Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    56 Wells St Westerly, RI 02891
    Back to Search
    Property profile & analytics

    56 Wells St, Westerly, RI 02891

    View on Map
    • Warehouses
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Mignanelli & Associates Ltd / Law Firm
    • RE/MAX South County: Elizabeth Andersen Warner / Real Estate Agency
    • Re/Max South County - Elaine Readey / Real Estate Agency
    • Mary Jane DiMaio Caraway - Re/Max South County / Real Estate Agency

    Property Details for 56 Wells St

    Property type
    Warehouses
    Property subtype
    Retail properties & Spaces

    Description

    This exceptional Westerly, Rhode Island property at 56 WELLS Street offers a unique opportunity for businesses seeking flexible and convenient office space. The building, encompassing a total of 28,314 square feet, features a single-tenant occupancy in a two-story structure. The property includes ample parking with 20 spaces available for tenants and their clients. The interior boasts two well-appointed conference rooms, perfect for meetings and presentations. This versatile space is suitable for a variety of uses, including traditional office, executive office, flex space, medical office, creative office, or even warehouse needs. The building is handicap accessible, ensuring inclusivity and convenience for all. All utilities are included in the rental price, excluding phone service, making budgeting simple and predictable. The property's location in Westerly, RI, zip code 02891, offers a prime location for businesses seeking a professional and convenient environment. This is a single-tenant building, providing privacy and control. Schedule an appointment to view this exceptional opportunity today. The property is ideally suited for a variety of professional services, offering a chance to network with other businesses in the building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Westerly
    County
    Washington
    State
    Rhode Island
    Longitude
    -71.8213
    Latitude
    41.3635

    Comparable in this City

    • Value Estimation by Request

      11 Wells St

      Individual retail properties
      11 Wells St, Westerly, RI 02891
      View Details
    • Value Estimation by Request

      101 Flr

      Office Spaces
      101 Flr, Westerly, RI 02891
      View Details
    • Value Estimation by Request

      101 Flr

      Office Spaces
      101 Flr, Westerly, RI 02891
      View Details
    • Value Estimation by Request
      4,000 SF

      102 Granite St

      Individual retail properties
      102 Granite St, Westerly, RI 02891
      View Details
    • Value Estimation by Request
      76,619 SF

      64-68 Franklin St

      Retail properties & Spaces
      64-68 Franklin St, Westerly, RI 02891
      View Details
    • Value Estimation by Request
      157,315 SF

      151 Franklin St

      Retail properties & Spaces
      151 Franklin St, Westerly, RI 02891
      View Details

    Similar Nearby for Sale

    • $545,000
      3,720 SF

      Industrial Building with Retail Area

      3700 sqft building with storage, office, and retail space.
      129 Oak St, Westerly, RI 02891
      View Details
    • Contact for pricing
      3,264 SF

      Renovated Commercial Property For Sale

      3,264 SF renovated commercial property in high-traffic area.
      82 Airport Rd, Westerly, RI 02891
      View Details
    • Contact for pricing
      200 SF

      Commercial Units in Downtown Westerly

      Two climate-controlled units suitable for office, retail, or storage.
      53 High St, Westerly, RI 02891
      View Details
    • Contact for pricing
      200 SF

      Downtown Westerly Commercial Units Available

      Two climate-controlled units in downtown Westerly, suitable for office/retail/storage.
      53 High St, Westerly, RI 02891
      View Details
    • Contact for pricing
      0.65 Acres

      Professional Office Building in Westerly

      First-floor flex office space in a timber-frame professional building.
      56 Wells St, Westerly, RI 02891
      View Details
    • Contact for pricing

      Coastal Land Ready For Development

      Prime coastal property for redevelopment or repositioning in Misquamicut Beach.
      148 Atlantic Ave, Westerly, RI 02891
      View Details

    Similar Nearby for Lease

    • $600 /Mo
      200 SF

      Downtown Unit For Lease

      Climate-controlled unit suitable for office, retail, or storage.
      53 High St, 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 Rd, Westerly, RI 02891
      View Details
    • Contact for pricing
      1,000 SF

      Spindrift Village Retail/Office/Medical Space

      Move-in ready retail/office/medical space in Spindrift Village.
      267 Post Rd, Westerly, RI 02891
      View Details
    • Contact for pricing

      Retail/Office/Medical Space Available

      Commercial space available for immediate lease in Spindrift Village.
      267 Post Rd, Westerly, RI 02891
      View Details
    • Contact for pricing
      1,500 SF

      Spindrift Village Retail/Office/Medical Space

      1,500 sq ft retail/office/medical space available for immediate lease.
      267 Post Rd, Westerly, RI 02891
      View Details
    • Contact for pricing

      Downtown Units for Office/Retail/Storage

      Two 100 SF units available in downtown Westerly.
      53 High St, Westerly, RI 02891
      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.
    56 Wells St
    Westerly, RI 02891
    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 St, 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!