28 Market StWarren, RI 02885

Property Details for 28 Market St

Year built

1900

Construction

FRAME

Lot size

0.20 AC

Property size (Sq ft)

9,132 SF

Zone code

VB

Property type

Showrooms

APN

WARR M:3 L:77

APU

WARRM3L77

Description

This exceptional 14,618-square-foot commercial property, located at 28 Market Street in Warren, Rhode Island, presents a unique investment opportunity. Originally the Second Story Theatre building and restaurant, this three-story structure underwent a complete renovation in 2017, exceeding $3 million in improvements. The building boasts a large open floor plan (former theater), newly renovated office space, and a state-of-the-art restaurant area complete with a full commercial kitchen, custom bar, and custom seating. Features include five bathrooms, an elevator, high ceilings, and ample parking. The extensive renovation included new spray foam insulation, siding, boiler, copper pipes, and water heater. Heating is provided by a hot air system. The property sits on a 0.201-acre lot and includes deeded parking for 40+ vehicles, with an adjacent paved lot also available. Built in 1900, this meticulously renovated building offers a blend of historic charm and modern functionality, ideal for a variety of commercial uses. The property is offered for sale.

• CAP approach

  CAP return

  Valuation

  6%

  $2,219,395

  6.5%

  $2,048,672

  7%

  $1,902,338

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,006,832

  Geo Method

  $3,006,832

• Alternative Use

  Use

  Valuation

  Residential

  $1,728,132

  Hospitality

  $1,582,959

  Educational

  $1,317,004

  Medical

  $1,362,297

  Retail

  $2,048,672

Location Insight

City

Warren

County

Bristol

State

Rhode Island

Latitude

41.731

Longitude

-71.2819

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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