Restaurant with Outdoor
For Sale
$749,900
501 Park Avenue, Portsmouth, RI 02871
The dining room seats more than 50 guests and includes a full-service bar.
Property Size1,449 SF
Price / SF$517.53
Days on Market800
Property Features for 501 Park Avenue
General Information
Standard status
Active
Size
1,449 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Patio
Yes
Taxes and HOA fees
Annual Taxes
$2,665
Building Details
Building Size
1,449 SF
Year Built
1950
Listing Agency:
Broadway Real Estate Group
Listed By:
Doug Jeffrey · License #REC.0016109
(401) 255-5530
Source:
Libbykirwin
Added: Aug 19, 2024
Changed: Oct 26
Last Checked: Oct 26 at 3:30PM
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 Broadway Real Estate Group
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Investment Insights
Based on property information with market context.
This 1,449-square-foot restaurant, built in 1950, has an indoor dining room for more than 50 guests, a full-service bar, and an outdoor patio with seating for 30 or more.
The property is near Portsmouth Beaches and a short drive from Route 24.
The property is near Portsmouth Beaches and a short drive from Route 24.
Key Highlights
- 1,449‑square‑foot restaurant built in 1950
- Indoor dining room accommodates over 50 guests
- Full‑service bar
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,033
Cap Rate
2.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$420,660
$420.7K
Cap Rate 7%
$300,471
$300.5K
Cap Rate 9%
$233,700
$233.7K
Market Conditions
NOI Build-Up for 1,449 SF
Gross rent
$31.3K $21.60/SF
− Vacancy
−$3.3K −$2.25/SF
EGI
$28.0K $19.35/SF
− OpEx
−$7.0K −$4.84/SF
NOI
$21.0K $14.52/SF
Area
Newport County, RI
Vacancy
10.40%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$420,660
Cap Rate 7%
$300,471
Cap Rate 9%
$233,700
Alternative Uses
Best Use
Specialty Retail
$300.5K
$262.9K – $350.6K
NOI $21,033 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$345.7K
$302.5K – $403.4K
NOI $24,201 @ 7.0% cap · market cap 3.23%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
69
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 02871, RI
17,640
Population
8,044
Households
2.2
Avg Household Size
47
Median Age
60%
College-Educated
96%
High-School Grad
17.1 sq mi
ZIP Area
1,032
Density / Sq Mi
$119,135
Median Household Income
$56,615
Median Earnings
$1,577
Median Rent
$539,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - The dining room seats more than 50 guests and includes a full-service bar.
Where is this conventional restaurant located?
The property is located at 501 Park Avenue Portsmouth, RI.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 1,449‑square‑foot restaurant built in 1950; Indoor dining room accommodates over 50 guests; Full‑service bar
