Chinese Restaurant with Full Liquor
For Sale
$1,350,000
1172 Main Street, Richmond, RI 02898
2009-built restaurant with high ceilings, open layout, seating for 154, and a full liquor license on 1.3 acres.
Property Size5,400 SF
Lot Size1.30 Acres
Price / SF$250
Days on Market50
Property Features for 1172 Main Street
General Information
Standard status
Active
Size
5,400 SF
Lot size
1.30 Acres
Property subtype
Commercial
Additional Details
Business Included
Yes
Highway Access
Yes
Liquor License
Yes
Building Details
Year Built
2009
Listing Agency:
Circle 100 Real Estate
(401) 336-6083
Listed By:
Shuman Hsia
Source:
Lockandkeyre
Added: Jul 12
Changed: Aug 28
Last Checked: Aug 29 at 10:17AM
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 Circle 100 Real Estate
Investment Insights
Based on property information with market context.
This Chinese restaurant is housed in a building constructed in 2009 and features high ceilings and an open, well-lit interior designed for smooth day-to-day operation. The property includes seating for 154 and offers a full liquor license.
The restaurant is located off Exit #7 on Route 95 and Route 138, and sits on a 1.3-acre lot. The site also has room for outdoor seating and is presented with potential for a drive-through configuration.
With approximately 5,400 square feet devoted to the restaurant, the building and site may fit a range of future uses, subject to applicable approvals.
The restaurant is located off Exit #7 on Route 95 and Route 138, and sits on a 1.3-acre lot. The site also has room for outdoor seating and is presented with potential for a drive-through configuration.
With approximately 5,400 square feet devoted to the restaurant, the building and site may fit a range of future uses, subject to applicable approvals.
Key Highlights
- 5,400 SF restaurant built in 2009 with high ceilings and an open, well‑lit layout
- Seats 154 customers and includes a full liquor license
- On a 1.3‑acre lot with potential for a drive‑thru
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
$69,838
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
5.17%
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%
$1,396,760
$1.4M
Cap Rate 7%
$997,686
$997.7K
Cap Rate 9%
$775,978
$776.0K
Market Conditions
NOI Build-Up for 5,400 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
$97.2K $18.00/SF
− Vacancy
−$4.1K −$0.76/SF
EGI
$93.1K $17.24/SF
− OpEx
−$23.3K −$4.31/SF
NOI
$69.8K $12.93/SF
Area
Washington County, RI
Vacancy
4.20%
Lease Rate
$18.00 /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%
$1,396,760
Cap Rate 7%
$997,686
Cap Rate 9%
$775,978
Alternative Uses
Best Use
Specialty Retail
$997.7K
$873.0K – $1.16M
NOI $69,838 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.08M
$944.1K – $1.26M
NOI $75,524 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
49k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 89%
Home Improvements & Furnishings 7%
Dining 5%
Cumberland Farms
Shops & Services
20,457 visits/mo
0.1 miles
Mobil
Shops & Services
14,532 visits/mo
0.2 miles
Dollar General
Shops & Services
6,927 visits/mo
0.2 miles
Wyoming Hardware
Home Improvements & Furnishings
3,228 visits/mo
0.1 miles
SUBWAY
Dining
2,269 visits/mo
0.1 miles
Demographics for 02898, RI
1,887
Population
768
Households
2.5
Avg Household Size
44
Median Age
56%
College-Educated
99%
High-School Grad
11.9 sq mi
ZIP Area
159
Density / Sq Mi
$124,083
Median Household Income
$53,396
Median Earnings
$399,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - 2009-built restaurant with high ceilings, open layout, seating for 154, and a full liquor license on 1.3 acres.
Where is this conventional restaurant located?
The property is located at 1172 Main Street Richmond, RI.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 5,400 SF restaurant built in 2009 with high ceilings and an open, well‑lit layout; Seats 154 customers and includes a full liquor license; On a 1.3‑acre lot with potential for a drive‑thru
