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    Block Island Mixed-Use Opportunity Title is generated by Realmo AI

    454 Ocean Avenue, Block Island, RI 02807

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    Claim this Listing
    For Sale
    $2,400,000

    COMMERCIAL - Block Island, RI

    Type:Apartment
    Lot size:
    0.28 Acres
    Added:
    Oct 4, 2025
    Days on Market:
    222
    Last Refresh:
    May 13 at 11:06 am

    Property Features for 454 Ocean Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Apartment
    Property condition
    Under Construction
    Zoning
    SC
    Parking
    8
    Interior features
    Ceiling Height (9 to 12 Ft), Ceiling Height (12 to 15 Ft)
    Standard status
    Active
    Lot size
    0.28 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    2116

    Utilities

    Sewer type
    Public Sewer

    Building Details

    Year built
    1933
    Floors in Building
    2
    Number of units
    2

    We can help!

    Listing Contact
    Robin Vila

    Listing agent Robin Vila

    Listing office Ballard Hall Sales Group 461 Chapel Street, Block Island, RI

    Listing date Oct 4, 2025

    MLS# 1396955

    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.

    HighLights

    • Prime location between Old Harbor and New Harbor with high foot traffic.
    • Flexible service commercial zoning allows for various business or residential uses.
    • Brand‑new, turnkey 2‑bedroom apartment with modern finishes and water views.
    • First‑floor commercial space ready for customization (coffee shop, retail, restaurant, etc.).
    • Rare 8+ on‑site parking spaces.
    • Handicapped accessible bathroom on the first floor.

    Overview

    This mixed-use property is positioned between Old Harbor and New Harbor, in a desirable location within the service commercial zone of Block Island. The building features a new upstairs residence and a flexible first-floor space. The second floor includes a 2-bedroom, 1-bathroom apartment with modern finishes, town water and sewer, and views from a northeast-facing deck. This turnkey space can be used as an owner's residence, staff housing, or rental. The first floor offers options for a coffee shop, boutique, restaurant with potential outdoor dining, or retail or service concepts. The space includes a handicapped accessible bathroom and 8+ on-site parking spaces. The property is surrounded by foot traffic between the island's two main hubs of dining, shopping, and entertainment. The location offers visibility and convenience. This property on 0.28 acres presents an opportunity to establish a vision in a New England destination.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Block Island
    County
    Washington
    State
    Rhode Island
    Longitude
    -71.568196
    Latitude
    41.174786

    Nearby Similar for Sale

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      Block Island Two-Family Home

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property in desirable location with flexible commercial space.
    Where is this mixed-use property located?
    The property is located at 454 Ocean Avenue Block Island, RI.
    What is the asking price?
    The asking price for this property is $2,400,000.
    What are key features of this property?
    This property features: Prime location between Old Harbor and New Harbor with high foot traffic.; Flexible service commercial zoning allows for various business or residential uses.; **Brand‑new, turnkey 2‑bedroom apartment with modern finishes and water views.**
    (401) 466-8883
    We can help!
    Listing Contact
    Robin Vila
    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.

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