460 Main RdMiddletown, RI 02842

Property Details for 460 Main Rd

Year built

1894

Lot size

0.42 AC

Property size (Sq ft)

3,197 SF

Zone code

LBA

Property type

Other commercial real estate

Property subtype

Showrooms

APN

MIDD M:0113 B:00 L:154

APU

MIDDM0113B00L154

Description

This exceptional offering presents a rare opportunity to acquire two adjacent, limited business-zoned properties in the desirable Middletown, RI location. The package includes 460 East Main Road, a 3,200 square foot, eight-office building situated on a 0.46-acre parcel. This building presents itself as an ideal space for a variety of professional uses, given its flexible layout and ample office space. Separately, but equally attractive, is 470 East Main Road, a meticulously maintained 3-bedroom, 2-bathroom Cape-style home spanning a 0.26-acre lot. Completely renovated in 2016, this residence boasts hardwood floors throughout, updated stainless steel appliances, elegant bluestone countertops, and a newer roof, windows, and heating system. The property's current use as a single-family home is easily adaptable to a multitude of commercial applications, thanks to the flexible zoning. The combined 4,796 square feet of space across both properties, situated on a total of 0.68 acres, offers significant potential for expansion, redevelopment, or continued use as a mixed-use property. This unique offering is priced at $1,644,000 and presents a compelling investment opportunity in a thriving Rhode Island community. The flexible zoning allows for a wide range of commercial ventures, making this an exceptional opportunity for both investors and business owners seeking a strategic location with significant upside.

• CAP approach

  CAP return

  Valuation

  6%

  $776,983

  6.5%

  $717,215

  7%

  $665,985

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,052,654

  Geo Method

  $1,052,654

• Alternative Use

  Use

  Valuation

  Residential

  $604,997

  Hospitality

  $554,174

  Educational

  $461,067

  Medical

  $476,923

  Retail

  $717,215

Location Insight

City

Middletown

County

Newport

State

Rhode Island

Latitude

41.5216

Longitude

-71.2852

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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