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    Property profile & analytics

    398 Willett Ave Riverside, RI 02915-2513

    • Showrooms
    • 5,992 SF
    • 0.97 lot acres
    OFF-MARKET
    Value Estimations
    $665,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0090997
    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

    • Smith-Mason Funeral Home / Social Service Agency

    Property Details for 398 Willett Ave

    Year built
    1880
    Construction
    CONCRETE
    Lot size
    0.97 lot acres
    Property size
    5,992 SF
    Zone code
    R3
    Property type
    Showrooms
    APN
    EPRO M:411 B:10 L:005 U:
    APU
    EPROM411B10L005U

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $689,000
      Market price range: $465k - $1.18M
      AI Estimate
      $581,000
      Market price range: $353k - $1.00M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $800,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Riverside
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.3531
    Latitude
    41.7724
    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
    $15,821
    $212,000
    $449,400
    $661,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $10,100,000
      71,056 SF

      375 Wampanoag Trl

      SHOW ROOM, WAREHOUSE • 71,056 SF
      375 Wampanoag Trl, Riverside, RI 02915-2232
      View Details
    • Value Estimation
      $875,000
      4,800 SF

      160 Amaral St

      SHOW ROOM, WAREHOUSE • 4,800 SF
      160 Amaral St, Riverside, RI 02915-2223
      View Details
    • Value Estimation
      $835,000
      9,532 SF

      656 Bullocks Pt Ave, Unit 660

      SHOW ROOM, WAREHOUSE • 9,532 SF
      656 Bullocks Pt Ave, Riverside, RI 02915-3505
      View Details
    • Value Estimation by Request
      512 SF

      101 Turner Ave

      SHOW ROOM, WAREHOUSE • 512 SF
      101 Turner Ave, Riverside, RI 02915-2526
      View Details
    • Value Estimation
      $4,735,000
      47,416 SF

      401 Wampanoag Trl

      SHOW ROOM, WAREHOUSE • 47,416 SF
      401 Wampanoag Trl, Riverside, RI 02915-2228
      View Details
    • Value Estimation
      $1,385,000
      25,200 SF

      125 Amaral St

      SHOW ROOM, WAREHOUSE • 25,200 SF
      125 Amaral St, Riverside, RI 02915-2221
      View Details

    Similar Nearby for Sale

    • New
      $850,000
      3,570 SF

      Mixed-Use Property in East Providence

      Well-maintained mixed-use property with commercial and residential units.
      2919 Pawtucket 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
    • $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
    • New
      $850,000
      3,570 SF

      Mixed-Use Property in East Providence

      Impeccably maintained mixed-use property with strong income potential.
      2919 Pawtucket Ave, East Providence, RI 02915
      View Details
    • $249,000
      3.78 Acres

      East Providence Commercial Land

      3+ acres of commercial land in East Providence, Rhode Island.
      Carousel Dr, East Providence, RI 02915
      View Details
    • $149,900

      Move-in Ready Office Condominium

      Renovated office condo with flexible space and highway access.
      250 Wampanoag Trl, East Providence, RI 02915
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      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
    • $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
    • $18 SF/Yr

      Retail/Office Space in East Providence

      Well-maintained plaza with retail/warehouse tenants, ideal for retail/office.
      1235 Wampanoag Trl, East Providence, RI 02915
      View Details
    • $18 SF/Yr
      32,001 SF

      East Providence Retail/Office Space

      Well-maintained plaza with retail/office tenants, high-traffic location.
      1235 Wampanoag Trl, East Providence, RI 02915
      View Details
    • Contact for pricing
      2,000 SF

      East Providence Office Space Available

      Recently renovated office space in East Providence, Rhode Island.
      120 Amaral St, Riverside, RI 02915
      View Details
    • $10 SF/Yr
      52,592 SF

      Former School Building For Lease

      52,600 SF former school building with kitchen and parking.
      55 Turner Ave, East Providence, RI 02915
      View Details
    Request Owner's contact information
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    398 Willett Ave
    Riverside, RI 02915-2513
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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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