101 Franklin StWesterly, RI 02891

Property Details for 101 Franklin St

Year built

1986

Construction

FRAME

Lot size

0.44 AC

Property size (Sq ft)

5,235 SF

Property type

Other commercial real estate

Property subtype

Showrooms

APN

WEST M:88 B:2

APU

WESTM88B2

Description

This exceptional commercial property, located at 101 Franklin Street, 2nd Floor, Westerly, RI 02891, presents a fantastic leasing opportunity. Situated on a 19,166 square foot lot, this two-story, 1986-built building offers a 1,000 square foot, second-floor office space ideal for various businesses. The unit boasts floor-to-ceiling windows, providing ample natural light, and features four separate offices, a reception area, and a private bathroom. Benefit from prime pylon signage and a backlit street-facing building sign for excellent visibility. Recent building upgrades include a new roof and HVAC system, ensuring comfort and efficiency. Central air conditioning is also included. The property's zoning allows for a variety of retail and service businesses, in addition to office use. Its convenient location offers easy access to I-95, the Connecticut/Rhode Island border, and Westerly's beaches. A first-floor unit of approximately 750 square feet, also with four offices and a private bathroom, is available for lease separately (see MLS #1361055). The asking price for this second-floor space is $1,500. This property is directly across from a popular shopping plaza, ensuring high foot traffic and visibility.

• CAP approach

  CAP return

  Valuation

  6%

  $1,272,288

  6.5%

  $1,174,420

  7%

  $1,090,532

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,723,693

  Geo Method

  $1,723,693

• Alternative Use

  Use

  Valuation

  Residential

  $990,667

  Hospitality

  $907,445

  Educational

  $754,984

  Medical

  $780,949

  Retail

  $1,174,420

Location Insight

City

Westerly

County

Washington

State

Rhode Island

Latitude

41.3608

Longitude

-71.8122

CBSA code

39300

CBSA name

PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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