Riverfront Restaurant and Bar with
For Sale
$650,000
1152 Main Street, Coventry, RI 02816
MULTI_FAMILY - Coventry, RI
Property Size4,052 SF
Lot Size0.11 Acres
Price / SF$160.41
Days on Market153
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
Bedroom 1, Bathroom 2, Bathroom 4, Bathroom 3, Bathroom 1, Basement, Bedroom 3, 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
Unfinished, Full
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
Electric (Heating), Baseboard, Natural Gas
Cooling system
Window Unit(s), Central Air
Amenities
outdoor bar
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: Aug 8
Last Checked: Aug 8 at 1:06PM
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.
Fully renovated waterfront restaurant and bar with two apartments, offering a combined commercial and residential setup. The restaurant seats up to 85 guests and includes indoor and outdoor bars, along with a spacious deck overlooking the river. Interior updates include new kitchen tile floors and FRP walls, and the property includes a fireplace. Heating includes baseboard with natural gas and electric (heating), and cooling features window unit(s) plus central air.
The property sits on a 0.11-acre lot and includes 4,052 square feet. Built in 1840, it’s located at 1152 Main Street in Coventry, RI, directly across from Dave’s Marketplace Plaza, with Dunkin’ also across the way for added visibility. Both apartments are currently leased: the second-floor two-bedroom unit includes a walk-in closet, and the third-floor one-bedroom unit features an in-unit washer and dryer.
The property also notes potential for adaptive reuse on the first-floor commercial space.
The property sits on a 0.11-acre lot and includes 4,052 square feet. Built in 1840, it’s located at 1152 Main Street in Coventry, RI, directly across from Dave’s Marketplace Plaza, with Dunkin’ also across the way for added visibility. Both apartments are currently leased: the second-floor two-bedroom unit includes a walk-in closet, and the third-floor one-bedroom unit features an in-unit washer and dryer.
The property also notes potential for adaptive reuse on the first-floor commercial space.
Key Highlights
- Up to 85 guest seats in the riverfront restaurant and bar with indoor and outdoor bars
- Spacious deck overlooking the river, plus a fireplace
- Two leased apartments: second‑floor two‑bedroom with walk‑in closet; third‑floor one‑bedroom with in‑unit washer and dryer
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
$58,875
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
9.06%
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%
$1,177,500
$1.2M
Cap Rate 7%
$841,071
$841.1K
Cap Rate 9%
$654,167
$654.2K
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
$90.0K $22.20/SF
− Vacancy
−$5.8K −$1.44/SF
EGI
$84.1K $20.76/SF
− OpEx
−$25.2K −$6.23/SF
NOI
$58.9K $14.53/SF
Area
Kent County, RI
Vacancy
6.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,177,500
Cap Rate 7%
$841,071
Cap Rate 9%
$654,167
Alternative Uses
Best Use
Specialty Retail
$1.01M
$888.0K – $1.18M
NOI $71,040 @ 7.0% cap · market cap 10.93%
Second Best
Multifamily LT 5
$841.1K
$735.9K – $981.3K
NOI $58,875 @ 7.0% cap · market cap 9.06%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
381
Businesses Nearby
Balanced
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Crestwood Wine & Spirits — 725 Tiogue Ave, Coventry, RI 02816
- Main Street Pub — 1152 Main St, Coventry, RI 02816
- Black Oak Kitchen & Drinks — 760 Tiogue Ave, Coventry, RI 02816
- Dragon Palace — 577 Tiogue Ave, Coventry, RI 02816
Frequently Asked Questions
What type of property is this?
Bar & Pub - Fully renovated waterfront restaurant and bar with up to 85 seats and two leased apartments, plus a deck overlooking the river.
Where is this bar & pub 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: Up to 85 guest seats in the riverfront restaurant and bar with indoor and outdoor bars; Spacious deck overlooking the river, plus a fireplace; Two leased apartments: second‑floor two‑bedroom with walk‑in closet; third‑floor one‑bedroom with in‑unit washer and dryer
