Flex Industrial Unit with
For Sale
$949,000
B2-376 Dry Bridge Rd, North Kingstown, RI 02852
Unit B2 features a heated warehouse, two ground-level doors, and a built-out office with separate entrance and parking.
Property Size3,841 SF
Price / SF$247.07
Days on Market117
Property Features for B2-376 Dry Bridge Rd
General Information
Standard status
Active
Size
3,841 SF
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
2
Heavy Power
Yes
Taxes and HOA fees
Annual Taxes
$10,137
Listing Agency:
NE Real Estate Services
(401) 885-5400
Listed By:
Michael Russo · License #REB.0018125
(401) 465-0417
Source:
Exprealty
Added: May 13
Changed: Sep 5
Last Checked: Sep 5 at 1:16PM
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 NE Real Estate Services
Investment Insights
Based on property information with market context.
Unit B2 at Dry Bridge Commerce Park is a functional flex-style industrial unit designed to combine operations and a public-facing office in the same building. The warehouse is heated and offers 20' clear span ceilings, along with two 12' x 14' ground level doors. The office area is 900+ SF and includes flexible workspace, a private office, a bath, central air, and a separate entrance with its own parking area. The unit also includes an 800+ SF lower workshop/manufacture area that is heated and cooled, with an additional bathroom.
Unit B2 offers 3-phase electric and handicap-accessible restrooms. Water, septic, exterior/grounds maintenance, and master insurance are included in the modest condo fee. Dry Bridge Commerce Park is located in North Kingstown, RI just moments from major routes and near Quonset/Port of Davisville, RI Airport, and South County.
For sale. Seller financing may be available; please contact the listing broker for details. Please do not visit the property without a confirmed appointment.
Unit B2 offers 3-phase electric and handicap-accessible restrooms. Water, septic, exterior/grounds maintenance, and master insurance are included in the modest condo fee. Dry Bridge Commerce Park is located in North Kingstown, RI just moments from major routes and near Quonset/Port of Davisville, RI Airport, and South County.
For sale. Seller financing may be available; please contact the listing broker for details. Please do not visit the property without a confirmed appointment.
Key Highlights
- Dry Bridge Commerce Park Unit B2: 2,000+ SF heated warehouse with 20' clear span ceilings
- Two 12' x 14' ground‑level doors for warehouse access
- Built‑out 900+ SF public‑facing office with separate entrance and parking area, plus central air
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
$44,452
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
4.68%
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%
$889,040
$889.0K
Cap Rate 7%
$635,029
$635.0K
Cap Rate 9%
$493,911
$493.9K
Market Conditions
NOI Build-Up for 3,841 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
$77.0K $20.04/SF
− Vacancy
−$17.7K −$4.61/SF
EGI
$59.3K $15.43/SF
− OpEx
−$14.8K −$3.86/SF
NOI
$44.5K $11.57/SF
Area
Washington County, RI
Vacancy
23.00%
Lease Rate
$20.04 /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%
$889,040
Cap Rate 7%
$635,029
Cap Rate 9%
$493,911
Alternative Uses
Best Use
Office B
$635.0K
$555.7K – $740.9K
NOI $44,452 @ 7.0% cap · market cap 4.68%
Second Best
Flex RnD
$337.5K
$295.3K – $393.7K
NOI $23,623 @ 7.0% cap · market cap 2.49%
Theoretical Best
Healthcare Medical
$767.4K
$671.5K – $895.3K
NOI $53,720 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20 ft
Clear height
2
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
69
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02852, RI
23,579
Population
10,589
Households
2.2
Avg Household Size
47
Median Age
49%
College-Educated
96%
High-School Grad
30.8 sq mi
ZIP Area
766
Density / Sq Mi
$112,457
Median Household Income
$60,020
Median Earnings
$1,188
Median Rent
$461,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Unit B2 features a heated warehouse, two ground-level doors, and a built-out office with separate entrance and parking.
Where is this flex space located?
The property is located at B2-376 Dry Bridge Rd North Kingstown, RI.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Dry Bridge Commerce Park Unit B2: 2,000+ SF heated warehouse with 20' clear span ceilings; Two 12' x 14' ground‑level doors for warehouse access; Built‑out 900+ SF public‑facing office with separate entrance and parking area, plus central air
