Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Professional Building Flex Office Space Title is generated by Realmo AI

    56 WELLS, Westerly, RI 02891

    View on Map
    Claim this Listing
    For Lease
    $500 /Mo

    First-floor flex office space in Westerly's recognizable professional building.

    Type:Commercial
    Added:
    Apr 13, 2026
    Days on Market:
    48
    Last Refresh:
    Apr 14 at 8:43 am

    Property Features for 56 WELLS

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    2002

    We can help!

    Listing Contact
    LYNN AZZINARO

    Listing agent LYNN AZZINARO License #C14390

    Listing office RE/MAX SOUTH COUNTY

    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 RE/MAX SOUTH COUNTY

    HighLights

    • Prime first‑floor flex office space in a striking timber‑frame professional building.
    • High daily traffic count and prominent signage opportunities for maximum brand exposure.
    • On‑site off‑street parking and full handicap accessibility for client convenience.
    • Versatile layout adaptable to private offices or open‑concept collaborative environment.
    • Located at 56 Wells St., one of Westerly's most recognizable business addresses.
    • Built in 2002.

    Overview

    Located at 56 Wells Street, this professional building offers office space for rent. The available space is a first-floor flex office within a timber-frame building. The location benefits from high daily traffic and signage opportunities. On-site off-street parking is available, and the building is fully handicap accessible. The layout is adaptable to various needs, including private offices or an open-concept collaborative environment. The building is located in Westerly, RI.
    Location Intelligence

    Current Use by Public Records

    Mignanelli & Associates Ltd Law Firm RE/MAX South County: ... Real Estate Agency Re/Max South County ... Real Estate Agency Mary Jane DiMaio ... Real Estate Agency

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Westerly
    County
    Washington
    State
    Rhode Island
    Longitude
    -71.8213421
    Latitude
    41.3635098

    Nearby Similar for Lease

    • $10 SF/Yr
      14,000 SF

      Westerly Retail Space For Rent

      High-visibility retail space in the heart of Westerly.
      98 Main St, Westerly, RI 02891
      View Details
    • $19 SF/Yr
      3,264 SF

      Renovated Commercial Space For Lease

      Newly renovated commercial property with flexible floor plan in high-traffic area.
      82 Airport Road, Westerly, RI 02891
      View Details
    • $950/Mo
      800 SF

      Westerly Retail Plaza Office/Retail Space

      Office/Retail space in Westerly with high traffic counts.
      49 Beach Street, 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 #1D, Westerly, RI 02891
      View Details
    • $500/Mo

      Westerly Flex Office Space Available

      First-floor flex office space in Westerly's professional building.
      56 Wells Street, 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, Westerly, RI 02891
      View Details
    • $600/Mo
      200 SF

      Downtown Unit For Lease

      Climate-controlled unit suitable for office, retail, or storage.
      53 High #3, Westerly, RI 02891
      View Details
    • $950/Mo
      800 SF

      Westerly Flex Space For Rent

      Flex space featuring an overhead door and gas heat.
      10 Springbrook Road #6, 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, Westerly, RI 02891
      View Details
    • $10 SF/Yr
      14,000 SF

      Westerly Retail Space For Rent

      High-visibility retail space in the heart of Westerly.
      98 Main Street, Westerly, RI 02891
      View Details
    • $350/Mo
      200 SF

      Downtown Units for Office/Retail/Storage

      Two 100 SF units available in downtown Westerly.
      53 High Street #Unit 8, Westerly, RI 02891
      View Details
    • $750/Mo
      240 SF

      Westerly Office Space For Rent

      Private office spaces available in Westerly, utilities included.
      6 Franklin, Westerly, RI 02891
      View Details

    FAQs

    What type of property is this?
    Office units - First-floor flex office space in Westerly's recognizable professional building.
    Where is this office units located?
    The property is located at 56 WELLS Westerly, RI.
    What is the lease rate?
    The lease rate is $500 /Mo.
    What are key features of this property?
    This property features: Prime first‑floor flex office space in a striking timber‑frame professional building.; High daily traffic count and prominent signage opportunities for maximum brand exposure.; On‑site off‑street parking and full handicap accessibility for client convenience.
    (401) 596-2067
    We can help!
    Listing Contact
    LYNN AZZINARO
    Real Estate License ID: C14390
    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
    56 WELLS, Westerly, RI 02891
    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!