Riverfront Mixed-Use
For Sale
$650,000
1152 Main Street, Coventry, RI 02816
Residential Income, Coventry, RI
Property Size4,052 SF
Lot Size0.11 Acres
Price / SF$160.41
Days on Market200
Property Features for 1152 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 4, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 1, Basement, Bathroom 1, Bedroom 2
Parking features
None
Window features
Storm Window(s), Insulated Windows
Patio and Porch features
Deck
Interior features
Plumbing (Mixed)
Exterior features
Deck
Fireplace
1
Basement
Full, Unfinished
Appliances
Electric Water Heater
Standard status
Active
Size
4,052 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7461
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating), Baseboard
Cooling system
Central Air, Window Unit(s)
Building Details
Year built
1840
Floors in Building
3
Number of units
3
Flooring type
Vinyl, Hardwood, Tile - Ceramic
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Coastal · Keller Williams Realty
(401) 845-9200
Listed By:
Michael Brennan
(401) 632-1742
Added: Mar 9
Changed: Sep 13
Last Checked: Sep 24 at 12:06PM
MLS# 1406090
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 4,052-square-foot mixed-use property combines a restaurant and bar with two residential apartments. The first-floor commercial space accommodates up to 85 guests and includes indoor and outdoor bars, a river-facing deck, and kitchen improvements consisting of new tile flooring and FRP wall panels. The building also features hardwood, vinyl, and ceramic tile flooring, electric and natural gas heating, central air, and public sewer service.
The property occupies 0.11 acres at 1152 Main Street in Coventry, across from Dave’s Marketplace Plaza and Dunkin’. Its riverfront setting provides a direct connection to the water, while the commercial layout includes potential for adaptive reuse of the first-floor space. The second-floor apartment has two bedrooms and a walk-in closet; the third-floor apartment has one bedroom and an in-unit washer and dryer. Both apartments are currently leased.
The property occupies 0.11 acres at 1152 Main Street in Coventry, across from Dave’s Marketplace Plaza and Dunkin’. Its riverfront setting provides a direct connection to the water, while the commercial layout includes potential for adaptive reuse of the first-floor space. The second-floor apartment has two bedrooms and a walk-in closet; the third-floor apartment has one bedroom and an in-unit washer and dryer. Both apartments are currently leased.
Key Highlights
- 4,052‑square‑foot mixed‑use building on 0.11 acres
- Restaurant and bar seating for up to 85 guests
- Indoor and outdoor bars with river‑facing deck
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Restaurant and bar space is paired with two leased apartments for combined commercial and residential use.
Where is this mixed-use property located?
The property is located at 1152 Main Street 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: 4,052‑square‑foot mixed‑use building on 0.11 acres; Restaurant and bar seating for up to 85 guests; Indoor and outdoor bars with river‑facing deck
