Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    240 Post #2 Westerly, RI 02891

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Prime retail space in high-traffic Westerly shopping plaza.

    Property size:
    2,763 SF
    Lot size:
    0.93 Acres

    Property Features for 240 Post #2

    General Information

    Standard status
    Active
    Size
    2,763 SF
    Lot size
    0.93 Acres

    Building Details

    Year built
    1987

    We can help!

    Listing Contact
    The Schilke Team
    Source: Corcoran

    Listing Agency: SCHILKE REALTY Listing Agent: The Schilke Team

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

    Learn more

    Overview

    Retail Space on Route 1

    This retail opportunity is located on Route 1 near the Dunn's Corners intersection, a primary gateway to Westerly's beaches. The property offers two adjoining spaces, one with 1,463 square feet and the other with 1,300 square feet, which can be leased together or separately. Situated in a high-traffic shopping plaza, the location benefits from established co-tenants, including Honey Dew Donuts, Salon 240, and King's Nails Spa. The property features excellent exposure, easy access, and close proximity to national retailers and restaurants, making it suitable for various retail and service uses. The total property size is 2,763 square feet. It is a NNN lease, and CAM charges are not included.
    Location Intelligence

    Current Use by Public Records

    Bomb Burritos & Bowls Restaurant Honey Dew Donuts Bakery Bomb Wings & Wedges Restaurant New King Nails ... Nail Salon Salon 240 Hair Salon

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Westerly
    County
    Washington
    State
    Rhode Island
    Longitude
    -71.7933
    Latitude
    41.3616

    Nearby Similar for Lease

    • $1,200 /Mo
      459 SF

      Turnkey Commercial Space For Lease

      Lower-level commercial space ready for immediate lease.
      80 Beach St, Westerly, RI 02891
      View Details
    • $18 SF/Yr
      1,300 SF

      Retail Space on Busy Route

      Retail space available in busy Westerly shopping plaza.
      240 Post Rd, Westerly, RI 02891
      View Details
    • $1,250 /Mo
      3,000 SF

      Spindrift Village Storage Space

      3,000 sq ft dry storage space for immediate lease.
      267 Post Rd, Westerly, RI 02891
      View Details
    • Contact for pricing
      8,600 SF

      Retail Endcap Near Stop & Shop

      Retail endcap suitable for food use near major retailers.
      149 Franklin St, Westerly, RI 02891
      View Details
    • $350 /Mo
      200 SF

      Downtown Units for Office, Retail

      Two climate-controlled units in downtown Westerly, suitable for various uses.
      53 High St, Westerly, RI 02891
      View Details
    • $350 /Mo
      200 SF

      Downtown Units for Office, Retail

      Two climate-controlled units in downtown Westerly, suitable for office/retail.
      53 High St, 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 St, 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 Rd, Westerly, RI 02891
      View Details
    • $29,000
      479 SF

      Retail Space in Watch Hill

      Seasonal retail space with water views and private parking.
      101 Bay St, 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 St, Westerly, RI 02891
      View Details
    • $750 /Mo
      240 SF

      Westerly Office Space For Rent

      Private office spaces available in Westerly, utilities included.
      6 Franklin St, Westerly, RI 02891
      View Details
    • Contact for pricing
      7,225 SF

      Retail Space Under Development

      Retail space available for lease in Westerly, Rhode Island.
      76 Franklin St, Westerly, RI 02891
      View Details

    FAQs

    What type of property is this?
    Retail space - Prime retail space in high-traffic Westerly shopping plaza.
    Where is this retail space located?
    The property is located at 240 Post #2 Westerly, RI.
    What are key features of this property?
    This property features: - Prime retail location on busy Route 1 near Dunn's Corners.; - High-traffic shopping plaza with excellent exposure.; - Two adjoining spaces available: 1,463 sq ft and 1,300 sq ft, can be leased together or separately.
    (401) 637-4040
    Request Owner's contact information
    240 Post #2 Westerly, RI 02891
    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.
    240 Post #2
    Westerly, RI 02891
    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
    240 Post #2 Westerly, RI 02891
    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

    We can help!
    Listing Contact
    The Schilke Team
    (401) 637-4040
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!