Full Service Restaurant and Entertainment
For Sale
$2,300,000
325 Farnum Pike, Smithfield, RI 02917
Fully sprinklered restaurant with outdoor stage, pool, and parking for approximately 300 vehicles.
Property Size6,546 SF
Price / SF$351.36
Days on Market37
Property Features for 325 Farnum Pike
General Information
Standard status
Active
Size
6,546 SF
Total Parking Spaces
300
Property subtype
Retail
Additional Details
Business Included
Yes
Sprinkler System
Yes
Amenities
Volleyball
Swimming Pool
Outdoor Live Stage
Building Details
Year Built
1979
Listing Agency:
MG Commercial
(401) 465-9224
Listed By:
Dan Feiner · License #RI # RES.0029089
(401) 465-9224
Source:
Mgcommercial
Added: Jun 24
Changed: Jul 23
Last Checked: Jul 30 at 5:47AM
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 MG Commercial
Investment Insights
Based on property information with market context.
The Last Resort Restaurant & Entertainment Center operates as a full-service restaurant and entertainment destination, combining indoor dining with seasonal programming. Outdoor summer events run May through September and include league volleyball. The property also features a swimming pool and an outdoor live stage. The restaurant is described as fully sprinklered and is currently operating as an existing business with revenues approaching $1.5M. Architectural and engineered plans are available, and the site is positioned for a potential development opportunity for residential condos or apartments.
The property is located in Northern Rhode Island and is noted to be in close proximity to Bryant University. Public remarks also reference Fidelity Investments, Amica Mutual, and Navigant CU nearby.
On-site parking is described as ample, with approximately 300 spaces serving the restaurant and events.
The property is located in Northern Rhode Island and is noted to be in close proximity to Bryant University. Public remarks also reference Fidelity Investments, Amica Mutual, and Navigant CU nearby.
On-site parking is described as ample, with approximately 300 spaces serving the restaurant and events.
Key Highlights
- 6,546' full‑service restaurant operating May–September with outdoor summer events including league volleyball
- Fully sprinklered restaurant and entertainment center with outdoor live stage and swimming pool
- Ample on‑site parking for approximately 300 vehicles
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $117.8k | $18.00 |
| − Vacancy | −$12.1k | −$1.85 |
| EGI | $105.7k | $16.15 |
| − OpEx | −$26.4k | −$4.04 |
| NOI | $79.3k | $12.11 |
6,546 SF · lease $18.00/SF/yr · vacancy 10.28% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.13M
$991.1K – $1.32M
NOI $79,286 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.56M
$1.36M – $1.82M
NOI $108,994 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
98
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02917, RI
14,738
Population
5,119
Households
2.9
Avg Household Size
38
Median Age
38%
College-Educated
92%
High-School Grad
21.4 sq mi
ZIP Area
689
Density / Sq Mi
$106,772
Median Household Income
$44,229
Median Earnings
$988
Median Rent
$416,100
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 - Fully sprinklered restaurant with outdoor stage, pool, and parking for approximately 300 vehicles.
Where is this conventional restaurant located?
The property is located at 325 Farnum Pike Smithfield, RI.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 6,546' full‑service restaurant operating May–September with outdoor summer events including league volleyball; Fully sprinklered restaurant and entertainment center with outdoor live stage and swimming pool; Ample on‑site parking for approximately 300 vehicles
