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

    62 Wave Ave Middletown, RI 02842-7035

    • Investment properties
    • 9,528 SF
    • 0.39 lot acres
    OFF-MARKET
    Value Estimations
    $555,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0297993
    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

    • Clementine's Homemade Ice Cream Middletown / Ice Cream Shop

    Property Details for 62 Wave Ave

    Year built
    2017
    Construction
    FRAME
    Lot size
    0.39 lot acres
    Property size
    9,528 SF
    Zone code
    LB
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    MIDD M:0116 B:NW L:3
    APU
    MIDDM0116BNWL3

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $555,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Middletown
    County
    Newport
    State
    Rhode Island
    Longitude
    -71.2845
    Latitude
    41.4915
    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
    2020
    $29,828
    $952,100
    $1,433,600
    $2,385,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $290,000
      4.48 Acres

      353 Tuckerman Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4.48 Acres
      353 Tuckerman Ave, Middletown, RI 02842-6049
      View Details
    • Value Estimation
      $310,000
      1.14 Acres

      767 Main Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 1.14 Acres
      767 Main Rd, Middletown, RI 02842-5353
      View Details
    • Value Estimation
      $330,000
      0.46 Acres

      729 Main Rd, Unit 735

      OFFICE/RESIDENTIAL (MIXED USE) • 0.46 Acres
      729 Main Rd, Middletown, RI 02842-6357
      View Details
    • Value Estimation
      $330,000
      1,306 SF

      935 Main Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 1,306 SF
      935 Main Rd, Middletown, RI 02842-5359
      View Details
    • Value Estimation
      $330,000
      0.61 Acres

      496 Main Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 0.61 Acres
      496 Main Rd, Middletown, RI 02842-7227
      View Details
    • Value Estimation
      $350,000
      2,378 SF

      97 Main Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 2,378 SF
      97 Main Rd, Middletown, RI 02842-4936
      View Details

    Similar Nearby for Sale

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      Middletown Commercial Units Available

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      Prime Middletown Commercial Lot

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      Middletown Land Parcel For Sale

      Three-acre parcel suitable for residential development in Middletown, Rhode Island.
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      Innovative Middletown development with customizable units and state-of-the-art amenities.
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    • $2,950,000
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      Mixed-Use Property with Development Potential

      Two buildings with office, restaurant space, and apartment conversion potential.
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    Similar Nearby for Lease

    • 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
    • $22 SF/Yr
      967 SF

      Midtown RI Office Suites Available

      Prime Middletown location, various sizes.
      1272 Main Rd, Middletown, RI 02842
      View Details
    • $17 SF/Yr
      1,484 SF

      West Main Road Office Suite

      1,484 sq ft Office Space, Newport County
      1259 Main Rd, Middletown, RI 02842
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    • 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
      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
    • $62,916
      11,848 SF

      Middletown, RI Office Space Available

      11,848 SF Office Building, Flexible Suites
      127 Johnny Cake Hill Rd, Middletown, RI 02842
      View Details

    Property Visit Statistics

    • Visits by month
      33.6k
    • Visitors by month
      15.8k
    • Avg Time on site
      8 min
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    62 Wave Ave
    Middletown, RI 02842-7035
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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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