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    15 Island Pl Woonsocket, RI 02895
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    Property profile & analytics

    15 Island Pl Woonsocket, RI 02895

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    • Industrial properties
    • 14,880 SF
    • 0.44 lot acres
    For Lease
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    15 Island, Woonsocket, RI 02895 For Lease
    Contact for pricing

    15 Island, Woonsocket, RI 02895

    Commercial spaces for rent in the Millrace District.

    15 Island Pl, Woonsocket, RI 02895
    View Listing
    Property ID
    US76-0022357
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $625,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Industrial properties

    Property Details for 15 Island Pl

    Year built
    1880
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.44 lot acres
    Property size
    14,880 SF
    Zone code
    MU2
    Property type
    Industrial properties
    APN
    WOON M:14H L:143 U:3
    APU
    WOONM14HL143U3

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $445,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $646,000
      Market price range: $647k - $1.81M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Woonsocket
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.516
    Latitude
    41.9987
    CBSA code
    39300
    CBSA name
    PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,506
    $53,400
    $43,200
    $96,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      7.46 Acres

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    • Value Estimation
      $2,315,000
      36,331 SF

      584 Park E Dr

      INDUSTRIAL (GENERAL) • 36,331 SF
      584 Park E Dr, Woonsocket, RI 02895-6148
      View Details
    • Value Estimation by Request
      83,910 SF

      1265 Mendon Rd

      INDUSTRIAL (GENERAL) • 83,910 SF
      1265 Mendon Rd, Woonsocket, RI 02895-3964
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    • Value Estimation by Request
      0.68 Acres

      Pond St

      INDUSTRIAL (GENERAL) • 0.68 Acres
      Pond St, Woonsocket, RI 02895
      View Details
    • Value Estimation
      $1,140,000
      10,800 SF

      707 Park E Dr

      INDUSTRIAL (GENERAL) • 10,800 SF
      707 Park E Dr, Woonsocket, RI 02895-6158
      View Details
    • Value Estimation
      $6,315,000
      46,320 SF

      841 Park E Dr

      INDUSTRIAL (GENERAL) • 46,320 SF
      841 Park E Dr, Woonsocket, RI 02895-6112
      View Details

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    • Contact for pricing
      52,940 SF

      Woonsocket Industrial Property For Sale

      Industrial property with 52,940 square feet available for sale.
      1275 Park East Dr, Woonsocket, RI 02895
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    • $1,050,000
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      Spacious Warehouse with Multiple Offices

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      19,154 SF

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      2.27-acre property with storefront, warehouses, canopy, and parking.
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      3,308 SF

      Office Building with Large Garage

      Office building with a large garage and expansion potential.
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      Pending

      Woonsocket Commercial Space For Sale

      2541 SF commercial space in Woonsocket, Rhode Island.
      1296 Park Dr E, Woonsocket, RI 02895
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    • $3,825,000
      105,935 SF

      Industrial Mill Multifamily Conversion Potential

      105,935 SF industrial mill ideal for multifamily conversion.
      565 N Main St, Woonsocket, RI 02895
      View Details

    Similar Nearby for Lease

    • $4 SF/Yr
      100,499 SF

      Woonsocket Industrial Space For Lease

      Flexible industrial space with high ceilings and loading dock access.
      159 Singleton St, Woonsocket, RI 02895
      View Details
    • Contact for pricing

      Prime Land Lease Opportunity

      Land lease opportunity with high visibility and development potential.
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      View Details
    • Contact for pricing
      132,026 SF

      Industrial Manufacturing Building For Lease

      132,026 SF industrial manufacturing building on 4.33 acres.
      128 Singleton St, Woonsocket, RI 02895
      View Details
    • $1,750 /Mo
      1,900 SF

      Versatile Commercial Building with Three-Phase

      Three-story commercial building suitable for data center or manufacturing.
      512 Front St, Woonsocket, RI 02895
      View Details
    • $4,500 /Mo
      2,541 SF

      Woonsocket Commercial Space For Lease

      2541 SF commercial space with loading dock access.
      1296 Park East Dr, Woonsocket, RI 02895
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Single tenant retail space available, approximately 10,548 square feet.
      200 Social St, Woonsocket, RI 02895
      View Details
    View Listing
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    15 Island Pl
    Woonsocket, RI 02895
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    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
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