2121 Elmwood AveWarwick, RI 02888

Property Details for 2121 Elmwood Ave

Year built

1989

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.29 AC

Property size (Sq ft)

7,492 SF

Zone code

A7

Property type

Other commercial real estate

Property subtype

Showrooms

APN

WARW M:296 B:0466 L:0000

APU

WARWM296B0466L0000

Description

This exceptional investment opportunity presents a solid five-unit commercial building ideally situated on the high-traffic intersection of Route 1 and Elmwood Avenue in Warwick, Rhode Island. The property boasts a total of 7,500 square feet on a 0.29-acre lot. A significant portion of the building comprises a large warehouse/retail space featuring a loading dock and an 800-square-foot drive-in garage. The second floor offers office space currently subdivided into two units. The property's diverse tenant mix includes an established coffee and ice cream shop with outdoor patio seating, a hair salon, and a video studio, all demonstrating strong long-term tenancy. This stable occupancy stream contributes to the property's significant investment potential. The warehouse space with its convenient drive-in garage is currently available for lease, presenting an additional income stream opportunity for the new owner. This well-maintained building offers a blend of established businesses and flexible commercial space, making it an attractive proposition for investors seeking a diversified portfolio or a strong income-generating asset in a prime Warwick location. The high visibility and convenient location on Route 1 and Elmwood Avenue ensure excellent exposure and accessibility for all tenants. This is a rare opportunity to acquire a well-established, multi-tenant commercial property in a thriving area. The asking price is $759,900.

• CAP approach

  CAP return

  Valuation

  6%

  $1,820,818

  6.5%

  $1,680,755

  7%

  $1,560,701

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,466,840

  Geo Method

  $2,466,840

• Alternative Use

  Use

  Valuation

  Residential

  $1,417,779

  Hospitality

  $1,298,678

  Educational

  $1,080,485

  Medical

  $1,117,645

  Retail

  $1,680,755

Location Insight

City

Warwick

County

Kent

State

Rhode Island

Latitude

41.7497

Longitude

-71.4232

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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