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

    62 Main St West Warwick, RI 02893-3606

    • Commercial real estate
    • 0.94 lot acres
    OFF-MARKET
    Last Sale
    Feb 03, 2023
    $50,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0178724
    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

    • Lil Rhody Storage - E Main St / Storage Facility / Truck Rental Agency

    Property Details for 62 Main St

    Lot size
    0.94 lot acres
    Zone code
    CI
    Property type
    Commercial real estate
    APN
    WWAR 018-0063-0-000
    APU
    WWAR01800630000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    West Warwick
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.5206
    Latitude
    41.7145
    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
    2022
    $10,163
    $135,300
    $516,100
    $651,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request

      52 Providence St Providence St

      Restaurants
      52 Providence St Providence St, West Warwick, RI 02893
      View Details
    • Value Estimation
      $745,000
      19.65 Acres

      9 James P Murphy Ind Hwy

      COMMERCIAL (GENERAL) • 19.65 Acres
      9 James P Murphy Ind Hwy, West Warwick, RI 02893-2381
      View Details
    • Value Estimation by Request
      1,912 SF

      9 School St

      SHOW ROOM, WAREHOUSE • 1,912 SF
      9 School St, West Warwick, RI 02893-5318
      View Details
    • Value Estimation by Request

      1 Ferreira Ct

      Land
      1 Ferreira Ct, West Warwick, RI 02893
      View Details
    • Value Estimation by Request
      5,200 SF

      66 Aster St

      SHOW ROOM, WAREHOUSE • 5,200 SF
      66 Aster St, West Warwick, RI 02893-1106
      View Details
    • Value Estimation by Request
      3,066 SF

      65 Brookside Ave

      SHOW ROOM, WAREHOUSE • 3,066 SF
      65 Brookside Ave, West Warwick, RI 02893-5056
      View Details

    Similar Nearby for Sale

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      West Warwick Multi-Business Property

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      West Warwick Restaurant & Land

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      West Warwick Warehouse - $2.85M

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      Prime West Warwick Restaurant & Land

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    Similar Nearby for Lease

    • Contact for pricing
      100,000 SF

      Industrial Build-to-Suit Opportunity

      Industrial spaces for lease, customizable to tenant specifications.
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      Laydown Pads for Rent

      Two laydown pads totaling approximately 4.5 acres available for rent.
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      100,000 SF

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      100,000 SF Flex Warehouse, Kent County
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      1,800 SF

      Retail Pad Sites For Lease

      Outparcels available for lease with high traffic counts.
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    • $6,000 /Mo

      Land Lease Opportunity on Corner

      Corner lot available for lease with high traffic volume.
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    • $5,200,000
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      West Warwick Business Park Office

      Office space in West Warwick Business Park available for lease.
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    62 Main St
    West Warwick, RI 02893-3606
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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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