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

    188 Airport Rd Warwick, RI 02889-1044

    • Investment properties
    • 3,784 SF
    • 0.28 lot acres
    OFF-MARKET
    Value Estimations
    $550,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0137215
    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

    • Malik Attiya / Law Firm
    • Chiariello Susan A / Law Firm

    Property Details for 188 Airport Rd

    Year built
    1947
    Construction
    FRAME
    Lot size
    0.28 lot acres
    Property size
    3,784 SF
    Zone code
    A7
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    WARW M:320 B:0013 L:0000
    APU
    WARWM320B0013L0000

    Description

    This exceptional mixed-use investment opportunity in Warwick, Rhode Island, presents a compelling blend of residential and commercial space. Located at 188 Airport Road, this property boasts a prime corner location on a well-traveled thoroughfare. The property comprises two buildings totaling 4,362 square feet on a 0.23-acre lot. The residential building, approximately 1,802 square feet, features two bedrooms, two and a half bathrooms, and a finished basement. The adjacent 2,560-square-foot office building offers three separate units. The upper level encompasses a single 1,280-square-foot unit with a conference room, private offices, and bathrooms. The lower level is divided into two 640-square-foot units. The buildings are separately accessed. Built in 1947, this Class C property features 15 parking spaces and is zoned A-7 Residential, offering potential for various uses, including conversion of the office space into additional residential units. The asking price is $989,000, translating to $226.73 per square foot. This property presents a unique opportunity for investors seeking a strong return in a desirable Rhode Island location. The property includes two stories and is situated in Kent County, Warwick, RI, 02889. The APN is 320-0013.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $370,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $780,000
      6.5%
      $720,000
      7%
      $670,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $593,000
      Market price range: $508k - $1.32M
      AI Estimate
      $513,000
      Market price range: $363k - $1.05M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $800,000
      Current use
      OFFICE BUILDING
      $830,000
      Change: +4% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Warwick
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.414
    Latitude
    41.733
    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
    $0.00
    $101,400
    $284,600
    $386,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      600 SF

      150 Wharf Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 600 SF
      150 Wharf Rd, Warwick, RI 02889-4234
      View Details
    • Value Estimation by Request
      2,900 SF

      2141 Shr Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 2,900 SF
      2141 Shr Rd, Warwick, RI 02889-8426
      View Details
    • Value Estimation by Request
      900 SF

      93 Airport Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 900 SF
      93 Airport Rd, Warwick, RI 02889-1002
      View Details
    • Value Estimation
      $750,000
      6,122 SF

      1008 Shr Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 6,122 SF
      1008 Shr Rd, Warwick, RI 02889-2730
      View Details
    • Value Estimation by Request
      2,931 SF

      1922 Warwick Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,931 SF
      1922 Warwick Ave, Warwick, RI 02889-2263
      View Details
    • Value Estimation by Request
      1,568 SF

      1804 Warwick Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,568 SF
      1804 Warwick Ave, Warwick, RI 02889-2227
      View Details

    Similar Nearby for Sale

    • $599,900

      Warwick Commercial Warehouse - $599,900

      Prime Warwick location, versatile commercial space.
      33 Alfred St, Warwick, RI 02889
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    • $550,000
      9,103 SF

      Warwick Commercial Trio: Prime Location

      Three buildings, ample parking, downtown Warwick.
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      10,404 SF

      Warwick Retail Portfolio Opportunity

      High-traffic RI retail complex, multi-tenant.
      1584 Warwick Ave, Warwick, RI 02889
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    • $1,595,000
      17,326 SF

      Industrial Building Near Airport

      17,326 SF industrial building near T.F. Green Airport.
      675 W Shore Rd, Warwick, RI 02889
      View Details
    • New
      $750,000
      0.30 Acres

      Warwick Neck Multi-Family with Carriage

      Well-maintained three-family with renovated carriage house in desirable Warwick Neck.
      357 Warwick Neck Ave, Warwick, RI 02889
      View Details
    • New
      $895,000
      2.14 Acres

      Approved Land for 16 Units

      Land with approvals for 16 units in Warwick, RI.
      112 Old Warwick Ave, Warwick, RI 02889
      View Details

    Similar Nearby for Lease

    • $0.03 SF/Yr
      5,395 SF

      Warwick Office Building - Prime Location

      High-traffic area, ample parking, 5,395 sq ft.
      120 Lambert Lind Hwy, Warwick, RI 02889
      View Details
    • Contact for pricing
      49,332 SF

      West Shore Road Retail Center

      High-traffic retail space available now
      2574 Shore Rd, Warwick, RI 02889
      View Details
    • Contact for pricing
      2,820 SF

      Retail Space in Warwick Center

      Retail space available in a busy Warwick shopping center.
      2430 Warwick Ave, Warwick, RI 02889
      View Details
    • Contact for pricing
      54,855 SF

      Crossroads Plaza Retail Space Available

      High-traffic Warwick, RI storefront; 15,663 sq ft available.
      2485 Warwick Ave, Warwick, RI 02889
      View Details
    • Contact for pricing
      3,367 SF

      Retail Spaces Available For Lease

      Three retail spaces available for lease in Warwick, Rhode Island.
      40-50 Airport Rd, Warwick, RI 02889
      View Details
    • Contact for pricing
      1,680 SF

      Retail Space in Warwick Center

      Retail spaces available from 1,200 to 14,455 square feet.
      2515 Warwick Ave, Warwick, RI 02889
      View Details
    Request Owner's contact information
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    188 Airport Rd
    Warwick, RI 02889-1044
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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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