Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    251 Legris Ave West Warwick, RI 02893-2940

    • Showrooms
    • 6,777 SF
    • 0.92 lot acres
    OFF-MARKET
    Last Sale
    Sep 26, 2022
    Value Estimations
    $1,205,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0058269
    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

    • UPS Access Point location / Courier Service / Postal Service
    • Advance Auto Parts / Auto Parts Store

    Property Details for 251 Legris Ave

    Year built
    2006
    Construction
    STEEL FRAME
    Lot size
    0.92 lot acres
    Property size
    6,777 SF
    Zone code
    B
    Property type
    Showrooms
    APN
    WWAR 027-0468-0-000
    APU
    WWAR02704680000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $745,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,395,000
      6.5%
      $1,290,000
      7%
      $1,195,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,613,000
      Market price range: $480k - $1.61M
      AI Estimate
      $1,172,000
      Market price range: $406k - $1.17M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,015,000
      Current use
      OFFICE BUILDING
      $1,525,000
      Change: +50% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $815,000
      Change: -20% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    West Warwick
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.5038
    Latitude
    41.6961
    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
    $54,913
    $408,100
    $1,342,400
    $1,750,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $3,400,000
      16,970 SF

      405 Quaker Ln

      SHOW ROOM, WAREHOUSE • 16,970 SF
      405 Quaker Ln, West Warwick, RI 02893-2114
      View Details
    • Value Estimation by Request
      696 SF

      13 Canna St

      SHOW ROOM, WAREHOUSE • 696 SF
      13 Canna St, West Warwick, RI 02893
      View Details
    • Value Estimation
      $530,000
      2,300 SF

      55 Industrial Ln

      SHOW ROOM, WAREHOUSE • 2,300 SF
      55 Industrial Ln, West Warwick, RI 02893-3506
      View Details
    • Value Estimation
      $1,475,000
      6,720 SF

      1480 Main St

      SHOW ROOM, WAREHOUSE • 6,720 SF
      1480 Main St, West Warwick, RI 02893-2928
      View Details
    • Value Estimation by Request
      1,833 SF

      850 Main St

      SHOW ROOM, WAREHOUSE • 1,833 SF
      850 Main St, West Warwick, RI 02893-4337
      View Details
    • Value Estimation
      $1,120,000
      6,000 SF

      325 Quaker Ln

      SHOW ROOM, WAREHOUSE • 6,000 SF
      325 Quaker Ln, West Warwick, RI 02893-2122
      View Details

    Similar Nearby for Sale

    • $595,000
      4,698 SF

      West Warwick Mixed-Use Corner Property

      Mixed-use property with retail space and residential apartments.
      1674 Main St, West Warwick, RI 02893
      View Details
    • Contact for pricing
      1,640 SF

      Refreshed Commercial Space, West Warwick

      Versatile commercial space on a high-visibility corner lot.
      1542 Main St, West Warwick, RI 02893
      View Details
    • $895,900
      2,328 SF

      West Warwick Investment Opportunity

      Two investment properties with restaurant and medical office space.
      923 Main St, West Warwick, RI 02893
      View Details
    • Contact for pricing
      8,400 SF

      Freestanding Family Dollar Investment Property

      Freestanding Family Dollar in West Warwick, RI for sale.
      989 Main St, West Warwick, RI 02893
      View Details
    • $595,000
      0.21 Acres

      West Warwick Mixed-Use Corner Property

      Mixed-use property with retail space and residential units for sale.
      1674 Main St, West Warwick, RI 02893
      View Details
    • $1,250,000
      0.24 Acres

      West Warwick Multifamily Investment Opportunity

      Six-unit apartment building with parking and updated systems.
      30 Potter Ave, West Warwick, RI 02893
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,800 SF

      Retail Pad Sites For Lease

      Outparcels available for lease with high traffic counts.
      510 Quaker Ln, West Warwick, RI 02893
      View Details
    • Contact for pricing

      Main Street Retail Opportunity

      Versatile commercial property on Main Street available for sale.
      1243 Main St, West Warwick, RI 02893
      View Details
    • $1,300 /Mo
      1,600 SF

      Versatile Space in West Warwick

      Adaptable 1,600 SF space suitable for retail, foodservice, or warehouse.
      27 Pike St, West Warwick, RI 02893
      View Details
    • Contact for pricing

      West Warwick Warehouse/Distribution/Auto Space

      6,150 SF space for warehouse, distribution, or auto use.
      86 Pulaski St, West Warwick, RI 02893
      View Details
    • Contact for pricing
      4,882 SF

      Retail Space Available For Lease

      Retail property available for lease, offering 4882 square feet.
      300 Quaker Ln, Warwick, RI 02893
      View Details
    • Contact for pricing

      Industrial Build-to-Suit Opportunity

      Industrial space for lease in West Warwick Business Park.
      Lacroix Dr, West Warwick, RI 02893
      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.
    251 Legris Ave
    West Warwick, RI 02893-2940
    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.
    Sign Up Successful!
    You now have access to more from Realmo!