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    42 Westfield St Providence, RI 02907
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    Property profile & analytics

    42 Westfield St, Providence, RI 02907

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    • Industrial properties
    • 24,670 SF
    • 0.61 lot acres
    For Sale
    $2,100,000
    View Listing →
    Providence Warehouse with Highway Access For Sale
    $2,100,000
    32,000 SF

    Providence Warehouse with Highway Access

    32,000 SF warehouse with 16' clearance near highways.

    42 Westfield St, Providence, RI 2907
    View Listing
    Property ID
    US76-0388549
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Safe-Way Electric Motor Co Inc / Electric Motor Store

    Property Details for 42 Westfield St

    Year built
    1920
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.61 lot acres
    Zone code
    M-MU-7
    Property type
    Industrial properties
    APN
    PROV M:30 L:394
    APU
    PROVM30L394

    Description

    This exceptional Providence, RI industrial property, located at 42 Westfield St, 02907, presents a significant investment opportunity. Boasting 32,670 square feet of space, this warehouse and manufacturing facility features a 16-foot clear ceiling height, providing ample room for storage and operations. The property sits on a 25,861 square foot lot, offering convenient access and maneuverability. Three drive-in doors ensure efficient loading and unloading, while three-phase power is readily available to support various industrial applications. Its strategic location in Providence offers businesses the advantage of urban proximity combined with logistical efficiency, making it an ideal choice for companies seeking a balance between accessibility and local resources within a thriving regional market. The property's layout is well-suited for storage and warehousing needs, enhancing operational efficiency. The asking price is $2,100,000. This property represents a compelling opportunity to acquire a well-situated industrial asset in a dynamic market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $745,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $749,000
      Market price range: $639k - $1.76M

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

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4256
    Latitude
    41.8099
    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
    $24,124
    $89,900
    $597,400
    $687,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      820 Elmwood Ave

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      29 Ninigret Ave

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      207 Dupont Dr

      INDUSTRIAL (GENERAL)
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      635 Elmwood Ave

      INDUSTRIAL (GENERAL)
      635 Elmwood Ave, Providence, RI 02907-3313
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    • Value Estimation
      $975,000
      13,274 SF

      63 Narragansett Ave

      INDUSTRIAL (GENERAL)
      63 Narragansett Ave, Providence, RI 02907
      View Details

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      Providence Warehouse with Highway Access

      32,000 SF warehouse with 16' clearance near highways.
      42 Westfield St, Providence, RI 02907
      View Details
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      33,862 SF

      Providence Office & Warehouse Space

      33,862± SF office and warehouse space for sale.
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      Vacant M-1 Zoned Development Parcel

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    Similar Nearby for Lease

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      Industrial Space with Air Conditioning

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      Potters Avenue Commercial Space Available

      Commercial space with high visibility, suitable for various businesses.
      790 Potters Ave, Providence, RI 02907
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    • $3,200 /Mo

      Versatile Commercial Condo in Providence

      Commercial condo in high-traffic location, suitable for various businesses.
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      Retail Space with Strong Parking

      Retail space with excellent visibility, access, and uniquely strong parking.
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      Retail Space Available For Lease

      Retail space available for lease in Providence, Rhode Island.
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      View Details
    • $2,200 /Mo

      Retail/Office Space on Potters Ave

      Retail or office space with high visibility and flexible layout.
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      View Details
    View Listing
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    Providence, RI 02907
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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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