971 Main St West Warwick, RI 02893-3599
This exceptional mixed-use property in West Warwick, Rhode Island, presents a compelling investment opportunity. Located at a highly visible, trafficked intersection in the heart of Phenix, the 7,200 square foot building sits on a spacious 18,470 square foot lot and boasts a two-story structure built in 1970. The property includes five residential units – three two-bedroom and two one-bedroom units, each with its own water tank and furnace – currently leased and generating income. These units are located at 981 Main Street, Units A-E. Below the residential units are three vacant commercial spaces, ready for immediate development. The first commercial unit (971 Main Street) is a completely gutted former bar, plumbed for two restrooms and a kitchenette, awaiting a new tenant's vision. The second unit (975 Main Street), a former Chinese takeout restaurant, features a fully equipped kitchen, ideal for a restaurant or pub expansion. The third unit (977 Main Street) is a blank canvas for entrepreneurial endeavors. Ample parking far exceeds the needs of any potential commercial tenants, with additional residential parking spaces behind the building. This property offers significant potential for growth and income generation in a thriving location. Prospective buyers are advised to conduct their own due diligence regarding permits and zoning.
(b) Signs which advertise an activity, business, product or service no longer produced or conducted on the premises upon which the sign is located. No such sign shall remain in place or on vacated premises for more than one year from the date the vacancy commenced. (c) Signs which are attached to natural features, stone walls, utility poles, utility boxes, t…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
B · West Warwick, RI(b) Signs which advertise an activity, business, product or service no longer produced or conducted on the premises upon which the sign is located. No such sign shall remain in place or on vacated premises for more than one year from the date the vacancy commenced. (c) Signs which are attached to natural features, stone walls, utility poles, utility boxes, traffic signs, fences or highway structures. (d) Signs placed on or against trailers or vehicles, whether registered or unregistered. (e) Signs in the public right-of-way, except as provided for elsewhere in this chapter [ordinance] and except for those installed by the government. (f) Signs which imitate, and may be confused with, an official traffic control sign or signal, or an emergency or road equipment vehicle. (g) All other signs which have not been expressly permitted within this article. (h) All existing signs erected without the necessary approvals and/or permits. (i) Sign materials identified as pennants, streamers, spinners and other moving devices are prohibited in all zones with the exception of village commercial. (j) Sign material identified as exposed polycarbonate, fluorescent and phosphorescent signs are prohibited in all zones, except that traditional "neon" signs shall be permitted in all zones and districts. 5.10.6. Nonconforming signs. (a) A sign shall immediately lose its legal nonconforming status when: (1) The sign is enlarged or reduced without approvals. (2) The sign is relocated without approvals. (3) The sign advertises or calls attention to any products, businesses or activities which have not been carried on or sold at the premises for the past one year. (4) The sign shall not have been repaired or properly maintained within 30 days after written notice to that effect has been given by the building official. (5) The sign is removed and replaced with another nonconforming sign, regardless of its size. (b) A sign shall not lose its legal nonconforming status when: (1) A wall sign is removed for construction, painting and/or restoration of the building provided that the sign is returned to its location within 30 days of completion of the building work. (2) The sign is removed to facilitate repair, maintenance and/or repainting and replaced immediately upon completion of such work. (c) No sign that had been erected in violation of any previously existing sign provisions of the town zoning ordinance shall, by virtue of adoption of the ordinance from which this chapter [section] derives, become legal nonconforming.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
