Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    East Greenwich Land Parcel Title is generated by Realmo AI

    470 Shippee Road, East Greenwich, RI 02818

    View on Map
    Claim this Listing
    New
    For Sale
    $324,000

    LAND - East Greenwich, RI

    Lot size:
    1.48 Acres
    Added:
    May 29, 2026
    Days on Market:
    1
    Last Refresh:
    May 29 at 2:06 pm

    Property Features for 470 Shippee Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    F2
    Standard status
    Active
    Lot size
    1.48 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    4366

    Utilities

    Utilities
    Electricity Available
    Water source
    Well

    We can help!

    Listing Contact
    Elizabeth Carrison

    Listing agent Elizabeth Carrison

    Listing office Ri Real Estate Services 631 Main Street, East Greenwich, RI

    Listing date May 29, 2026

    MLS# 1411843 Listing URL

    Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 1.48‑acre parcel in desirable East Greenwich.
    • Rare opportunity for a new build.
    • Peaceful country setting with mature plantings and seasonal flowers.
    • Suitable for a custom home or small hobby/equestrian use.
    • Flat and lightly wooded land with classic stone walls.
    • DEM site evaluation, OWTS Inspection Report, and Soil Evaluation available.

    Overview

    Located in East Greenwich, where South Road transitions into Shippee Road, this 1.48-acre parcel presents an opportunity for a new construction in a country setting. The land is flat and lightly wooded, featuring stone walls, mature plantings, and seasonal flowers. It is suited for a custom home or small hobby/equestrian use. Available documentation includes a DEM site evaluation, OWTS Inspection Report, and Soil Evaluation. The existing cottage on the property is considered a tear-down, resting on cinder blocks without a permanent heat source (wood stove only). The well and cesspool do not meet current code and will require buyer replacement. Access to the property is by appointment only with an agent present.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Building Supply Kitchen & Bath Showroom Accounting Firm Electrical Service (Bike/Boat/Book/etc) Store Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    East Greenwich
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.533774
    Latitude
    41.607014

    Nearby Similar for Sale

    • $609,900
      3,228 SF

      Mixed-Use Property in East Greenwich

      Unique mixed-use property with office, apartments, and garage.
      5555 Post Road, East Greenwich, RI 02818
      View Details
    • $1,350,000
      4,517 SF

      East Greenwich Multifamily Investment Opportunity

      Four-unit property near Main Street shops and restaurants.
      153 Marlborough Street, East Greenwich, RI 02818
      View Details
    • $675,000
      3,500 SF

      East Greenwich Office Condo

      Spacious office condo in a convenient East Greenwich location.
      61 Cedar Avenue #6, East Greenwich, RI 02818
      View Details
    • $5,000
      2,000 SF

      Class A Office Suite

      Premier office space in East Greenwich's vibrant downtown.
      655 Main Street, East Greenwich, RI 02818
      View Details
    • $675,000
      3,560 SF

      Versatile Office Space in East Greenwich

      Spacious office condo with exposed brick, convenient location and parking.
      61 Cedar #6, East Greenwich, RI 02818
      View Details
    • $699,000

      Expansive Homesite in East Greenwich

      14+ acre homesite in a desirable, private location.
      150 Lenihan Lane, East Greenwich, RI 02818
      View Details
    • $1,950,000
      6,000 SF

      East Greenwich Commercial Land Opportunity

      6+ acre commercial land parcel with high visibility.
      00 South County Trail, East Greenwich, RI 02818
      View Details
    • $329,900
      1,380 SF

      East Greenwich Commercial Space For Sale

      Commercial space in East Greenwich with high ceilings and visibility.
      61 Cedar Avenue, East Greenwich, RI 02818
      View Details
    • $795,000
      12,000 SF

      Warwick Industrial Facility on 1.52 Acres

      Single-story, 12,000 SF industrial facility in Warwick, Rhode Island.
      5810 Post Rd, East Greenwich, RI
      View Details
    • $165,000
      975 SF

      East Greenwich Commercial Unit For Sale

      First floor commercial unit with tenant in place until 2027.
      5835 Post Road, East Greenwich, RI 02818
      View Details
    • $1,950,000
      6,000 SF

      East Greenwich Commercial Land Opportunity

      6+ acre commercial land parcel in East Greenwich, Rhode Island.
      00 South County, East Greenwich, RI 02818
      View Details
    • $599,900

      East Greenwich Restaurant Opportunity

      Turnkey restaurant for sale in East Greenwich, Rhode Island.
      357 Main Street, East Greenwich, RI 02818
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 1.48-acre parcel in East Greenwich for new construction.
    Where is this residential land & home lot located?
    The property is located at 470 Shippee Road East Greenwich, RI.
    What is the asking price?
    The asking price for this property is $324,000.
    What are key features of this property?
    This property features: 1.48‑acre parcel in desirable East Greenwich.; Rare opportunity for a new build.; Peaceful country setting with mature plantings and seasonal flowers.
    (401) 465-0417
    We can help!
    Listing Contact
    Elizabeth Carrison
    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
    470 Shippee Road, East Greenwich, RI 02818
    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!