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

    278 Main Rd Middletown, RI 02842-6307

    • Showrooms
    • 26,935 SF
    • 2.71 lot acres
    OFF-MARKET
    Value Estimations
    $550,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0379420
    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

    • Planet Fitness / Fitness Center / Spa

    Property Details for 278 Main Rd

    Year built
    1950
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.71 lot acres
    Property size
    26,935 SF
    Zone code
    GBA
    Property type
    Showrooms
    APN
    MIDD M:0108 B:NW L:195
    APU
    MIDDM0108BNWL195

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $550,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Middletown
    County
    Newport
    State
    Rhode Island
    Longitude
    -71.3028
    Latitude
    41.5131
    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
    $21,512
    $1,348,400
    $308,900
    $1,657,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $385,000
      10,326 SF

      Commercial St

      SHOW ROOM, WAREHOUSE • 10,326 SF
      Commercial St, Middletown, RI 02842
      View Details
    • Value Estimation
      $365,000
      8,996 SF

      272 Vly Rd

      SHOW ROOM, WAREHOUSE • 8,996 SF
      272 Vly Rd, Middletown, RI 02842-5238
      View Details
    • Value Estimation
      $410,000
      12,400 SF

      73 Vly Rd

      SHOW ROOM, WAREHOUSE • 12,400 SF
      73 Vly Rd, Middletown, RI 02842-5234
      View Details
    • Value Estimation
      $675,000
      31,120 SF

      747 Aquidneck Ave

      SHOW ROOM, WAREHOUSE • 31,120 SF
      747 Aquidneck Ave, Middletown, RI 02842-7265
      View Details
    • Value Estimation
      $370,000
      8,752 SF

      147 Aquidneck Ave

      SHOW ROOM, WAREHOUSE • 8,752 SF
      147 Aquidneck Ave, Middletown, RI 02842-5613
      View Details
    • Value Estimation
      $1,005,000
      29,886 SF

      28 Aquidneck Ave

      SHOW ROOM, WAREHOUSE • 29,886 SF
      28 Aquidneck Ave, Middletown, RI 02842-5608
      View Details

    Similar Nearby for Sale

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      0.56 Acres

      Prime Commercial Opportunity Middletown, RI

      Two adjacent high visibility parcels on Rt 114.
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      Middletown Commercial Opportunity For Sale

      Brewery, retail, or hospitality opportunity in prime Middletown location.
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    • $1,170,000
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      Middletown Commercial Property For Sale

      Commercial property in a high-traffic location with ample parking.
      72 E Main Rd, Middletown, RI 02842
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    • $399,500
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      Middletown Commercial Flex Space Available

      Modern flex space in Middletown, suitable for entrepreneurs and tradesmen.
      300 Coddington Hwy, Middletown, RI 02842
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    • $450,000
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      Commercial Retail Unit in Middletown

      High-visibility retail unit in a modern business and storage complex.
      300 Coddington Hwy, Middletown, RI 02842
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    • $950,000

      Prime Middletown Commercial Land

      High-visibility site, former restaurant, ideal for redevelopment.
      149 Main Rd, Middletown, RI 02842
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    Similar Nearby for Lease

    • Contact for pricing
      10,646 SF

      Retail Space in Middletown Center

      Retail space available in shopping center with pylon signage.
      872-890 W Main Rd, Middletown, RI 02842
      View Details
    • Contact for pricing
      2,500 SF

      Retail Space with High Visibility

      Retail space with corner location, high visibility, and excellent access.
      7 E Main Rd, Middletown, RI 02842
      View Details
    • $30 SF/Yr
      6,000 SF

      Retail Space with Restaurant Infrastructure

      Corner retail location with existing restaurant infrastructure and high traffic.
      593 W Main Rd, Middletown, RI 02842
      View Details
    • Contact for pricing

      Retail Space Near Major Retailers

      Retail space available near Staples, Aldi, and Home Depot.
      870 W Main Rd, Middletown, RI 02842
      View Details
    • Contact for pricing
      40,933 SF

      Middletown Office Space for Lease

      Prime RI Office Suites, Ample Parking
      850 Aquidneck Ave, Middletown, RI 02842
      View Details
    • Contact for pricing
      9,200 SF

      Aquidneck Centre Retail Space For Lease

      High-traffic retail spaces available now!
      77 Main Rd, Middletown, RI 02842
      View Details
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    278 Main Rd
    Middletown, RI 02842-6307
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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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