971 Main StWest Warwick, RI 02893

Property Details for 971 Main St

Year built

1970

Construction

FRAME

Lot size

0.42 AC

Property size (Sq ft)

7,200 SF

Zone code

B

Property type

Investment properties

Property subtype

Live-work space

APN

WWAR 003-0042-0-000

APU

WWAR00300420000

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,190,375

  6.5%

  $1,098,808

  7%

  $1,020,322

• Comparable approach

  Method

  Valuation

  Relative Method

  $940,752

  Geo Method

  $940,752

• Alternative Use

  Use

  Valuation

  Residential

  $1,362,522

  Hospitality

  $1,248,062

  Educational

  $1,038,373

  Medical

  $1,074,085

  Retail

  $1,615,247

Location Insight

City

West Warwick

County

Kent

State

Rhode Island

Latitude

41.7155

Longitude

-71.524

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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