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Property profile & analytics
OFF-MARKET
Estimated value
$1,345,000
Showrooms
212 Water St, Block Island, RI 02807-7711
Entity Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US76-0101021
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1893
Construction
FRAME
Total area
7,546 SF
Lot
0.22 ac (9,583 SF)
Zoning code
OHC
APN
BLOC M:06 L:157
UPID
US76-0101021
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Ernies Restaurant Restaurant
-
Finn's Fish Market Specialty Food Shop Fish Market
-
Darkside Block Island (Bike/Boat/Book/etc) Store
-
212 Water Street Restaurant Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.51M
CAP Approach
CAP
$1.18M
Comparable Approach
Comparable
$903k
Blend (final)
Blend
$1.35M
Owner & transaction history
Tmg Bi Realty LLC · 3 yrs held
Tmg Bi Realty LLC
since 2022
Last sale
$1.3M
3 recorded transactions
Zoning & alternative use
OHC · Block Island, RI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Block Island submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Block Island submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,450,000
ML approach
$1,510,000
CAP Approach
CAP Return
Estimation
6%
$1,275,000
6.5%
$1,175,000
7%
$1,090,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,545,000
Current use
OFFICE BUILDING
$1,320,000
Change: -14% · Conversion: Easy
Blend value · Realmo final
$1.35M
Range $1.21M – $1.48M · ±10% · vs last sale $1.30M (Jul 13 2022)
Last sale anchor
$1.30M
Jul 13 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$178 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$9,273
Tax year 2024
Assessed value
$1,679,900
Assessed 2024
Previous assessed
$1,657,500
+1.4% YoY
Effective rate
0.55%
On assessed value
Assessed land
$1,124,400
Assessed improvement
$555,500
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
Off-Market
Year built
1893
Construction
FRAME
Heating
NONE
Cooling
YES
Buildings
1
Stories
2
Units
3
Total area
7,546 SF
Lot
0.22 ac (9,583 SF)
Zoning code
OHC
APN
BLOC M:06 L:157
UPID
US76-0101021
Jurisdiction
BLOCK ISLAND
Zoning & alternative use
OHC · Block Island, RI
Zoning OHC · permitted uses
OHC · Block Island, RI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Block Island. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.5M
OFFICE BUILDING
Est. value
$1.3M
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1893
Construction
FRAME
Heating
NONE
Cooling
Yes
Stories
2
Buildings
1
Units
3
Lot
0.22 ac
Current owner
From public records · entity-resolved
Tmg Bi Realty LLC
Entity
Free & Clear · 3 yrs held
Mailing address
195 OLD FRG RD, EAST GREENWICH, RI 02818-4606
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 13, 2022
$1,300,000
Tmg Bi Realty LLC
212 Water Street LLC
Warranty Deed
—
Jul 1, 2022
—
F&d Management LLC
212 Water Street LLC
Warranty Deed
—
Jul 9, 2021
$1,850,000
212 Water Street LLC
F&d Management LLC
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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