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    557 Center Road Block Island, RI 02807

    View on Map
    Pending
    $2,295,000

    MULTI_FAMILY - Block Island, RI

    Type:Apartment
    Lot size:
    0.28 Acres
    Added:
    Jun 26, 2025
    Days on Market:
    280
    Last Refresh:
    Apr 1 at 4:06 pm

    Property Features for 557 Center Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Zoning
    RA
    Bedrooms
    5
    Bathrooms
    2
    Rooms
    Bathroom 2, Bedroom 3, Bedroom 2, Basement, Bedroom 4, Bedroom 1, Bedroom 5, Bathroom 1, Bathroom 3
    Parking features
    Garage
    Interior features
    Wall (Dry Wall), Stairs, Plumbing (Mixed), Insulation (Walls)
    Appliances
    Dishwasher, Dryer, Microwave, Oven/Range, Refrigerator, Washer
    Standard status
    Pending
    Lot size
    0.28 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    5326

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Oil
    Cooling system
    Window Unit(s)
    Water source
    Private

    Building Details

    Year built
    1910
    Floors in Building
    3
    Number of units
    2
    Flooring type
    Pine
    Building materials
    Dry Wall, Shingles

    We can help!

    Listing Contact
    Rosemary TOBIN

    Listing agent Rosemary TOBIN

    Listing office Lila Delman Compass 61 Dodge Street, RI

    Listing date Jun 26, 2025

    MLS# 1387557 Listing URL

    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

    Block Island Two-Family Home

    This two-family home offers flexible living and rental income potential in a prime Block Island location. The main house includes two distinct living spaces across three levels, each with a private entry and comfortable layout. The main and second floors feature full kitchens, open living/dining areas, and bedrooms with natural light. The second-floor apartment has a small private deck. The third level, with its own entrance, provides additional living space suitable for a home office or guest suite. The property includes a peaceful yard shaded by mature trees and inviting sitting areas. A detached building offers potential for expansion, studio use, or workshop space, subject to approvals. The property is centrally located, a short distance from the shops, restaurants, and ferry in Old Harbor, and minutes from Block Island's beaches. The property is located in Block Island, Rhode Island, and is zoned RA. The lot size is 0.28 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Block Island
    County
    Washington
    State
    Rhode Island
    Longitude
    -71.579252
    Latitude
    41.171811

    Nearby Similar for Sale

    • $2,400,000

      Block Island Mixed-Use Opportunity

      Mixed-use property in desirable location with flexible commercial space.
      454 Ocean Avenue, Block Island, RI 02807
      View Details
    • $3,775,000

      Block Island Mixed-Use Investment

      Prime commercial and residential property in Block Island's downtown.
      442 Dodge Street, Block Island, RI 02807
      View Details
    • $3,775,000
      3,859 SF

      Block Island Mixed-Use Investment

      Prime commercial and residential property in downtown Block Island.
      442 Dodge, Block Island, RI 02807
      View Details

    FAQs

    What type of property is this?
    Duplex - Versatile home with income potential in prime location.
    Where is this duplex located?
    The property is located at 557 Center Road Block Island, RI.
    What is the asking price?
    The asking price for this property is $2,295,000.
    What are key features of this property?
    This property features: Prime Block Island location: close to Old Harbor shops, restaurants, ferry, and beaches.; Versatile two‑family home: offers flexible living arrangements and rental income potential.; Two distinct living spaces: each with private entry, full kitchens, open living/dining areas, and well‑proportioned bedrooms.
    (401) 466-8777
    We can help!
    Listing Contact
    Rosemary TOBIN
    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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