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    627 Warwick Ave Warwick, RI 02888

    Sponsored
    For Sale
    Contact for pricing

    Prime Warwick location, 2 buildings, ample parking.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional Warwick, Rhode Island property offers a unique investment opportunity encompassing 33,541 square feet of land and two buildings totaling approximately 9,260 square feet. Built in 1981, the property features a main office building and a separate storage building, providing versatile space for a variety of uses. The office building, spanning 4,580 square feet, is divided into upper and lower levels. The upper level (2,564 sq ft) includes a common area with reception, kitchen, and guest bathroom, along with five individual office units; three smaller units and two larger units with private bathrooms. The lower level (2,016 sq ft) offers two large office units, each with its own private bathroom, and a shared guest bathroom. The separate storage building (4,680 sq ft) is comprised of three individual garage units, perfect for storage needs. The property's ample parking and versatile space make it ideal for a range of businesses, from professional offices (legal, medical, accounting) to workshops, clubs, organizations, or retail/supply storage. The asking price for this multi-use property is $10,000. Located at 627 Warwick Avenue, Warwick, RI 02888, this property presents a compelling opportunity in a desirable Kent County location.

    Property Features for 627 Warwick Ave

    General Information

    Property type
    Individual retail properties

    Building Details

    Year Built
    1981
    Buildings
    2

    HighLights

    • $10,000 asking price.
    • 33,541 square foot lot in Warwick, RI.
    • Two buildings totaling approximately 9,260 square feet on the property.
    • Office building features approximately 4,580 square feet with upper and lower level office spaces.
    • Separate 4,680 square foot storage building with three garage units.
    • 1981 construction.
    Property Profile Location Intelligence

    Current Use by Public Records

    Skate For Joy Ice Skating Instructor C & L Builders ... Construction Company

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Warwick
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.4050525
    Latitude
    41.7588333

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    FAQs

    What type of property is this?
    Individual retail property - Prime Warwick location, 2 buildings, ample parking.
    Where is this individual retail property located?
    The property is located at 627 Warwick Ave Warwick, RI.
    What is the asking price?
    The asking price for this property is $10,000.
    What are key features of this property?
    This property features: $10,000 asking price.; 33,541 square foot lot in Warwick, RI.; Two buildings totaling approximately 9,260 square feet on the property.
    Request Owner's contact information
    627 Warwick Ave Warwick, RI 02888
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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.

    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
    627 Warwick Ave Warwick, RI 02888
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