971 Main Street, West Warwick, RI, 02893 | $850,000

Investment opportunity to purchase the Flanagan Building at the highly visible and trafficked, t-intersection in the heart of Phenix. This commercial mixed-use building consists of 5 currently leased residential units (three-2bed & two-1bed)(each unit has own water tank & Furnace)(Postal addresses are: 981 Main St. , Units A-E), that sit atop 3 vacant, commercial units, awaiting your vendors unique specifications to launch their businesses. The 1st Commercial Unit (971 Main St. ) was a Bar for 30 years, and has been completely gutted, but for the HVAC Return and duct work. It is plumbed for 2 Restrooms and a kitchenette space, and ready to be rebuilt to your specs. The 2nd, middle unit (975 Main St. ) has a fully equipped kitchen (former Chinese Take-out), perfect for a stand alone, take-out restaurant, or retro-fitted to augment the adjacent unit, that could to be built-out to spec as a pub/tavern. The 3rd unit (977 Main St) is empty and ready to suit your entrepreneurial dreams. The large parking lot far exceeds any commercial business needs, and the residential lot behind the building, provides 2 spaces for each unit. Don't miss this opportunity to ride the economic boom that the new year will bring. Agents and Buyers are to exercise their own due diligence as to the permits and zoning of the building's past and present layout, configuration, and usage. General Selling Terms: AS-IS & at ASKING PRICE. Seller May Consider Financing ONLY IF Offer Exceeds Asking Price.

Features

  • Property Type: Commercial
  • Permitted Use: Commercial,Mixed Use,Other,Residential,Retail,Unimproved,Vacant
  • Construction: Brick,Masonry
  • Utilities: Electricity Available,Natural Gas Available,Natural Gas Connected,Municipal Utilities,Phone Available,Sewer Connected,Water Connected
  • Parking: 20-car
  • Heating: Forced Air
  • Cooling: Wall Unit(s)
  • Amenities: Highway Access,Near Hospital,Near Schools,Public Transportation,Recreation Area,Restaurant,Shopping,High Traffic Location,Street Lights,Sidewalks
  • Units: 2
  • Zoning: B
  • Year Built: 1970
  • Acreage: 0.42
  • Est. Taxes: $15,034
  • Lot Desc: Corner Lot
  • View: Water
  • MLS#: 1371980
  • Website: https://www.raveis.com
    /prop/1371980/971mainstreet_westwarwick_ri?source=qrflyer
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Listing information has been assembled from various sources of varying degrees of reliability. Any information critical to the buying decision should be independently verified.Listed by HomeSmart Professionals   Phone: 401-921-5011

William Raveis Family of Services

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Customer Service

888.699.8876

Contact@raveis.com

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Whitney RuggVP, Mortgage Banker, William Raveis Mortgage, LLC

NMLS Mortgage Loan Originator ID 7654

401.474.4879

Whitney.Rugg@raveis.com

Our Executive Mortgage Banker:

  • Is available to meet with you in our office, your home or office, evenings or weekends
  • Offers you pre-approval in minutes!
  • Provides a guaranteed closing date that meets your needs
  • Has access to hundreds of loan programs, all at competitive rates
  • Is in constant contact with a full processing, underwriting, and closing staff to ensure an efficient transaction

Robert ReadeRegional SVP Insurance Sales, William Raveis Insurance

860.690.5052

Robert.Reade@raveis.com

Our Insurance Division:

  • Will Provide a home insurance quote within 24 hours
  • Offers full-service coverage such as Homeowner's, Auto, Life, Renter's, Flood and Valuable Items
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    Encompass, Travelers, Fireman's Fund, Middleoak Mutual, One Beacon and American Reliable

971 Main Street, West Warwick, RI, 02893

$850,000

Customer Service

William Raveis Real Estate

Phone: 888.699.8876

Contact@raveis.com

Whitney Rugg

VP, Mortgage Banker

William Raveis Mortgage, LLC

Phone: 401.474.4879

Whitney.Rugg@raveis.com

NMLS Mortgage Loan Originator ID 7654

5/6 (30 Yr)
Adjustable Rate Jumbo*
30 Year
Fixed-Rate Jumbo
15 Year
Fixed-Rate Jumbo
Loan Amount $680,000 $680,000 $680,000
Term 360 months 360 months 180 months
Initial Interest Rate** 5.750% 6.500% 6.000%
Interest Rate based on Index + Margin 8.125%
Annual Percentage Rate 6.844% 6.597% 6.158%
Monthly Tax Payment $1,253 $1,253 $1,253
H/O Insurance Payment $92 $92 $92
Initial Principal & Interest Pmt $3,968 $4,298 $5,738
Total Monthly Payment $5,313 $5,643 $7,083

* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.

** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.

The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.