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    442 Dodge St Block Island, RI 02807

    Sponsored
    For Sale
    $3,775,000

    COMMERCIAL - Block Island, RI

    Lot size:
    0.44 Acres
    Days on Market:
    116
    Last Refresh:
    Feb 17 at 8:06 am

    Property Features for 442 Dodge St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    OHC
    Rooms
    Basement
    Parking
    8
    Lot size
    0.44 Acres

    Utilities

    Sewer type
    Public Sewer

    Building Details

    Year built
    1940
    Number of units
    5
    Building materials
    Frame

    We can help!

    Listing Contact
    Robin Vila

    Ballard Hall Sales Group (401) 466-8883

    Listing agent Robin Vila (401) 465-7986

    Listing date Oct 25, 2025

    MLS# 1392805

    Copyright © 2025 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.

    Learn more

    Property Insight Report

    Overview

    Block Island Mixed-Use Investment

    Located at the iconic four-corner intersection of Bridgegate Square in downtown Block Island, RI, this property includes three classic Cape-style buildings combining commercial and residential space. The buildings are situated in one of the island's most coveted locations. Two of the buildings feature mixed-use layouts, with commercial storefronts on the first floor and residential apartments above. These are suitable for year-round or seasonal rental income. The third building is comprised entirely of versatile commercial space, perfect for retail, office, or service-based businesses. The property is set amid Block Island's highest foot-traffic corridor. The location offers visibility and accessibility for both commercial and residential tenants. The property is a turnkey investment with income potential and lasting value in one of New England's most desirable coastal destinations. The lot size is 0.44 acres. The property is just steps from the beach, ferry landings, shops, and restaurants.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Map

    City
    Block Island
    County
    Washington
    State
    Rhode Island
    Longitude
    -71.561441
    Latitude
    41.173989

    Nearby Similar for Sale

    • $2,295,000
      Pending

      Block Island Two-Family Home

      Versatile home with income potential in prime location.
      557 Ctr Rd, Block Island, RI 02807
      View Details
    • $2,400,000
      0.28 Acres

      Block Island Mixed-Use Opportunity

      Mixed-use property in desirable location with flexible commercial space.
      454 Ocean Ave, Block Island, RI 02807
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Prime commercial and residential property in Block Island's downtown.
    Where is this mixed-use property located?
    The property is located at 442 Dodge St Block Island, RI.
    What is the asking price?
    The asking price for this property is $3,775,000.
    What are key features of this property?
    This property features: - Prime location at the iconic four-corner intersection of Bridgegate Square in downtown Block Island, RI.; - Mixed-use property with commercial storefronts and residential apartments, offering diverse income streams.; - High foot-traffic location ensures excellent visibility and accessibility for tenants.
    (401) 466-8883
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    442 Dodge St Block Island, RI 02807
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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
    442 Dodge St Block Island, RI 02807
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    We can help!
    Listing Contact
    Robin Vila
    (401) 466-8883 (401) 465-7986
    Learn more
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