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    63 Airport Rd Warwick, RI 02889-1001
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    63 Airport Rd Warwick, RI 02889-1001

    View on Map
    • Showrooms
    • 2,435 SF
    • 0.62 lot acres
    Off-Market
    Last Sale Sep 1, 2020
    $655,000
    Property ID
    US76-0094964
    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
    $660,000
    Show details
    Cap Rate Potential
    2.3%
    Showrooms
    Location Intelligence

    Current Use by Public Records

    • Five Guys / Restaurant / Take-out & Catering

    Property Details for 63 Airport Rd

    Year built
    2004
    Construction
    FRAME
    Lot size
    0.62 lot acres
    Property size
    2,435 SF
    Zone code
    O
    Property type
    Showrooms
    APN
    WARW M:312 B:0308 L:0000
    APU
    WARWM312B0308L0000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $500,000
      6.5%
      $465,000
      7%
      $430,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $851,000
      Market price range: $327k - $852k
      AI Estimate
      $673,000
      Market price range: $234k - $673k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $515,000
      Current use
      OFFICE BUILDING
      $535,000
      Change: +4% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Warwick
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.4096
    Latitude
    41.7336
    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
    $20,837
    $287,500
    $551,700
    $839,200
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $3,915,000
      14,392 SF

      1560 Warwick Ave

      SHOW ROOM, WAREHOUSE • 14,392 SF
      1560 Warwick Ave, Warwick, RI 02889-1020
      View Details
    • Value Estimation by Request
      2,500 SF

      616 Shr Rd

      SHOW ROOM, WAREHOUSE • 2,500 SF
      616 Shr Rd, Warwick, RI 02889-1349
      View Details
    • Value Estimation by Request
      4,400 SF

      50 Clorane St

      SHOW ROOM, WAREHOUSE • 4,400 SF
      50 Clorane St, Warwick, RI 02889-8007
      View Details
    • Value Estimation
      $3,740,000
      5,825 SF

      1551 Warwick Ave

      SHOW ROOM, WAREHOUSE • 5,825 SF
      1551 Warwick Ave, Warwick, RI 02889-1019
      View Details
    • Value Estimation
      $590,000
      4,400 SF

      250 Oakland Bch Ave

      SHOW ROOM, WAREHOUSE • 4,400 SF
      250 Oakland Bch Ave, Warwick, RI 02889-8358
      View Details
    • Value Estimation
      $520,000
      4,130 SF

      830 Oakland Bch Ave

      SHOW ROOM, WAREHOUSE • 4,130 SF
      830 Oakland Bch Ave, Warwick, RI 02889-9617
      View Details

    Similar Nearby for Sale

    • $400,000
      Pending

      Multi-Unit Commercial Property in Warwick

      Versatile commercial property with three units and ample parking.
      2291 West Shore Rd, Warwick, RI 02889
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    • $314,900
      0.17 Acres

      Warwick Retail Opportunity For Sale

      Highly visible Warwick Avenue retail building with expansion potential.
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    • $325,000
      1,216 SF

      Freestanding Retail Building on Warwick Avenue

      High-visibility retail building in Warwick, suitable for various business uses.
      1926 Warwick Ave, Warwick, RI 02889
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    • Contact for pricing
      0.98 Acres

      Warwick Commercial Opportunity on Sandy

      7,870 sq ft commercial space on a 0.98-acre lot.
      449 Sandy Ln, Warwick, RI 02889
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    • $1,400,000
      0.98 Acres

      Warwick Commercial Opportunity on Sandy

      7,870 sq ft commercial space on a 0.98-acre corner lot.
      449 Sandy Ln, Warwick, RI 02889
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    • $314,900
      864 SF

      Freestanding Retail Building on Warwick

      Highly visible retail opportunity in the heart of Warwick Avenue.
      1822-1824 Warwick Ave, Warwick, RI 02889
      View Details

    Similar Nearby for Lease

    • $0.03 SF/Yr
      5,395 SF

      Warwick Office Building - Prime Location

      High-traffic area, ample parking, 5,395 sq ft.
      120 Lambert Lind Hwy, Warwick, RI 02889
      View Details
    • Contact for pricing

      Warwick Retail and Auto Property

      Retail building with vacant restaurant, auto service building on 1.52± acres.
      1584 Warwick Ave, Warwick, RI 02889
      View Details
    • Contact for pricing
      3,367 SF

      Retail Spaces Available For Lease

      Three retail spaces available for lease in Warwick, Rhode Island.
      40-50 Airport Rd, Warwick, RI 02889
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Warwick Center

      Retail spaces available from 1,200 to 14,455 square feet.
      2515 Warwick Ave, Warwick, RI 02889
      View Details
    • Contact for pricing

      Retail Space Near Major Retailers

      Centrally located retail space near Route 95 and PVD Airport.
      2574 W Shore Rd, Warwick, RI 02889
      View Details
    • Contact for pricing
      2,820 SF

      Retail Space in Warwick Center

      Retail space available in a busy Warwick shopping center.
      2430 Warwick Ave, Warwick, RI 02889
      View Details
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    Warwick, RI 02889-1001
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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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