Riverfront Mixed-Use
For Sale
$650,000
1152 Main St, Coventry, RI 02816
Restaurant and bar space includes indoor and outdoor service areas with a deck overlooking the river.
Property Size4,052 SF
Price / SF$160.41
Days on Market54
Property Features for 1152 Main St
General Information
Standard status
Active
Size
4,052 SF
Property subtype
Multi-Family
Restaurant
Seating Capacity
85
Patio
Yes
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Building Details
Year Built
1840
Listing Agency:
Keller Williams Coastal
Listed By:
Michael Brennan
Source:
Alpernandmesenbourg
Added: Jul 7
Changed: Aug 29
Last Checked: Aug 25 at 3:56AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Coastal
Investment Insights
Based on property information with market context.
This mixed-use property combines a restaurant and bar on the first floor with two residential apartments above. The commercial space accommodates up to 85 guests and includes indoor and outdoor bars, a riverfront deck, new kitchen tile flooring, and FRP wall finishes. The building dates to 1840, with the restaurant area renovated for continued food-and-beverage use.
The second floor contains a two-bedroom apartment with a walk-in closet, while the third floor offers a one-bedroom unit with an in-unit washer and dryer. Both apartments are leased and generating residential income. The property is located at 1152 Main Street in Coventry, directly across from Dave's Marketplace Plaza and Dunkin'.
The second floor contains a two-bedroom apartment with a walk-in closet, while the third floor offers a one-bedroom unit with an in-unit washer and dryer. Both apartments are leased and generating residential income. The property is located at 1152 Main Street in Coventry, directly across from Dave's Marketplace Plaza and Dunkin'.
Key Highlights
- First‑floor restaurant and bar seats up to 85 guests
- Indoor and outdoor bars with a deck overlooking the river
- New kitchen tile floors and FRP wall finishes
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
$54,087
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
8.32%
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%
$1,081,740
$1.1M
Cap Rate 7%
$772,671
$772.7K
Cap Rate 9%
$600,967
$601.0K
Market Conditions
NOI Build-Up for 4,052 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
$105.5K $26.04/SF
− Vacancy
−$7.2K −$1.77/SF
EGI
$98.3K $24.27/SF
− OpEx
−$44.3K −$10.92/SF
NOI
$54.1K $13.35/SF
Area
Kent County, RI
Vacancy
6.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,081,740
Cap Rate 7%
$772,671
Cap Rate 9%
$600,967
Alternative Uses
Best Use
Specialty Retail
$1.01M
$888.0K – $1.18M
NOI $71,040 @ 7.0% cap · market cap 10.93%
Second Best
Apartment 5plus
$772.7K
$676.1K – $901.5K
NOI $54,087 @ 7.0% cap · market cap 8.32%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
381
Businesses Nearby
Explore this area
Business Placement
Demographics for 02816, RI
33,206
Population
14,505
Households
2.3
Avg Household Size
45
Median Age
32%
College-Educated
93%
High-School Grad
36.9 sq mi
ZIP Area
900
Density / Sq Mi
$97,941
Median Household Income
$51,773
Median Earnings
$1,168
Median Rent
$317,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Restaurant and bar space includes indoor and outdoor service areas with a deck overlooking the river.
Where is this mixed-use property located?
The property is located at 1152 Main St Coventry, RI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: First‑floor restaurant and bar seats up to 85 guests; Indoor and outdoor bars with a deck overlooking the river; New kitchen tile floors and FRP wall finishes
