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Perfectly positioned between Old Harbor and New Harbor, this Residential/mixed-use property offers possibility in one of Block Island's most desirable locations and set within the service commercial zone. The building combines a brand-new upstairs residence with a flexible first-floor space awaiting your vision. The second floor features a thoughtfully designed 2-bedroom, 1-bathroom apartment with modern finishes, the convenience of town water and sewer, and beautiful views from the spacious northeast-facing deck. Whether used as an owner's residence, staff housing, or rental, this turnkey space provides immediate value. On the first floor, the options are wide open. Bring to life a coffee shop, boutique, restaurant with potential outdoor dining, or any number of retail or service concepts. The space includes a handicapped accessible bathroom and 8+ on-site parking spaces, a rare and valuable amenity on the island. This property is surrounded by steady foot traffic between the island's two main hubs of dining, shopping, and entertainment. It's a location that offers both visibility and convenience making it the perfect place to create something meaningful for the community while enjoying the unmatched quality of island life. With its ideal location, flexible zoning, and built-in infrastructure, this property presents an inspiring opportunity to establish your vision in one of New England's most unique and cherished destinations.
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William Raveis Real Estate
Phone: 888.699.8876
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William Raveis Mortgage, LLC
Phone: 203.980.8025
Frank.Kolb@raveis.com
NMLS Mortgage Loan Originator ID 81725
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5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
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|---|---|---|---|
| Loan Amount | $1,920,000 | $1,920,000 | $1,920,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 4.875% | 5.750% | 5.500% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 5.925% | 5.858% | 5.681% |
| Monthly Tax Payment | $176 | $176 | $176 |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $10,161 | $11,205 | $15,688 |
| Total Monthly Payment | $10,462 | $11,506 | $15,989 |
* 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.