Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    151 Ocean Rd Narragansett, RI 02882-1355

    • Investment properties
    • 34,173 SF
    • 3.39 lot acres
    OFF-MARKET
    Last Sale
    Nov 19, 2021
    $8,625,000
    Value Estimations
    $7,850,000
    Show details
    Cap Rate Potential
    3.3%
    Investment properties
    Location Intelligence
    Property ID
    US76-0038656
    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.

    Current Use by Public Records

    • Investment properties

    Property Details for 151 Ocean Rd

    Year built
    1968
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    3.39 lot acres
    Property size
    34,173 SF
    Zone code
    R-10
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    NARR M:D B:210
    APU
    NARRMDB210

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $10,505,000
      ML approach
      $10,300,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,765,000
      6.5%
      $5,325,000
      7%
      $4,945,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,596,000
      Market price range: $5.28M - $10.5M
      AI Estimate
      $4,973,000
      Market price range: $2.29M - $8.97M

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

    Location Insight

    • Map
    • Local Demand
    City
    Narragansett
    County
    Washington
    State
    Rhode Island
    Longitude
    -71.4569
    Latitude
    41.4244
    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
    2017
    $32,152
    $1,550,500
    $2,472,800
    $4,023,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $670,000
      2.37 Acres

      29 Pier Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 2.37 Acres
      29 Pier Rd, Narragansett, RI 02882-3778
      View Details
    • Value Estimation by Request
      2,102 SF

      144 Boon St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,102 SF
      144 Boon St, Narragansett, RI 02882-3746
      View Details
    • Value Estimation
      $4,320,000
      41,187 SF

      354 Pier Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 41,187 SF
      354 Pier Rd, Narragansett, RI 02882-3519
      View Details
    • Value Estimation
      $1,010,000
      5,099 SF

      41 Ocean Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 5,099 SF
      41 Ocean Rd, Narragansett, RI 02882-1321
      View Details
    • Value Estimation by Request
      2.26 Acres

      556 Pt Judith Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 2.26 Acres
      556 Pt Judith Rd, Narragansett, RI 02882-4539
      View Details
    • Value Estimation
      $1,380,000
      7,919 SF

      145 Boon St

      OFFICE/RESIDENTIAL (MIXED USE) • 7,919 SF
      145 Boon St, Narragansett, RI 02882-3779
      View Details

    Similar Nearby for Sale

    • $40,900
      1,450 SF

      120 Point Judith Rd, Narragansett, RI 02882

      Investment properties • 1,450 SF
      120 Point Judith Rd, Narragansett, RI 02882
      View Details
    • $89,900

      Narragansett Medical Office Space

      Ground floor office, ideal location.
      360 Kingstown Rd, Narragansett, RI 02882
      View Details
    • $1,300,000

      Point Judith Land Opportunity

      Two acre land package in desirable Point Judith location.
      Point Judith Rd, Narragansett, RI 02882
      View Details
    • $1,500,000
      0.84 Acres

      Narragansett Commercial Land Opportunity

      Prime commercial land near beaches with redevelopment potential.
      360 Kingstown Rd, Narragansett, RI 02882
      View Details
    • New
      $549,900
      Pending

      Narragansett Land Near the Beach

      1.43-acre lot near Narragansett Beach with building plans available.
      Blossom Way, Narragansett, RI 02882
      View Details
    • $89,900
      655 SF

      Narragansett Office Space - Kingstown Road

      Ground floor office, high visibility, ample parking.
      360 Kingstown Rd, Narragansett, RI 02882
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      185,536 SF

      Salt Pond Shopping Center Retail Space

      Prime Narragansett retail space available.
      91 Point Judith Rd, Narragansett, RI 02882
      View Details
    • Contact for pricing

      Fenced Outdoor Space For Lease

      Approximately 14,000 sq ft of fenced, secure outdoor space.
      3481 Kingstown Rd, South Kingstown, RI 02882
      View Details
    • Contact for pricing

      Commercial Pad Site For Rent

      Pad site available at Salt Pond Shopping Center.
      20 Woodruff Ave, Narragansett, RI 02882
      View Details
    • $0.04 SF/Yr
      6,512 SF

      120 Point Judith Rd

      Restaurants
      120 Point Judith Rd, Narragansett, RI 02882
      View Details
    • $0.12 SF/Yr
      1,359 SF

      Narragansett Commercial Space

      Prime Narragansett location, versatile space.
      120 Point Judith Rd, Narragansett, RI 02882
      View Details
    • $0.12 SF/Yr
      1,359 SF

      Narragansett Commercial Space

      Prime Narragansett location, versatile space.
      120 Point Judith Rd, Narragansett, RI 02882
      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.
    151 Ocean Rd
    Narragansett, RI 02882-1355
    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

    Google sign-in failed. Please try again or use another login method.