188 Airport RdWarwick, RI 02889

Property Details for 188 Airport Rd

Year built

1947

Construction

FRAME

Lot size

0.28 AC

Property size (Sq ft)

3,784 SF

Zone code

A7

Property type

Investment properties

Property subtype

Live-work space

APN

WARW M:320 B:0013 L:0000

APU

WARWM320B0013L0000

Description

This exceptional mixed-use investment opportunity in Warwick, Rhode Island, presents a compelling blend of residential and commercial space. Located at 188 Airport Road, this property boasts a prime corner location on a well-traveled thoroughfare. The property comprises two buildings totaling 4,362 square feet on a 0.23-acre lot. The residential building, approximately 1,802 square feet, features two bedrooms, two and a half bathrooms, and a finished basement. The adjacent 2,560-square-foot office building offers three separate units. The upper level encompasses a single 1,280-square-foot unit with a conference room, private offices, and bathrooms. The lower level is divided into two 640-square-foot units. The buildings are separately accessed. Built in 1947, this Class C property features 15 parking spaces and is zoned A-7 Residential, offering potential for various uses, including conversion of the office space into additional residential units. The asking price is $989,000, translating to $226.73 per square foot. This property presents a unique opportunity for investors seeking a strong return in a desirable Rhode Island location. The property includes two stories and is situated in Kent County, Warwick, RI, 02889. The APN is 320-0013.

• CAP approach

  CAP return

  Valuation

  6%

  $625,608

  6.5%

  $577,484

  7%

  $536,236

• Comparable approach

  Method

  Valuation

  Relative Method

  $494,417

  Geo Method

  $494,417

• Alternative Use

  Use

  Valuation

  Residential

  $716,081

  Hospitality

  $655,926

  Educational

  $545,723

  Medical

  $564,491

  Retail

  $848,902

Location Insight

City

Warwick

County

Kent

State

Rhode Island

Latitude

41.733

Longitude

-71.414

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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