Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Cleared Land with Utilities Title is generated by Realmo AI

    149 W Main Road Middletown, Middletown, RI 02842

    View on Map
    Claim this Listing
    For Sale
    $950,000

    Cleared, graded land with utilities in commercial area.

    Added:
    May 16, 2026
    Days on Market:
    14
    Last Refresh:
    May 16 at 2:07 am

    Property Features for 149 W Main Road Middletown

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Brian DaSilva

    Listing agent Brian DaSilva

    Listing office

    Listing date May 16, 2026

    Source Milestonerealtyinc

    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 Brian DaSilva

    HighLights

    • Prime location in the heart of Middletown's main commercial artery, near major state routes.
    • Cleared, graded, and environmentally clean site ready for development.
    • Zoned OBA (office/business - traffic sensitive) offering versatile development options.
    • Utilities available: well and municipal water, municipal sewer, public gas, and 3‑phase public electric.
    • Includes two curb cuts and 12 hi‑intensity pole lamps already in place.
    • Surrounded by national retail and professional businesses, and close to Naval War College, CCRI Newport Campus, and Newport Grand.

    Overview

    This cleared and graded land, formerly a McDonald's site, features two drive-thru lanes. The site has a frontage of 131 feet and a depth of approximately 290 feet. It is environmentally clean and includes two curb cuts and 12 high-intensity pole lamps. Available utilities consist of well and municipal water, municipal sewer, public gas, and public electric (3-phase). Zoned OBA (office/business - traffic sensitive), the site is located in the heart of Middletown's main commercial area, near the convergence of state routes 114 and 138. The surrounding area includes national retail and professional businesses. It is also located close to the Naval War College, CCRI Newport Campus, and Newport Grand. The site is also offered for NNN land lease.
    Location Intelligence

    Current Use by Public Records

    Drive through restaurants

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Middletown
    County
    Newport
    State
    Rhode Island
    Longitude
    -71.3005721
    Latitude
    41.5105827

    Nearby Similar for Sale

    • $875,000
      3,197 SF

      Middletown Office Building For Sale

      Well-maintained office building with excellent visibility in Middletown, RI.
      460 E Main Road, Middletown, RI 02840
      View Details
    • $399,900
      1,142 SF

      Modern Flex Space in Middletown

      Modern business and storage complex designed for entrepreneurs and tradesmen.
      300 Coddington Highway, Middletown, RI 02842
      View Details
    • $399,900
      1,142 SF

      Modern Flex Space in Middletown

      Modern business and storage complex designed for entrepreneurs and tradesmen.
      300 Coddington Highway, Middletown, RI 02842
      View Details
    • $399,900
      1,142 SF

      Modern Business and Storage Complex

      Innovative flex and storage spaces in Middletown, Rhode Island.
      300 Coddington Highway, Middletown, RI 02842
      View Details
    • $450,000
      1,242 SF

      Middletown Commercial Flex Space Available

      High-visibility retail/flex unit in a modern business and storage complex.
      300 Coddington Highway, Middletown, RI 02842
      View Details
    • $399,900
      1,142 SF

      Modern Flex Space in Middletown

      Modern business and storage complex designed for entrepreneurs and tradesmen.
      300 Coddington Highway, Middletown, RI 02842
      View Details
    • $985,000

      Mixed-Use Property on East Main

      High-visibility mixed-use property with redevelopment potential in Middletown, RI.
      599 E Main Road, Middletown, RI 02842
      View Details
    • $399,900
      1,145 SF

      Modern Business and Storage Complex

      Innovative business and storage complex in Middletown, Rhode Island.
      300 Coddington Highway, Middletown, RI 02842
      View Details
    • $825,000
      2,290 SF

      Modern Business and Storage Complex

      Innovative commercial development in Middletown, RI, with flexible units.
      300 Coddington Highway, Middletown, RI 02842
      View Details
    • $1,125,000
      3,739 SF

      Middletown Warehouse Condominium For Sale

      Warehouse condo with parking, storage, and office space available.
      1079 Aquidneck Avenue, Middletown, RI 02842
      View Details
    • $1,900,000
      2,254 SF

      Updated Multi-Family Near Easton Beach

      Updated 3-unit property near Easton Beach, ideal for investment.
      45 Crescent Road, Middletown, RI 02842
      View Details
    • $2,100
      1,142 SF

      Middletown Commercial Flex Space Available

      Modern flex space for entrepreneurs, tradesmen, and creatives.
      300 Coddington Highway, Middletown, RI 02842
      View Details

    FAQs

    What type of property is this?
    Drive through restaurant - Cleared, graded land with utilities in commercial area.
    Where is this drive through restaurant located?
    The property is located at 149 W Main Road Middletown Middletown, RI.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: Prime location in the heart of Middletown's main commercial artery, near major state routes.; Cleared, graded, and environmentally clean site ready for development.; Zoned OBA (office/business - traffic sensitive) offering versatile development options.
    (508) 501-1443
    We can help!
    Listing Contact
    Brian DaSilva
    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
    149 W Main Road, Middletown, RI, RI 02842
    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!