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149 W Main Rd Middletown Middletown, RI 02842

Commercial land Google Maps
0.87 ac lot
Entity Owned 12-yr Hold Absentee Owner ~ Est. High Equity
Estimated value (blended)
$285k
Range $257k – $314k (±10%)
Property ID US76-0294573

Property summary

AI-generated overview

This exceptional 0.87-acre commercial lot, located at 149 W Main Road in Middletown, Rhode Island, presents a unique redevelopment opportunity. The property boasts 131 feet of frontage along West Main Road and extends approximately 290 feet in depth. Previously occupied by a McDonald's restaurant, the site features two existing drive-thru lanes, two curb cuts, and twelve high-intensity pole lamps. The land is cleared, graded, and environmentally clean, ensuring a streamlined development process. Utilities are readily available, including a well and municipal water, municipal sewer, public gas, and three-phase public electric service. The property is zoned OBA (Office/Business - Traffic Sensitive), reflecting its prime location within Middletown's main commercial corridor, near the intersection of state routes 114 and 138. This strategic location places the property in close proximity to a variety of national retail and professional businesses, as well as significant institutions such as the Naval War College, the Community College of Rhode Island (CCRI) Newport Campus, and Newport Grand. The property is offered for sale at $950,000, and a net-net-net (NNN) land lease option is also available. This presents a compelling investment opportunity for developers seeking a high-visibility site in a thriving commercial area.

Property profile

Verified
Property type Commercial land
Use group VACANT COMMERCIAL LAND
Lot 0.87 ac (37,897 SF)
Zoning code OBA
APN MIDD M:0108 B:00 L:33
UPID US76-0294573

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$285k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$285k

Owner & transaction history

since 2013
1 recorded transaction
2013
Price N/A

Zoning & alternative use

OBA · Middletown, RI
Zoning description

This purpose of this district is established to provide areas for planned office parks, light industrial and research centers and professional office buildings

General category INDUSTRIAL

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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More about this property
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