Theater Venue with
New
For Sale
$4,500,000
102 Connell Highway, Newport, RI 02840
Commercial/Business,Commercial Sale, Newport, RI
Property Size8,700 SF
Lot Size0.96 Acres
Price / SF$517.24
Days on Market4
Property Features for 102 Connell Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
UV
Parking
50
Security features
Security System
Interior features
Ceiling Height (9 to 12 Ft)
Lot features
Downtown, Free Standing
Standard status
Active
Lot size
0.96 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
18400
Utilities
Heating system
Natural Gas, Central, Forced Air
Cooling system
Central Air
Amenities
theater
backstage/support areas
Building Details
Year built
1940
Floors in Building
1
Listing Agency:
Re/Max Profnl. Newport, Inc. · RE/MAX International
(401) 849-0100
Listed By:
Jonathan Perry
(401) 862-0625
Added: Sep 23
Last Checked: Sep 26 at 11:06AM
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.
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$126,282
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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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
