Sign Up Successful!
You now have access to more from Realmo!
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

    503 Spg St Newport, RI 02840-6852

    • Showrooms
    • 2,800 SF
    • 0.15 lot acres
    OFF-MARKET
    Last Sale
    Jun 09, 2023
    Value Estimations
    $430,000
    Show details
    Cap Rate Potential
    8.8%
    Showrooms
    Location Intelligence
    Property ID
    US76-0153240
    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

    • Showrooms

    Property Details for 503 Spg St

    Year built
    1900
    Construction
    FRAME
    Lot size
    0.15 lot acres
    Property size
    2,800 SF
    Zone code
    R10
    Property type
    Showrooms
    APN
    NEWP M:035 B:0105
    APU
    NEWPM035B0105

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $325,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $475,000
      6.5%
      $435,000
      7%
      $405,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $529,000
      Market price range: $168k - $834k

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

    Location Insight

    • Map
    • Local Demand
    City
    Newport
    County
    Newport
    State
    Rhode Island
    Longitude
    -71.3114
    Latitude
    41.4763
    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
    $10,666
    $346,300
    $370,500
    $716,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $370,000
      11,068 SF

      172 Thames St

      SHOW ROOM, WAREHOUSE • 11,068 SF
      172 Thames St, Newport, RI 02840-6651
      View Details
    • Value Estimation
      $445,000
      17,050 SF

      166-170 Thames St, Unit 170

      SHOW ROOM, WAREHOUSE • 17,050 SF
      166-170 Thames St, Newport, RI 02840-6652
      View Details
    • Value Estimation
      $455,000
      6,624 SF

      10 Washington Sq

      SHOW ROOM, WAREHOUSE • 6,624 SF
      10 Washington Sq, Newport, RI 02840-2948
      View Details
    • Value Estimation
      $365,000
      6,514 SF

      55-57 Americas Cup Ave, Unit 57

      SHOW ROOM, WAREHOUSE • 6,514 SF
      55-57 Americas Cup Ave, Newport, RI 02840-3001
      View Details
    • Value Estimation
      $445,000
      6,408 SF

      10 Bellevue Ave

      SHOW ROOM, WAREHOUSE • 6,408 SF
      10 Bellevue Ave, Newport, RI 02840-3206
      View Details
    • Value Estimation
      $2,260,000
      45,283 SF

      4 Commercial Wharf

      SHOW ROOM, WAREHOUSE • 45,283 SF
      4 Commercial Wharf, Newport, RI 02840-3007
      View Details

    Similar Nearby for Sale

    • $3,250,000
      0.06 Acres

      Renovated Mixed-Use Building, Newport

      High-visibility mixed-use building with income potential in Newport, RI.
      491 Thames St, Newport, RI 02840
      View Details
    • New
      $1,775,000
      0.12 Acres

      Mixed-Use Property, Prime Location

      Mixed-use property with retail/office spaces and residential units in Newport.
      2 Perry St, Newport, RI 02840
      View Details
    • New
      $1,775,000
      0.12 Acres

      Mixed-Use Property in Prime Location

      Mixed-use property with office/retail spaces and residential units in Newport.
      2 Perry St, Newport, RI 02840
      View Details
    • $1,800,000
      0.08 Acres

      Newport Commercial Property with Apartment

      Unique commercial property with retail space and finished apartment.
      283 Broadway Ave, Newport, RI 02840
      View Details
    • $2,200,000
      0.17 Acres

      Historic Newport Mixed-Use Building

      Classic building with retail and residential units in downtown Newport.
      130 Spring St, Newport, RI 02840
      View Details
    • $699,000
      1,155 SF

      Newport Commercial Condo - Brick Market Place

      Prime location, harbor views, high foot traffic.
      201 Goddard Row Row, Newport, RI 02840
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      3,490 SF

      Newport Commercial Space For Lease

      Prime Newport location, 3,490 sq ft office/retail
      76 Broadway, Newport, RI 02840
      View Details
    • $58 SF/Yr
      348 SF

      Newport Shipyard Office Suites

      Prime Newport Office Space Available
      1 Washington St, Newport, RI 02840
      View Details
    • $27 SF/Yr
      27,072 SF

      Admirals Gate Office Suites Newport

      Prime Newport Office Space, Multiple Sizes Available
      221 3Rd St, Newport, RI 02840
      View Details
    • $10 SF/Yr
      12,000 SF

      Newport Warehouse Space For Lease

      12,000 SF Industrial Warehouse Space
      181 Bellevue Ave, Newport, RI 02840
      View Details
    • $34 SF/Yr
      1,000 SF

      Travers Block Office Suites in Newport

      Historic Newport Office Space Available
      174 Bellevue Ave, Newport, RI 02840
      View Details
    • $16 SF/Yr
      10,850 SF

      Newport Office Space for Lease

      Prime Downtown Newport Location, Flexible Suites Available
      28 Pelham St, Newport, RI 02840
      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.
    503 Spg St
    Newport, RI 02840-6852
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.