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    Property profile & analytics

    2 Hemingway Dr Riverside, RI 02915-2224

    • Showrooms
    • 9,555 SF
    • 0.86 lot acres
    OFF-MARKET
    Last Sale
    Nov 15, 2022
    $1,385,000
    Value Estimations
    $1,325,000
    Show details
    Cap Rate Potential
    8.7%
    Showrooms
    Location Intelligence
    Property ID
    US76-0208714
    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

    • Care Resource / Medical Supply Store / Home Health Care Service
    • Diabetes Resources / Pharmacy
    • Life Resource Medical Supply / Medical Supply Store
    • Pharma Resource / Pharmacy / Medical Clinic
    • Amerita Specialty Infusion Services - East Providence / Pharmacy

    Property Details for 2 Hemingway Dr

    Year built
    1991
    Lot size
    0.86 lot acres
    Property size
    9,555 SF
    Zone code
    I1
    Property type
    Showrooms
    APN
    EPRO M:508 B:01 L:008 U:
    APU
    EPROM508B01L008U

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,300,000
      ML approach
      $1,295,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,255,000
      6.5%
      $2,080,000
      7%
      $1,930,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,280,000
      Market price range: $741k - $1.89M
      AI Estimate
      $1,081,000
      Market price range: $562k - $1.60M

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

    Location Insight

    • Map
    • Local Demand
    City
    Riverside
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.348
    Latitude
    41.7978
    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
    2024
    $29,395
    $275,200
    $953,700
    $1,228,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $380,000
      1,571 SF

      900 Wampanoag Trl

      SHOW ROOM, WAREHOUSE • 1,571 SF
      900 Wampanoag Trl, Riverside, RI 02915-1505
      View Details
    • Value Estimation
      $265,000
      300 SF

      320 Bullocks Pt Ave

      SHOW ROOM, WAREHOUSE • 300 SF
      320 Bullocks Pt Ave, Riverside, RI 02915-4403
      View Details
    • Value Estimation
      $640,000
      2,790 SF

      257 Bullocks Pt Ave

      SHOW ROOM, WAREHOUSE • 2,790 SF
      257 Bullocks Pt Ave, Riverside, RI 02915-4335
      View Details
    • Value Estimation
      $435,000
      4,956 SF

      2812 Pawtucket Ave

      SHOW ROOM, WAREHOUSE • 4,956 SF
      2812 Pawtucket Ave, Riverside, RI 02915-4912
      View Details
    • Value Estimation
      $600,000
      4,360 SF

      185 Willett Ave, Unit 187

      SHOW ROOM, WAREHOUSE • 4,360 SF
      185 Willett Ave, Riverside, RI 02915-4226
      View Details
    • Value Estimation
      $355,000
      3,900 SF

      697 Willett Ave, Unit 699

      SHOW ROOM, WAREHOUSE • 3,900 SF
      697 Willett Ave, Riverside, RI 02915-2642
      View Details

    Similar Nearby for Sale

    • $520,000

      Prime East Providence Commercial Land

      5,663 SF Commercial Lot, $520,000
      982 Willett Ave, East Providence, RI 02915
      View Details
    • Contact for pricing
      1,170 SF

      Prime East Providence Retail Space

      1,170 SF Retail Building, 0.37 Acres
      215 Willett Ave, East Providence, RI 02915
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    • $1,850,000
      0.57 Acres

      Riverside Restaurant with Development Potential

      Thriving restaurant on a large lot with redevelopment possibilities.
      376 Bullocks Point Ave, East Providence, RI 02915
      View Details
    • $500,000
      0.57 Acres

      Riverside, RI Development Opportunity

      25,000 sq. ft. lot with development potential.
      376 Bullocks Point Ave, East Providence, RI 02915
      View Details
    • $2,900,000
      16,580 SF

      Retail Strip Building For Sale

      Retail strip building with ample parking and high visibility.
      2830 Pawtucket Ave, Riverside, RI 02915
      View Details
    • Contact for pricing
      209,927 SF

      East Providence Data Center Facility

      209,927 SF single-story facility with office and data center space.
      115 Tripps Ln, East Providence, RI 02915
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr

      Retail/Office Space with Corner Unit

      Well-maintained plaza with retail/office tenants, ideal for various uses.
      1235 Wampanoag 5, East Providence, RI 02915
      View Details
    • $18 SF/Yr
      3,200 SF

      Retail/Office Space with Ample Parking

      Well-maintained plaza with retail/warehouse tenants, ideal for retail/office.
      1235 Wampanoag Trl, Riverside, RI 02915
      View Details
    • $3,000 /Mo
      5,638 SF

      Riverside Retail Building For Rent

      5,638 SF building for rent with build-to-suit options.
      960 Willett Ave, Riverside, RI 02915
      View Details
    • $10 SF/Yr
      52,600 SF

      Former School with Commercial Kitchen

      52,600 SF former school for lease in East Providence.
      55 Turner Ave, East Providence, RI 02915
      View Details
    • $14 SF/Yr
      5,496 SF

      East Providence Office Space Available

      Recently renovated office space in East Providence, Rhode Island.
      120 Amaral St, Riverside, RI 02915
      View Details
    • Contact for pricing
      46,000 SF

      East Providence Office/Medical Building

      Four-story, 46,000 SF office/medical building for lease.
      401 Wampanoag Trl, Riverside, RI 02915
      View Details
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    2 Hemingway Dr
    Riverside, RI 02915-2224
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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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