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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    16 Western Industrial Dr Cranston, RI 02921-3403

    • Industrial properties
    • 33,634 SF
    • 2.90 lot acres
    OFF-MARKET
    Last Sale
    Nov 03, 2024
    $2,955,810
    Value Estimations
    $2,810,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0079451
    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

    • Mearthane Products Corporation (MPC) / Manufacturer / Plastic Products Supplier

    Property Details for 16 Western Industrial Dr

    Year built
    1985
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.90 lot acres
    Property size
    33,634 SF
    Zone code
    M2
    Property type
    Industrial properties
    APN
    CRAN M:36-3 L:83 U:
    APU
    CRANM363L83U

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,925,000
      6.5%
      $2,700,000
      7%
      $2,505,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,016,000
      Market price range: $2.02M - $3.81M
      AI Estimate
      $2,625,000
      Market price range: $1.10M - $7.38M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $2,895,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Cranston
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.5174
    Latitude
    41.7828
    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
    $50,557
    $496,200
    $1,287,100
    $1,783,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      2032 Plainfield Pike

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      $2,245,000
      29,120 SF

      15 Southern Industrial Dr

      INDUSTRIAL (GENERAL) • 29,120 SF
      15 Southern Industrial Dr, Cranston, RI 02921-3441
      View Details
    • Value Estimation by Request
      182,500 SF

      Daniels Way

      Flex space • 182,500 SF
      0 Daniels Way, Cranston, RI 02921
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    • Value Estimation
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      41,000 SF

      830 Phenix Ave

      INDUSTRIAL (GENERAL) • 41,000 SF
      830 Phenix Ave, Cranston, RI 02921-1133
      View Details
    • Value Estimation
      $3,340,000
      48,480 SF

      2220 Plainfield Pike

      INDUSTRIAL (GENERAL) • 48,480 SF
      2220 Plainfield Pike, Cranston, RI 02921-2031
      View Details

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      4,500 SF

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      28,986 SF

      Cranston Industrial Park Leased Property

      28,986 SF leased building in Western Cranston Industrial Park.
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      Modern, conveniently located workspaces suitable for various businesses.
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      9.63 Acres

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      Modern, convenient workspaces suitable for various businesses.
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      9.63 Acres

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      Modern, convenient workspaces suitable for various businesses.
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    • Contact for pricing
      9.63 Acres

      Versatile Commercial Condos in Cranston

      Modern, convenient workspaces suitable for various businesses.
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    Similar Nearby for Lease

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      269,180 SF

      Comstock Parkway Warehouse Space

      Cranston, RI industrial warehouse space available.
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    • $14 SF/Yr
      17,500 SF

      New Industrial Building For Lease

      New construction industrial building with 30 FT ceilings for lease.
      109 Western Industrial Dr, Cranston, RI 02921
      View Details
    • $13 SF/Yr
      70,000 SF

      Cranston Industrial Space Available

      Modern RI warehouse, flexible space options
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      View Details
    • $14 SF/Yr
      17,500 SF

      New Industrial Building Available

      New construction industrial building with 30 FT ceilings for lease.
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    • Contact for pricing
      216,794 SF

      Cranston Retail Center Investment

      Prime Retail Space, High Traffic Area
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    • Contact for pricing
      182,500 SF

      Industrial Land Ready For Development

      Shovel-ready industrial land with utilities and highway access.
      Western Industrial Dr, Cranston, RI 02921
      View Details
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    16 Western Industrial Dr
    Cranston, RI 02921-3403
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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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