Theater Venue with
102 Connell Highway, Newport, RI 02840
For Sale
$4,500,000
Commercial/Business,Commercial Sale, Newport, RI
Property Size8,700 SF
Lot Size0.96 Acres
Price / SF$517.24
Days on Market51
Property Features for 102 Connell Highway
General Information
Property type
Property subtype
Zoning
Parking
Security features
Interior features
Lot features
Standard status
Lot size
Additional Details
Currently Operating
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Cooling system
Building Details
Year built
Floors in Building
Listing Agency:
Re/Max Profnl. Newport, Inc. · RE/MAX International
(401) 849-0100
Listed By:
Jonathan Perry · License RI RES.0045616
(401) 862-0625
Added: Sep 23
Changed: Oct 27
Last Checked: Nov 12 at 11:06PM
MLS# 1424155
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.
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Investment Insights
Based on property information with market context.
This theater and restaurant property offers approximately 8,700 SF on a 0.956-acre site in Newport. The layout includes a 165-seat theater, dining and bar areas, a commercial kitchen, outdoor patio, backstage and support rooms, plus substantial on-site parking. Restaurant, dining, and theater FF&E is included subject to final inventory and exclusions. Interior features include ceiling heights ranging from 9 to 12 feet, with natural gas heating, forced-air distribution, and central air conditioning.
The property fronts Connell Highway and recorded a 2025 traffic count of 19,686 vehicles per day. It provides access to Downtown Newport, the Pell Bridge, and Middletown. Zoning is UV. A Class BV full beverage liquor license is available, and the established Newport Playhouse business, brand, and agreed operating assets may also be included.
The property fronts Connell Highway and recorded a 2025 traffic count of 19,686 vehicles per day. It provides access to Downtown Newport, the Pell Bridge, and Middletown. Zoning is UV. A Class BV full beverage liquor license is available, and the established Newport Playhouse business, brand, and agreed operating assets may also be included.
Key Highlights
- Approximately 8,700 SF theater and restaurant property
- 0.956‑acre site with substantial on‑site parking
- 165‑seat theater with dining and bar areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$126,282
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,525,640
$2.5M
Cap Rate 7%
$1,804,029
$1.8M
Cap Rate 9%
$1,403,133
$1.4M
Market Conditions
NOI Build-Up for 8,700 SF
Gross rent
$187.9K $21.60/SF
− Vacancy
−$19.5K −$2.25/SF
EGI
$168.4K $19.35/SF
− OpEx
−$42.1K −$4.84/SF
NOI
$126.3K $14.52/SF
Area
Newport County, RI
Vacancy
10.40%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,525,640
Cap Rate 7%
$1,804,029
Cap Rate 9%
$1,403,133
Alternative Uses
Best Use
Specialty Retail
$1.80M
$1.58M – $2.10M
NOI $126,282 @ 7.0% cap · market cap 2.81%
Second Best
Industrial
$578.3K
$506.0K – $674.7K
NOI $40,479 @ 7.0% cap · market cap 0.90%
Theoretical Best
Multifamily LT 5
$2.08M
$1.82M – $2.42M
NOI $145,309 @ 7.0% cap · market cap 3.23%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Current Use
Lease Details
19,686 VPD
Traffic count
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
171k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 36%
Shops & Services 24%
Dining 17%
Groceries 13%
Walmart
Superstores
62,135 visits/mo
0.4 miles
Stop & Shop
Groceries
22,199 visits/mo
0.3 miles
Shell
Shops & Services
20,440 visits/mo
0.1 miles
Dunkin' Donuts
Dining
18,773 visits/mo
0.3 miles
Old Navy
Apparel
8,688 visits/mo
0.4 miles
Demographics for 02840, RI
23,902
Population
13,515
Households
1.8
Avg Household Size
40
Median Age
55%
College-Educated
95%
High-School Grad
7.3 sq mi
ZIP Area
3,274
Density / Sq Mi
$83,515
Median Household Income
$41,228
Median Earnings
$1,610
Median Rent
$669,500
Median Home Value
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Theater & concert hall - Entertainment property combining a theater, restaurant, bar areas, commercial kitchen, patio, and backstage support space.
Where is this theater & concert hall located?
The property is located at 102 Connell Highway Newport, RI.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Approximately 8,700 SF theater and restaurant property; 0.956‑acre site with substantial on‑site parking; 165‑seat theater with dining and bar areas
