Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Retail Development at Westerly Crossings Title is generated by Realmo AI

    151 Franklin St, Westerly, RI 02891

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Well-positioned retail development at the intersection of Route 78 and Route 1.

    Type:Retail
    Property size:
    151,770 SF
    Added:
    Jul 27, 2024
    Days on Market:
    674
    Last Refresh:
    May 12 at 10:49 pm

    Property Features for 151 Franklin St

    General Information

    Standard status
    Active
    Size
    151,770 SF
    Property subtype
    Retail

    Spaces For Lease

    at 151 Franklin St Contact us

    We can help!

    Listing Contact
    Peter Flynn

    Listing agent Peter Flynn License #MA

    Listing office Carpionato Group

    Listing date Jul 27, 2024

    Source Crexi

    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 Carpionato Group

    HighLights

    • 151,770 sf retail development
    • Strategically located at the intersection of Route 78 and Route 1
    • Primary crossroads of the market
    • Adjacent to the Westerly airport
    • On route to Watch Hill
    • On route to beaches

    Overview

    Westerly Crossings is a 151,770 square foot retail development strategically located at the intersection of Route 78 and Route 1. This location represents the primary crossroads of the market and is adjacent to the Westerly airport on the route to Watch Hill and beaches.
    Location Intelligence

    Current Use by Public Records

    Santander Bank ATM Atm UPS Access Point ... Courier Service CDReload Instant Bitcoin Crypto Atm MinuteClinic at CVS Medical Clinic CVS Pharmacy

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Franklin Shopping Plaza — 100 Franklin St, Westerly, RI 02891
    • Westerly Crossings Shopping Center — 175 Franklin St, Westerly, RI 02891
    • Coinstar Kiosk - Bitcoin ATM — Stop & Shop, 149 Franklin St, New England Unit 3, Westerly, RI 02891
    • Coin Cloud Bitcoin ATM — 1 East Ave, Westerly, RI 02891

    Location Insight

    • Map
    • Local Demand
    City
    Westerly
    County
    Washington
    State
    Rhode Island
    Longitude
    -71.8085762
    Latitude
    41.3570047

    Nearby Similar for Lease

    • $10 SF/Yr
      14,000 SF

      Westerly Retail Space For Rent

      High-visibility retail space in the heart of Westerly.
      98 Main St, Westerly, RI 02891
      View Details
    • $19 SF/Yr
      3,264 SF

      Renovated Commercial Space For Lease

      Newly renovated commercial property with flexible floor plan in high-traffic area.
      82 Airport Road, Westerly, RI 02891
      View Details
    • $950/Mo
      800 SF

      Westerly Retail Plaza Office/Retail Space

      Office/Retail space in Westerly with high traffic counts.
      49 Beach Street, Westerly, RI 02891
      View Details
    • $1,100/Mo
      800 SF

      Westerly Office/Retail Space For Rent

      800+/- sq ft office/retail space in Westerly, RI.
      101 Franklin #1D, Westerly, RI 02891
      View Details
    • $500/Mo

      Westerly Flex Office Space Available

      First-floor flex office space in Westerly's professional building.
      56 Wells Street, Westerly, RI 02891
      View Details
    • $19 SF/Yr
      3,264 SF

      Renovated Commercial Space For Lease

      Newly renovated 3,264 SF commercial space in high-traffic area.
      82 Airport, Westerly, RI 02891
      View Details
    • $600/Mo
      200 SF

      Downtown Unit For Lease

      Climate-controlled unit suitable for office, retail, or storage.
      53 High #3, Westerly, RI 02891
      View Details
    • $950/Mo
      800 SF

      Westerly Flex Space For Rent

      Flex space featuring an overhead door and gas heat.
      10 Springbrook Road #6, Westerly, RI 02891
      View Details
    • $10 SF/Yr
      14,113 SF

      Westerly Retail Space For Rent

      High-visibility retail space in Westerly with ample parking.
      98 Main, Westerly, RI 02891
      View Details
    • $10 SF/Yr
      14,000 SF

      Westerly Retail Space For Rent

      High-visibility retail space in the heart of Westerly.
      98 Main Street, Westerly, RI 02891
      View Details
    • $500/Mo

      Professional Building Flex Office Space

      First-floor flex office space in Westerly's recognizable professional building.
      56 WELLS, Westerly, RI 02891
      View Details
    • $350/Mo
      200 SF

      Downtown Units for Office/Retail/Storage

      Two 100 SF units available in downtown Westerly.
      53 High Street #Unit 8, Westerly, RI 02891
      View Details

    FAQs

    What type of property is this?
    Shopping center - Well-positioned retail development at the intersection of Route 78 and Route 1.
    Where is this shopping center located?
    The property is located at 151 Franklin St Westerly, RI.
    What are key features of this property?
    This property features: 151,770 sf retail development; Strategically located at the intersection of Route 78 and Route 1; Primary crossroads of the market
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Peter Flynn
    Real Estate License ID: MA
    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
    151 Franklin St, 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!