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    Versatile Mixed-Use Property, Tiverton Title is generated by Realmo AI

    42 Main, Tiverton, RI 02878

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    Claim this Listing
    For Sale
    $955,000

    Large mixed-use property with residential, commercial, and warehouse space.

    Type:Commercial
    Property size:
    20,000 SF
    Lot size:
    0.61 Acres
    Price / SF:
    $47/SF
    Added:
    Nov 19, 2025
    Days on Market:
    197
    Last Refresh:
    Apr 5 at 9:03 pm

    Property Features for 42 Main

    General Information

    Standard status
    Active
    Size
    20,000 SF
    Lot size
    0.61 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    THE DONOVAN GROUP

    Listing agent THE DONOVAN GROUP

    Listing office HOMES BY CONNECT

    Listing date Nov 19, 2025

    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 HOMES BY CONNECT

    HighLights

    • Approximately 20,000 sq ft of usable space.
    • Large corner lot with parking on both sides.
    • Mixed‑use zoning allows for a wide range of possibilities.
    • Convenient location on the Tiverton‑Fall River state line with easy access to Rt 24.
    • Over 4,500 sq ft of residential space currently configured as 3‑4 apartments.
    • 4,225 sq ft lower level with grade‑level access and loading dock.

    Overview

    This property offers a substantial amount of space, totaling approximately 20,000 square feet. The existing layout includes over 4500 square feet of residential space, currently configured as 3-4 apartments, along with multiple commercial spaces that mostly have street access. A 4225-square foot flexible use space, previously an arcade, and a 4225-foot lower level with grade level access and a loading dock are also present. Situated on a large corner lot with parking lots on both sides, the property is located on the Tiverton-Fall River state line, providing convenient access to Rt 24 towards Boston, as well as Newport and Bristol to the south. The property is zoned for mixed use, offering various possibilities for redevelopment. It features connected gas, sewer, and water, with potential for parking expansion on the already large lots.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    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
    Tiverton
    County
    Newport
    State
    Rhode Island
    Longitude
    -71.1845
    Latitude
    41.672

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    FAQs

    What type of property is this?
    Mixed-use property - Large mixed-use property with residential, commercial, and warehouse space.
    Where is this mixed-use property located?
    The property is located at 42 Main Tiverton, RI.
    What is the asking price?
    The asking price for this property is $955,000.
    What are key features of this property?
    This property features: Approximately 20,000 sq ft of usable space.; Large corner lot with parking on both sides.; Mixed‑use zoning allows for a wide range of possibilities.
    (401) 323-3546
    We can help!
    Listing Contact
    THE DONOVAN GROUP
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    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.

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