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    Property profile & analytics

    164 Airport Rd Warwick, RI 02886

    • Showrooms
    • 2,080 SF
    • 0.23 lot acres
    For Sale
    View listing
    $425,000
    Value Estimations
    Cap Rate Potential
    6.8%
    Showrooms
    Location Intelligence
    Property ID
    US76-0072692
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • FERREIRA COMPANY, LLC / Business Management Consultant

    Property Details for 164 Airport Rd

    Year built
    1974
    Construction
    FRAME
    Lot size
    0.23 lot acres
    Property size
    2,080 SF
    Zone code
    A7
    Property type
    Showrooms
    APN
    WARW M:320 B:0021 L:0000
    APU
    WARWM320B0021L0000

    Description

    This exceptional 10,000 square foot commercial land parcel, located at 164 Airport Road in Warwick, Rhode Island, presents a unique investment opportunity. The property, which includes a single building constructed in 1974, is currently zoned for commercial use, having been transitioned from residential A-7 zoning in 1993. This versatile zoning history offers significant flexibility for potential buyers. The property could be utilized for continued commercial office use or, with the acquisition of the necessary building permits, could be redeveloped for residential purposes. The asking price for this strategically located property is $425,000. Situated in Kent County, Rhode Island, with a zip code of 02886, this 10,000 square foot lot provides ample space for a variety of development projects. Its convenient location and zoning flexibility make it an attractive prospect for investors seeking a property with diverse potential uses. The existing building offers the possibility of renovation or repurposing, adding further value to this already compelling investment. Detailed zoning information and building permits requirements are readily available through the appropriate municipal channels. This property is ready for its next chapter, offering a blend of established infrastructure and exciting future possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $375,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $490,000
      6.5%
      $455,000
      7%
      $420,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $508,000
      Market price range: $279k - $728k
      AI Estimate
      $440,000
      Market price range: $200k - $575k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Warwick
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.4132
    Latitude
    41.733
    CBSA code
    39300
    CBSA name
    PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,216
    $120,000
    $210,900
    $330,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      9,108 SF

      2275 Warwick Ave

      SHOW ROOM, WAREHOUSE • 9,108 SF
      2275 Warwick Ave, Warwick, RI 02889-4272
      View Details
    • Value Estimation
      $315,000
      3,014 SF

      859 Oakland Bch Ave

      SHOW ROOM, WAREHOUSE • 3,014 SF
      859 Oakland Bch Ave, Warwick, RI 02889-9616
      View Details
    • Value Estimation
      $360,000
      1,678 SF

      156 Airport Rd

      SHOW ROOM, WAREHOUSE • 1,678 SF
      156 Airport Rd, Warwick, RI 02889-1042
      View Details
    • Value Estimation
      $355,000
      1,504 SF

      151 Airport Rd

      SHOW ROOM, WAREHOUSE • 1,504 SF
      151 Airport Rd, Warwick, RI 02889-1031
      View Details
    • Value Estimation
      $355,000
      1,580 SF

      161 Airport Rd

      SHOW ROOM, WAREHOUSE • 1,580 SF
      161 Airport Rd, Warwick, RI 02889-1031
      View Details
    • Value Estimation
      $340,000
      1,528 SF

      205 Airport Rd

      SHOW ROOM, WAREHOUSE • 1,528 SF
      205 Airport Rd, Warwick, RI 02889-1029
      View Details

    Similar Nearby for Sale

    • $950,000

      West Shore Road Commercial Property

      Prime Warwick, RI investment opportunity.
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    • $399,000
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      West Shore Road Office Building

      Prime Warwick Office Space: Own Your Business!
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    • $279,000
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      Warwick RI Commercial Property

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      10,404 SF

      Warwick Retail Portfolio Opportunity

      High-traffic RI retail complex, multi-tenant.
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    • $2,900,000
      3,152 SF

      Warwick Retail and Auto Property

      Retail building with vacant restaurant, auto service building on 1.52± acres.
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    • $400,000
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      Multi-Unit Commercial Property in Warwick

      Versatile commercial property with three units and ample parking.
      2291 West Shore Rd, Warwick, RI 02889
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    Similar Nearby for Lease

    • $0.03 SF/Yr
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      Warwick Office Building - Prime Location

      High-traffic area, ample parking, 5,395 sq ft.
      120 Lambert Lind Hwy, Warwick, RI 02889
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      54,855 SF

      Crossroads Plaza Retail Space Available

      High-traffic Warwick, RI storefront; 15,663 sq ft available.
      2485 Warwick Ave, Warwick, RI 02889
      View Details
    • Contact for pricing
      14,000 SF

      Retail Space in Prime Location

      Highly visible retail space in a desirable Warwick location.
      2595 W Shore Rd, Warwick, RI 02889
      View Details
    • Contact for pricing
      3,367 SF

      Retail Spaces Available For Lease

      Three retail spaces available for lease in Warwick, Rhode Island.
      40-50 Airport Rd, Warwick, RI 02889
      View Details
    • Contact for pricing
      1,680 SF

      Retail Space in Warwick Center

      Retail spaces available from 1,200 to 14,455 square feet.
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      View Details
    • Contact for pricing
      49,332 SF

      West Shore Road Retail Center

      High-traffic retail space available now
      2574 Shore Rd, Warwick, RI 02889
      View Details
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    164 Airport Rd
    Warwick, RI 02886
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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