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    116 Aquidneck Ave Middletown, RI 02842

    View on Map
    Sponsored
    For Sale
    Under Contract
    $3,999,000

    COMMERCIAL - Middletown, RI

    Property size:
    5,500 SF
    Lot size:
    0.57 Acres
    Days on Market:
    7
    Last Refresh:
    Mar 14 at 3:06 am

    Property Features for 116 Aquidneck Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    LBA
    Rooms
    Basement
    Parking
    44
    Interior features
    Ceiling Height (12 to 15 Ft)
    Size
    5,500 SF
    Lot size
    0.57 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Central Air
    Water front features
    Waterfront
    Water front
    1

    Building Details

    Year built
    1960
    Floors in Building
    2
    Number of units
    1
    Building materials
    Frame, Masonry

    We can help!

    Listing Contact
    Mike Sweeney

    Gustave White Sotheby's International Realty (401) 849-3000

    Listing agent Mike Sweeney (401) 862-0164

    Listing date Mar 7, 2026

    MLS# 1401255

    Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Middletown Commercial Development Opportunity

    This offering features two adjacent, fully operational businesses available as a single package in Middletown, Rhode Island. The combined properties create a 0.57-acre parcel with potential for future hotel development or mixed-use projects. Diego's Cantina is a turnkey, 5,500-square-foot Mexican restaurant and function venue with 166 seats. It is recognized as a Middletown staple and features west-facing Easton Pond views, making it suitable for dining, private events, and year-round operations. Next door, Rejects Brewery offers 3,600 square feet of versatile space zoned LBA, suitable for various uses, including food service, manufacturing, and distribution. The properties offer the option to operate two established businesses immediately and represent an investment opportunity with multiple paths for value creation.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Diego's Barrio Cantina Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Nail Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Middletown
    County
    Newport
    State
    Rhode Island
    Longitude
    -71.284545
    Latitude
    41.492581

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    FAQs

    What type of property is this?
    Conventional restaurant - Two adjacent, operational businesses with development potential in Middletown, RI.
    Where is this conventional restaurant located?
    The property is located at 116 Aquidneck Ave Middletown, RI.
    What is the asking price?
    The asking price for this property is $3,999,000.
    What are key features of this property?
    This property features: - Two established, fully operational businesses (Diego's Cantina & Rejects Brewery) included in sale.; - Prime .57-acre development opportunity in the heart of Middletown.; - Diego's Cantina: Turnkey, 5,500 sq. ft. restaurant/venue with 166 seats and pond views.
    (401) 849-3000
    Request Owner's contact information
    116 Aquidneck Ave Middletown, RI 02842
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    Middletown, RI 02842
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    116 Aquidneck Ave Middletown, RI 02842
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    We can help!
    Listing Contact
    Mike Sweeney
    (401) 849-3000 (401) 862-0164
    Learn more
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