section of this building are two garage units offering 2,457 square feet. The third building, situated at 27 Rock St, comprises three garage units and an office loft area above. Each floor of the 27 Rock St building provides 1,118 square feet. In total, the property includes 13 rentable units, currently grossing $98,280 annually with rents that are below market value. The property size is 11,841 square feet.
Key Highlights
- Three income‑generating buildings on one lot.
- Thirteen rentable units provide diverse income streams.
- Gross annual income of $98,280 with below‑market rents offers revenue growth potential.
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
$55,093
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
5.01%
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%
$1,101,860
$1.1M
Cap Rate 7%
$787,043
$787.0K
Cap Rate 9%
$612,144
$612.1K
Market Conditions
NOI Build-Up for 11,841 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
$82.4K $6.96/SF
− Vacancy
−$3.7K −$0.31/SF
EGI
$78.7K $6.65/SF
− OpEx
−$23.6K −$1.99/SF
NOI
$55.1K $4.65/SF
Area
Newport County, RI
Vacancy
4.50%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,101,860
Cap Rate 7%
$787,043
Cap Rate 9%
$612,144
Alternative Uses
Best Use
Apartment 5plus
$2.51M
$2.20M – $2.93M
NOI $175,886 @ 7.0% cap · market cap 15.99%
Second Best
Retail
$1.91M
$1.67M – $2.23M
NOI $133,606 @ 7.0% cap · market cap 12.15%
Theoretical Best
Multifamily LT 5
$2.83M
$2.47M – $3.30M
NOI $197,771 @ 7.0% cap · market cap 17.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
259
Businesses Nearby
Explore this area
Business Placement
Demographics for 02878, RI
16,359
Population
7,747
Households
2.1
Avg Household Size
50
Median Age
40%
College-Educated
93%
High-School Grad
29.1 sq mi
ZIP Area
562
Density / Sq Mi
$99,542
Median Household Income
$49,228
Median Earnings
$1,228
Median Rent
$367,400
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three buildings with 13 rentable units, offering income potential.
Where is this mixed-use property located?
The property is located at 32 Main Rd Tiverton, RI.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Three income‑generating buildings on one lot.; Thirteen rentable units provide diverse income streams.; Gross annual income of $98,280 with below‑market rents offers revenue growth potential.
