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    162 Main St Main St Woonsocket, RI 02895

    Sponsored
    For Sale
    $800,000

    Prime Main Street Hotel, 40+ Unit Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional mixed-use property at 162 Main Street in Woonsocket, Rhode Island, presents a compelling redevelopment opportunity. Located directly across from City Hall, this 23,087 square foot lot boasts a 1930s-era building with significant potential. Currently configured as a hotel, the property offers countless possibilities for adaptive reuse. A completed Phase 1 environmental assessment ensures a clean slate for future development. Preliminary plans are in place for the construction of 40+ residential units, capitalizing on the high demand for housing in the area. The property also includes a substantial off-street parking lot with capacity for 40+ vehicles, a significant advantage in a densely populated urban setting. The asking price for this unique investment is $800,000. This prime location, coupled with the existing infrastructure and preliminary plans, makes this a truly exceptional opportunity for developers seeking a high-impact project in a thriving Rhode Island community. The property consists of one building and is zoned for mixed-use development, including hospitality, office, and retail uses. This presents a rare chance to reshape a key piece of Woonsocket's Main Street landscape.

    Property Features for 162 Main St Main St

    General Information

    Property type
    Hotels

    Building Details

    Year Built
    1930
    Buildings
    1

    HighLights

    • Exceptional redevelopment opportunity: 23,087 sq ft lot with a 1930s building in Woonsocket, RI, across from City Hall.
    • Currently configured as a hotel, offering adaptive reuse potential.
    • Completed Phase 1 environmental assessment.
    • Preliminary plans for 40+ residential units.
    • 40+ parking spaces.
    • Asking price: $800,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hotels

    Map

    City
    Woonsocket
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.5140141
    Latitude
    42.0028127

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    FAQs

    What type of property is this?
    Hotel - Prime Main Street Hotel, 40+ Unit Potential
    Where is this hotel located?
    The property is located at 162 Main St Main St Woonsocket, RI.
    What is the asking price?
    The asking price for this property is $800,000.
    What are key features of this property?
    This property features: Exceptional redevelopment opportunity: 23,087 sq ft lot with a 1930s building in Woonsocket, RI, across from City Hall.; Currently configured as a hotel, offering adaptive reuse potential.; Completed Phase 1 environmental assessment.
    Request Owner's contact information
    162 Main St Main St Woonsocket, RI 02895
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    Woonsocket, RI 02895
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    Realmo Value Estimation

    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.

    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
    162 Main St Main St Woonsocket, RI 02895
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