Building Details

Year Built 1976

Buildings 1

Stories 1

Construction frame

Listing Agency: REALTY QUARTERS Show Phone

Listed By: TED NEWCOMER

Source: Corcoran

Added: Oct 29 Changed: Oct 30 Last Checked: Oct 30 at 2:27PM

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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 REALTY QUARTERS

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Investment Insights

Based on property information with market context.

This one-level storefront property contains approximately 3,168 square feet on a 0.25-acre parcel. Constructed in 1976, the building has frame construction, wood siding, and an asphalt-shingle gable roof. Interior features include forced-air heat, cooling, and one full bathroom, with paved parking on site.

The property is located at 1637 W Main Road in Portsmouth, along a travel corridor on Aquidneck Island. Its zoning designation is C.

Key Highlights

• Approximately 3,168 square feet in a single‑story commercial building
• 0.25‑acre parcel at 1637 W Main Road, Portsmouth
• Zoned C

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$35,745

Cap Rate

4.90%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$714,900 $714.9K

Cap Rate 7%

$510,643 $510.6K

Cap Rate 9%

$397,167 $397.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,168 SF

Gross rent

$57.0K $18.00/SF

− Vacancy

−$6.0K −$1.88/SF

EGI

$51.1K $16.12/SF

− OpEx

−$15.3K −$4.84/SF

NOI

$35.7K $11.28/SF

Area

Newport County, RI

Vacancy

10.45%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$714,900

Cap Rate 7%

$510,643

Cap Rate 9%

$397,167

Alternative Uses

Best Use

Retail

$510.6K

$446.8K – $595.8K (±1% cap)

NOI $35,745 @ 7.0% cap · market cap 4.90%

Second Best

—

—

no second resolved use

Theoretical Best

Multifamily LT 5

$755.9K

$661.4K – $881.9K (±1% cap)

NOI $52,913 @ 7.0% cap · market cap 7.26%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Greenleaf Compassionate Care ... (Bike/Boat/Book/etc) Store ELO Alternative Medicine Practice

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage HVAC Service Kitchen & Bath Showroom Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

108

Businesses Nearby

26k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 62% Shops & Services 38%

Dunkin' Donuts Dining

15,877 visits/mo 0.1 miles

Mobil Shops & Services

9,682 visits/mo 0.1 miles

Demographics for 02871, RI

17,640

Population

8,044

Households

2.2

Avg Household Size

47

Median Age

60%

College-Educated

96%

High-School Grad

17.1 sq mi

ZIP Area

1,032

Density / Sq Mi

$119,135

Median Household Income

$56,615

Median Earnings

$1,577

Median Rent

$539,700

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - The property combines a flexible commercial interior with forced-air heat, cooling, and paved parking.

Where is this storefront property located?

The property is located at 1637 W Main Road Portsmouth, RI.

What is the asking price?

The asking price for this property is $729,000.

What are key features of this property?

This property features: Approximately 3,168 square feet in a single‑story commercial building; 0.25‑acre parcel at 1637 W Main Road, Portsmouth; Zoned C