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    667 Airport Rd Warwick, RI 02886
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    667 Airport Rd Warwick, RI 02886

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    • Showrooms
    • 5,602 SF
    • 0.46 lot acres
    For Sale
    $1,200,000
    View Listing →
    Former Restaurant Near Airport For Sale
    $1,200,000
    5,602 SF

    Former Restaurant Near Airport

    Turnkey restaurant opportunity with highway access near T.F. Green Airport.

    667 Airport Rd, Warwick, RI
    View Listing
    Property ID
    US76-0218752
    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

    • Hooters of Warwick / Restaurant

    Property Details for 667 Airport Rd

    Year built
    1968
    Construction
    FRAME
    Lot size
    0.46 lot acres
    Property size
    5,602 SF
    Zone code
    GB
    Property type
    Showrooms
    APN
    WARW M:311 B:0064 L:0000
    APU
    WARWM311B0064L0000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,155,000
      6.5%
      $1,065,000
      7%
      $990,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $754,000
      Market price range: $360k - $1.14M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,330,000
      Current use
      OFFICE BUILDING
      $1,115,000
      Change: -16% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Warwick
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.4315
    Latitude
    41.733
    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
    $18,456
    $261,600
    $481,700
    $743,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $9,310,000
      50,061 SF

      660 Commonwealth Ave

      SHOW ROOM, WAREHOUSE • 50,061 SF
      660 Commonwealth Ave, Warwick, RI 02886-2707
      View Details
    • Value Estimation
      $1,605,000
      7,600 SF

      710 Greenwich Ave

      SHOW ROOM, WAREHOUSE • 7,600 SF
      710 Greenwich Ave, Warwick, RI 02886
      View Details
    • Value Estimation
      $2,550,000
      14,509 SF

      1 Masthead Dr

      SHOW ROOM, WAREHOUSE • 14,509 SF
      1 Masthead Dr, Warwick, RI 02886-9201
      View Details
    • Value Estimation
      $4,325,000
      24,000 SF

      1441 Bald Hl Rd

      SHOW ROOM, WAREHOUSE • 24,000 SF
      1441 Bald Hl Rd, Warwick, RI 02886-4240
      View Details
    • Value Estimation
      $8,225,000
      47,180 SF

      1 Coastway Blvd

      SHOW ROOM, WAREHOUSE • 47,180 SF
      1 Coastway Blvd, Warwick, RI 02886-0004
      View Details
    • Value Estimation
      $7,060,000
      42,277 SF

      375 Ee Ave

      SHOW ROOM, WAREHOUSE • 42,277 SF
      375 Ee Ave, Warwick, RI 02886-1806
      View Details

    Similar Nearby for Sale

    • $775,000
      Pending

      Prime Commercial Corner Near Airport

      High-visibility Warwick commercial property with flexible zoning and development potential.
      2199 Post Rd, Warwick, RI 02886
      View Details
    • $349,900
      1,703 SF

      Retail Space in Apponaug Village

      Retail property in historic Apponaug Village with owner financing.
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      12,000 SF

      Freestanding Building on Route 2

      12,000 SF building on 0.90 acres in Warwick, RI.
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      Retail Building with Recent Upgrades

      Retail building suitable for food service, daycare, or medical use.
      86 Kilvert St, Warwick, RI 02886
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      Restaurant/Retail Building with Residential Apartment

      Restaurant/retail building with residential apartment and many upgrades.
      84 Kilvert St, Warwick, RI 02886
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    • $399,900
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      Warwick Mixed-Use Investment Opportunity

      Updated mixed-use property with residential and commercial income potential.
      2789 Post Rd, Warwick, RI 02886
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    Similar Nearby for Lease

    • $12 SF/Yr
      4,540 SF

      Flex Space with Showroom

      Flex/RD space featuring showroom, offices, and warehouse.
      205 Hallene Rd, Warwick, RI 02886
      View Details
    • Contact for pricing
      2,775 SF

      Retail Space on Bald Hill

      2,777 SF retail space in Warwick, Rhode Island.
      1200 Bald Hill Rd, Warwick, RI 02886
      View Details
    • Contact for pricing
      7,500 SF

      Warwick Retail Space Available

      7,500 SF retail space for lease in Warwick, RI.
      200-202 Bald Hill Rd, Warwick, RI 02886
      View Details
    • Contact for pricing

      Retail Space in Warwick

      Former Price Rite space available for lease in Warwick.
      945 Bald Hill Rd, Warwick, RI 02886
      View Details
    • $12 SF/Yr

      High-Traffic Area Office/Retail Suites

      Office or retail suites in high-traffic commercial area.
      120 Lambert Lind Hwy, Warwick, RI 02886
      View Details
    • $2,500 /Mo

      Commercial Space Near Revival Fitness

      2000 SF commercial space suitable for medical or retail use.
      1755 Bald Hill Rd, Warwick, RI 02886
      View Details
    View Listing
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    667 Airport Rd
    Warwick, RI 02886
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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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