Waterfront District Investment
For Sale
$1,395,000
382 Thames St, Bristol, RI 02809
Free-standing building with three units in a high-traffic downtown location.
Property Size2,500 SF
Lot Size0.33 Acres
Price / SF$558
Days on Market885
Property Features for 382 Thames St
General Information
Standard status
Active
Size
2,500 SF
Lot size
0.33 Acres
Taxes and HOA fees
Annual Taxes
$16,197
Listing Agency:
Keller Williams Coastal
(401) 640-3481
Listed By:
The Chris Woodard Team
(401) 640-3481
Source:
Exprealty
Added: Mar 11, 2024
Changed: Aug 8
Last Checked: Jan 20 at 8:31AM
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 free-standing building is located in the Waterfront District and contains three separate units. Two units are currently occupied by independent restaurants with long-term NNN leases. The third unit is a warehouse-type space currently occupied by the owner, which will be listed for lease with over 2,500 square feet. The property features separate utilities, off-street parking, and easy access by car, bike, or foot. It has over 115 feet of frontage directly across from Bristol Harbor, 80 high-end condominiums, the East Bay bike path, and Independence Park. The property is also within walking distance of the Bristol Harbor Inn Hotel and Event Center and other attractions in downtown Bristol. The possibilities for this property are endless and not limited to a possible condo conversion, additions, etc. New legislation may allow for additional residential units which would offer water views of Bristol Harbor. Buyer to perform their own due diligence.
Key Highlights
- Prime waterfront district location directly across from Bristol Harbor, high‑end condominiums, the East Bay bike path, and Independence Park.
- Free‑standing building with three separate units and separate utilities.
- Two units are currently occupied by independent restaurants with long‑term NNN leases, providing immediate income.**
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
$44,372
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
3.18%
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%
$887,440
$887.4K
Cap Rate 7%
$633,886
$633.9K
Cap Rate 9%
$493,022
$493.0K
Market Conditions
NOI Build-Up for 2,500 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
$61.5K $24.60/SF
− Vacancy
−$2.3K −$0.93/SF
EGI
$59.2K $23.67/SF
− OpEx
−$14.8K −$5.92/SF
NOI
$44.4K $17.75/SF
Area
Bristol County, RI
Vacancy
3.80%
Lease Rate
$24.60 /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%
$887,440
Cap Rate 7%
$633,886
Cap Rate 9%
$493,022
Alternative Uses
Best Use
Specialty Retail
$633.9K
$554.7K – $739.5K
NOI $44,372 @ 7.0% cap · market cap 3.18%
Second Best
Retail
$531.7K
$465.2K – $620.3K
NOI $37,218 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$836.4K
$731.8K – $975.8K
NOI $58,547 @ 7.0% cap · market cap 4.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
616
Businesses Nearby
Explore this area
Business Placement
Demographics for 02809, RI
22,493
Population
9,670
Households
2.3
Avg Household Size
44
Median Age
46%
College-Educated
92%
High-School Grad
9.8 sq mi
ZIP Area
2,295
Density / Sq Mi
$96,005
Median Household Income
$41,266
Median Earnings
$1,352
Median Rent
$447,500
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail property - Free-standing building with three units in a high-traffic downtown location.
Where is this retail property located?
The property is located at 382 Thames St Bristol, RI.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Prime waterfront district location directly across from Bristol Harbor, high‑end condominiums, the East Bay bike path, and Independence Park.; Free‑standing building with three separate units and separate utilities.; Two units are currently occupied by independent restaurants with long‑term NNN leases, providing immediate income.**
