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    388 Church Street Richmond, RI 02894

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    Claim this Listing
    New
    For Sale
    $600,000

    COMMERCIAL - Richmond, RI

    Property size:
    1,671 SF
    Lot size:
    1.20 Acres
    Price / SF:
    $359/SF
    Added:
    May 1, 2026
    Days on Market:
    2
    Last Refresh:
    May 2 at 1:06 pm

    Property Features for 388 Church Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    NB
    Parking
    12
    Interior features
    Ceiling Height (7 to 9 Ft)
    Standard status
    Active
    Size
    1,671 SF
    Lot size
    1.20 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2215

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Forced Air
    Water source
    Private

    Building Details

    Year built
    1950
    Floors in Building
    1
    Number of units
    2
    Building materials
    Frame

    We can help!

    Listing Contact
    Patrick Murray

    Listing agent Patrick Murray License #REB.0016731

    Listing office Residential Properties Ltd. 271 Main Street, RI

    Listing date May 1, 2026

    MLS# 1411485

    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.

    Overview

    Mixed-Use Building on 1.2 Acres

    Located at 388 Church Street in Wood River Junction, this property features a 1671 sq ft mixed-use building situated on 1.2 acres. The building includes a one-bedroom apartment and a storage retail outlet. The property is zoned NB (Neighborhood Business), which allows for residential single-family or two-family use. Other permitted uses include community resident, horticulture, private school, day care, medical facility, park/garden public, wildlife refuge, conservation area, construction trades, maintenance services, professional offices, hotel/motel, dry cleaner, specialty food store, general retailer, artisan studio, farmers market, bar/lounge/tavern, microbrewery, and restaurant/eating place. Additional uses may be possible under a special use permit. The current tenant is Rhody Roasters Coffee, a local coffee roasting operation that has been in business for 11 years.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Richmond
    County
    Washington
    State
    Rhode Island
    Longitude
    -71.704141
    Latitude
    41.436868

    Nearby Similar for Sale

    • $445,000

      Well-Maintained Two-Family Property

      Two-family property with investment potential and owner occupant flexibility.
      307 Church Street, Richmond, RI 02894
      View Details
    • $1,300

      Functional Flex Space Unit

      Spacious flex unit with high ceilings and garage door.
      502 Switch Road, Richmond, RI 02832
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with apartment and retail space on 1.2 acres.
    Where is this mixed-use property located?
    The property is located at 388 Church Street Richmond, RI.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: 1.2 Acre Property Zoned Neighborhood Business (NB); Mixed‑use building with 1671 sq ft including a one‑bedroom apartment and retail space.; Permitted uses include residential, retail, office, restaurant, and more.
    (401) 439-7705
    We can help!
    Listing Contact
    Patrick Murray
    Real Estate License ID: REB.0016731
    Learn More
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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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    388 Church Street, Richmond, RI 02894

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