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    971 Main St West Warwick, RI 02893

    Sponsored
    For Sale
    $850,000

    7200 sq ft, 5 units, high traffic

    Property size:
    7,200 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional mixed-use property in West Warwick, Rhode Island, presents a compelling investment opportunity. Located at a highly visible, trafficked intersection in the heart of Phenix, the 7,200 square foot building sits on a spacious 18,470 square foot lot and boasts a two-story structure built in 1970. The property includes five residential units – three two-bedroom and two one-bedroom units, each with its own water tank and furnace – currently leased and generating income. These units are located at 981 Main Street, Units A-E. Below the residential units are three vacant commercial spaces, ready for immediate development. The first commercial unit (971 Main Street) is a completely gutted former bar, plumbed for two restrooms and a kitchenette, awaiting a new tenant's vision. The second unit (975 Main Street), a former Chinese takeout restaurant, features a fully equipped kitchen, ideal for a restaurant or pub expansion. The third unit (977 Main Street) is a blank canvas for entrepreneurial endeavors. Ample parking far exceeds the needs of any potential commercial tenants, with additional residential parking spaces behind the building. This property offers significant potential for growth and income generation in a thriving location. Prospective buyers are advised to conduct their own due diligence regarding permits and zoning.

    Property Features for 971 Main St

    General Information

    Property type
    Restaurants
    Square Feet
    7,200 SF

    Building Details

    Year Built
    1970
    Buildings
    1
    Stories
    2
    Units
    2

    HighLights

    • $850,000 asking price for a mixed‑use property in West Warwick, RI.
    • 7,200 square feet on an 18,470 square foot lot.
    • Two‑story, 1970‑built building with two units.
    • Property includes five leased residential units and three vacant commercial units.
    • Located at a high‑traffic intersection in Phenix, RI, with ample parking.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bars

    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
    West Warwick
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.5241773
    Latitude
    41.7156403

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    FAQs

    What type of property is this?
    Restaurant - 7200 sq ft, 5 units, high traffic
    Where is this restaurant located?
    The property is located at 971 Main St West Warwick, RI.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: $850,000 asking price for a mixed-use property in West Warwick, RI.; 7,200 square feet on an 18,470 square foot lot.; Two-story, 1970-built building with two units.
    Request Owner's contact information
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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
    971 Main St West Warwick, RI 02893
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