971 Main St West Warwick, RI 02893
- Investment properties
- 7,200 SF
- 0.42 lot acres
Current Use by Public Records
- Investment properties
Property Details for 971 Main St
- Year built
- 1970
- Construction
- FRAME
- Lot size
- 0.42 lot acres
- Property size
- 7,200 SF
- Zone code
- B
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- WWAR 003-0042-0-000
- APU
- WWAR00300420000
Description
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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $405,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $400,000
- 6.5%
- $410,000
- 7%
- $420,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $350,000
- Geo Method
- $405,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $370,000
- Retail
- $365,000
- Mixed-Use
- $405,000
- Hospitality
- $395,000
- Educational
- $375,000
- Residential Income
- $385,000
- Energy
- $325,000
- Income-Based Land
- $380,000
- Food Service
- $350,000
Location Insight
- Map
- Local Demand
- City
- West Warwick
- County
- Kent
- State
- Rhode Island
- Longitude
- -71.524
- Latitude
- 41.7155
- CBSA code
- 39300
- CBSA name
- PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA
