Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Building on High Traffic Route Title is generated by Realmo AI

    2121 Elmwood, Warwick, RI 02888

    View on Map
    Claim this Listing
    For Sale
    $659,900

    Five-unit commercial building with warehouse, retail, and office spaces.

    Type:Commercial
    Property size:
    7,500 SF
    Price / SF:
    $87/SF
    Added:
    Apr 13, 2026
    Days on Market:
    48
    Last Refresh:
    Apr 14 at 7:13 am

    Property Features for 2121 Elmwood

    General Information

    Standard status
    Active
    Size
    7,500 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1989

    We can help!

    Listing Contact
    FENG LEI
    FENG LEI

    Listing agent FENG LEI License #REC.0016670

    Listing office GREEN ISLAND REALTY, INC.

    Listing date Apr 13, 2026

    Source Corcoran

    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 GREEN ISLAND REALTY, INC.

    HighLights

    • High‑traffic location on Rt. 1 and Elmwood Ave.
    • Solid 5‑unit commercial building.
    • Large warehouse/retail space with loading dock and drive‑in garage (800 sqft).
    • Diverse tenant mix: coffee/ice cream store, hair salon, music studio.
    • Established coffee/ice cream store with patio seating.
    • Warehouse/garage space available for lease.

    Overview

    This is a solid five-unit commercial building situated on the high-traffic intersection of Route 1 and Elmwood Avenue. The property includes a large warehouse and retail space featuring one loading dock and a drive-in garage with 800 square feet. The office area is located on the second floor and is currently subdivided into two units. The building also houses an established coffee and ice cream store with patio seating, a hair salon, and a music studio. The property is tenanted with long-term leases. The warehouse with the drive-in garage is available for lease. The property has a total size of 7,500 square feet.
    Location Intelligence

    Current Use by Public Records

    New England Audio ... Electronics & Wireless Store The Daily Grind Cafe & Coffee Shop You Are You Hair Salon Hershey's Ice Cream ... Grocery & Convenience Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Warwick
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.4232674
    Latitude
    41.7496353

    Nearby Similar for Sale

    • $975,000
      4,360 SF

      Warwick Commercial Opportunity on Post

      Commercial property on Post Rd in Warwick with redevelopment potential.
      1620 Post Road, Warwick, RI 02888
      View Details
    • $1,299,999
      2,928 SF

      Versatile Warwick Commercial Property

      High-visibility Warwick commercial property suitable for various uses.
      2871 Post Road, Warwick, RI 02886
      View Details
    • $2,500
      1,536 SF

      Restaurant Space in Warwick, RI

      1536 SF commercial space ideal for a restaurant.
      1690 W Shore Road, Warwick, RI 02889
      View Details
    • $400,000
      2,684 SF

      Multi-Unit Commercial Property in Warwick

      Versatile commercial property with three units and ample parking.
      2291 West Shore Road, Warwick, RI 02889
      View Details
    • $1.00
      7,870 SF

      Warwick Commercial Opportunity on Sandy

      7,870 sq ft commercial space on a 0.98-acre lot.
      449 Sandy Lane, Warwick, RI 02889
      View Details
    • $1,400,000
      7,870 SF

      Warwick Commercial Opportunity on Sandy

      7,870 sq ft commercial space on a 0.98-acre corner lot.
      449 Sandy Lane, Warwick, RI 02889
      View Details
    • $600
      300 SF

      Move-in-Ready Office in Warwick, RI

      Affordable office solution with functional amenities in a convenient location.
      422 Warwick Avenue, Warwick, RI 02888
      View Details
    • $325,000
      1,216 SF

      Freestanding Retail Building on Warwick

      High-visibility retail building in Warwick, ideal for owner-operator or investor.
      1926 Warwick Avenue, Warwick, RI 02889
      View Details
    • $1,850

      Warwick Commercial Tradesman Units Available

      Two joinable 1000 SF units with loading docks and amenities.
      140 Brownlee Boulevard, Warwick, RI 02886
      View Details
    • $550,000
      1,432 SF

      Well-Maintained Warwick Duplex For Sale

      Two-family property with extra lot, new roof, and updated systems.
      207 Glen Drive, Warwick, RI 02889
      View Details
    • $195,000
      2,411 SF

      Warwick Office Condo For Sale

      Office condominium with easy highway access and customization potential.
      469 Centerville Road, Warwick, RI 02886
      View Details
    • $573,999
      2,072 SF

      Two Homes on One Lot

      Two single-family homes on one lot in Warwick, Rhode Island.
      283 Palmer Avenue, Warwick, RI 02889
      View Details

    FAQs

    What type of property is this?
    Retail space - Five-unit commercial building with warehouse, retail, and office spaces.
    Where is this retail space located?
    The property is located at 2121 Elmwood Warwick, RI.
    What is the asking price?
    The asking price for this property is $659,900.
    What are key features of this property?
    This property features: High‑traffic location on Rt. 1 and Elmwood Ave.; Solid 5‑unit commercial building.; Large warehouse/retail space with loading dock and drive‑in garage (800 sqft).
    (401) 461-2063
    We can help!
    Listing Contact
    FENG LEI
    FENG LEI
    Real Estate License ID: REC.0016670
    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
    2121 Elmwood, Warwick, RI 02888
    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!