Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Coastal Land Ready For Development Title is generated by Realmo AI

    148 Atlantic Avenue, Westerly, RI 02891

    View on Map
    Claim this Listing
    For Sale
    $3,250,000

    Prime coastal property for redevelopment or repositioning in Misquamicut Beach.

    Type:Commercial
    Property size:
    4,000 SF
    Lot size:
    0.73 Acres
    Price / SF:
    $812/SF
    Added:
    May 8, 2026
    Days on Market:
    24
    Last Refresh:
    May 19 at 4:24 am

    Property Features for 148 Atlantic Avenue

    General Information

    Standard status
    Active
    Size
    4,000 SF
    Lot size
    0.73 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1955

    We can help!

    Listing Contact
    Cindy Moran

    Listing agent Cindy Moran

    Listing office RE/MAX South County

    Listing date May 8, 2026

    Source Milburyre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX South County

    HighLights

    • Rare .73 acre parcel in the heart of Misquamicut Beach.
    • High visibility corner location directly across from the ocean with views and access to Winnapaug Pond.
    • 80+ on‑site parking spaces, providing additional income potential.
    • Shoreline Commercial zoning allows for a variety of uses (restaurants, entertainment, hospitality).
    • Existing 4000+ sq ft structure with multiple indoor and outdoor areas and bar space.
    • Strong demand driven by tourism, events, and limited commercial inventory.

    Overview

    This 0.73-acre property is located in the heart of Misquamicut Beach. The high-visibility corner location is directly across from the ocean, with views and access to Winnapaug Pond. The property includes 80+ on-site parking spaces. The former hospitality property features an existing 4000+ sq ft structure with multiple indoor and outdoor areas and bar space. Shoreline Commercial zoning allows for a variety of uses including restaurants, entertainment, or hospitality concepts. The surrounding area includes hotels, beach cottages, and experiences strong seasonal traffic. The parking provides additional income. The property is being sold as is. The area continues to experience strong demand driven by tourism, events, and limited commercial inventory. It is ideal for redevelopment or repositioning. Potential uses include a refined beachside restaurant, boutique hospitality destination, or vibrant entertainment venue.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Hair Salon Department Store Food Market Accounting Firm Grocery & Convenience Store Hotel & Motel Bar & Pub Cafe & Coffee Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Westerly
    County
    Washington
    State
    Rhode Island
    Longitude
    -71.8097415
    Latitude
    41.322324

    Nearby Similar for Sale

    • $3,250,000
      4,000 SF

      Misquamicut Beach Redevelopment Opportunity

      Rare coastal property for redevelopment in Misquamicut Beach, Westerly.
      148 Atlantic Avenue, Westerly, RI 02891
      View Details
    • $649,000
      2,234 SF

      Westerly Two-Family Home on Acre

      Spacious two-family home with large lot near downtown Westerly.
      36 Ledward Avenue, Westerly, RI 02891
      View Details
    • $19
      3,264 SF

      Renovated Commercial Property For Sale

      3,264 SF renovated commercial property in high-traffic area.
      82 Airport Road, Westerly, RI 02891
      View Details
    • $500

      Professional Office Building in Westerly

      First-floor flex office space in a timber-frame professional building.
      56 WELLS Street, Westerly, RI 02891
      View Details
    • $350
      200 SF

      Downtown Westerly Commercial Units Available

      Two climate-controlled units in downtown Westerly, suitable for office/retail/storage.
      53 High Street, Westerly, RI 02891
      View Details
    • $350
      200 SF

      Commercial Units in Downtown Westerly

      Two climate-controlled units suitable for office, retail, or storage.
      53 High Street, Westerly, RI 02891
      View Details
    • $750
      240 SF

      Westerly Office Space Available

      Private office spaces available in Westerly, RI.
      6 Franklin Street, Westerly, RI 02891
      View Details
    • $950
      800 SF

      Westerly Commercial Flex Space For Sale

      800 SF flex space with gas heat and garage door.
      10 SPRINGBROOK Road, Westerly, RI 02891
      View Details
    • $17
      1,252 SF

      Westerly Office Suite For Sale

      Turn-key office suite near RI/CT state line.
      101 Airport Road, Westerly, RI 02891
      View Details
    • $589,900
      3,600 SF

      Westerly Commercial Building with Bays

      Well-maintained 3,600 sq ft commercial building on 0.41 acres.
      442 Bradford Road, Westerly, RI 02808
      View Details
    • $849,000

      Prime Commercial Land Opportunity

      0.92 acres on Route 1, high-traffic, development potential.
      261 Post Road, Westerly, RI 02891
      View Details
    • $25
      995 SF

      Westerly Turn-Key Office Suite

      Turn-key office suite near RI/CT state line.
      101 Airport Road, Westerly, RI 02891
      View Details

    FAQs

    What type of property is this?
    Commercial land - Prime coastal property for redevelopment or repositioning in Misquamicut Beach.
    Where is this commercial land located?
    The property is located at 148 Atlantic Avenue Westerly, RI.
    What is the asking price?
    The asking price for this property is $3,250,000.
    What are key features of this property?
    This property features: Rare .73 acre parcel in the heart of Misquamicut Beach.; High visibility corner location directly across from the ocean with views and access to Winnapaug Pond.; 80+ on‑site parking spaces, providing additional income potential.
    We can help!
    Listing Contact
    Cindy Moran
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    148 Atlantic Avenue, Westerly, RI 02891
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!