Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    162 Main St Main St Woonsocket, RI 02895
    Back to Search
    Property profile & analytics

    162 Main St Main St Woonsocket, RI 02895

    View on Map
    • Retail properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 162 Main St Main St

    Year built
    1930
    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Woonsocket
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.514
    Latitude
    42.0028

    Comparable in this City

    • Value Estimation by Request
      1,926 SF

      272 Smith St

      Amusement parks • 1,926 SF
      272 Smith St, Woonsocket, RI 02895
      View Details
    • Value Estimation by Request
      3,003 SF

      210 Main St

      Multifamily properties • 3,003 SF
      210 Main St, Woonsocket, RI 02895
      View Details
    • Value Estimation by Request

      100 Address Withheld St

      Restaurants
      100 Address Withheld St, Woonsocket, RI 02895
      View Details
    • Value Estimation by Request
      12,500 SF

      100 Address Withheld St

      Individual retail properties • 12,500 SF
      100 Address Withheld St, Woonsocket, RI 02895
      View Details
    • Value Estimation by Request

      471 Arnold St Arnold St

      Retail properties & Spaces
      471 Arnold St Arnold St, Woonsocket, RI 02895
      View Details
    • Value Estimation by Request

      1025 Cass Ave

      Individual retail properties
      1025 Cass Ave, Woonsocket, RI 02895
      View Details

    Similar Nearby for Sale

    • $600,000

      Woonsocket Mixed-Use Corner Property

      Versatile mixed-use property in Woonsocket with commercial and residential potential.
      185 Spring St, Woonsocket, RI 02895
      View Details
    • $390,000

      Woonsocket Mixed-Use Commercial Land

      Prime RI location, high potential. $390,000.
      471 Arnold St, Woonsocket, RI 02895
      View Details
    • $400,000
      7,156 SF

      Woonsocket Retail Redevelopment Opportunity

      Retail property with redevelopment potential in a growing, desirable market.
      617 Elm St, Woonsocket, RI 02895
      View Details
    • Contact for pricing
      7,742 SF

      Historic Mixed-Use Building For Sale

      Landmark building in downtown Woonsocket with retail and office space.
      2 Monument Sq, Woonsocket, RI 02895
      View Details
    • $400,000
      7,156 SF

      Woonsocket Commercial Property with Redevelopment Potential

      Retail property in a growing market with redevelopment opportunities.
      617 Elm St, Woonsocket, RI 02895
      View Details
    • $600,000
      2,844 SF

      Woonsocket Mixed-Use Corner Property

      Versatile mixed-use property with commercial space and renovated apartment.
      185 Spring St, Woonsocket, RI 02895
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      56,950 SF

      Woonsocket Retail Space Available

      Prime Retail Space, 56,950 SF Available
      1400 Park Ave, Woonsocket, RI 02895
      View Details
    • Contact for pricing
      8,267 SF

      Millrace District Commercial Spaces

      Commercial spaces for rent in the Millrace District.
      68 South Main St, Woonsocket, RI 02895
      View Details
    • Contact for pricing
      5,049 SF

      Cornerstone Building: Retail and Office

      67,752 square foot commercial building with retail and office units.
      191 Social St, Woonsocket, RI 02895
      View Details
    • Contact for pricing
      700 SF

      Downtown Woonsocket Retail/Office Space

      700 SF retail or office space in downtown Woonsocket.
      26 Main St, Woonsocket, RI 02895
      View Details
    • $15 SF/Yr
      1,800 SF

      Versatile Commercial Space on Front

      1800 sqft commercial space suitable for various business ventures.
      754 Front St, Woonsocket, RI 02895
      View Details
    • $900 /Mo

      Retail/Office Space on High-Traffic Corner

      Move-in ready retail or office space with parking.
      520 Social St, Woonsocket, RI 02895
      View Details
    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.
    162 Main St Main St
    Woonsocket, RI 02895
    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
    162 Main St Main St, Woonsocket, RI, 02895
    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!