Free-Standing Restaurant
For Sale
$799,000
223 Newport Avenue, Pawtucket, RI 02861
Free-standing restaurant space on a high-traffic Newport Ave corridor with excellent visibility and triple-net lease structure.
Property Size4,040 SF
Price / SF$197.77
Days on Market96
Property Features for 223 Newport Avenue
General Information
Standard status
Active
Size
4,040 SF
Property subtype
Commercial
Additional Details
Equipment Included
No
Building Details
Year Built
1955
Listing Agency:
Coastline Realty LLC
(401) 400-1077
Listed By:
Qing Lu Zhu · License #REC.0018933
(917) 285-4007
Source:
Lockandkeyre
Added: Jul 29
Changed: Oct 31
Last Checked: Oct 30 at 4:05PM
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 Coastline Realty LLC
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Investment Insights
Based on property information with market context.
Free-standing restaurant space located at 223 Newport Avenue in Pawtucket, RI 02861. The property is described as best suited for a long-term tenant and is positioned for a restaurant or food-related business. Please note that no equipment is included.
The space benefits from its setting on Newport Avenue, a busy main road with heavy daily car traffic and excellent visibility.
Built in 1955, the property is offered under a triple net lease structure.
The space benefits from its setting on Newport Avenue, a busy main road with heavy daily car traffic and excellent visibility.
Built in 1955, the property is offered under a triple net lease structure.
Key Highlights
- Free‑standing restaurant space at 223 Newport Avenue, Pawtucket, RI 02861
- On Newport Avenue with heavy daily car traffic and excellent visibility
- Triple net lease structure
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,933
Cap Rate
6.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$978,660
$978.7K
Cap Rate 7%
$699,043
$699.0K
Cap Rate 9%
$543,700
$543.7K
Market Conditions
NOI Build-Up for 4,040 SF
Gross rent
$72.7K $18.00/SF
− Vacancy
−$7.5K −$1.85/SF
EGI
$65.2K $16.15/SF
− OpEx
−$16.3K −$4.04/SF
NOI
$48.9K $12.11/SF
Area
Providence County, RI
Vacancy
10.28%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$978,660
Cap Rate 7%
$699,043
Cap Rate 9%
$543,700
Alternative Uses
Best Use
Specialty Retail
$699.0K
$611.7K – $815.6K
NOI $48,933 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$961.0K
$840.9K – $1.12M
NOI $67,268 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
441
Businesses Nearby
96k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 34%
Apparel 33%
Dining 29%
Home Improvements & Furnishings 2%
Burlington
Apparel
32,055 visits/mo
0.5 miles
Dollar Tree
Shops & Services
15,087 visits/mo
0.3 miles
Hibachi Grill & Supreme Buffet
Dining
12,971 visits/mo
0.5 miles
Dunkin' Donuts
Dining
11,336 visits/mo
0.2 miles
Dollar General
Shops & Services
8,647 visits/mo
0.5 miles
Demographics for 02861, RI
27,833
Population
11,928
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
3.6 sq mi
ZIP Area
7,731
Density / Sq Mi
$83,044
Median Household Income
$47,384
Median Earnings
$1,278
Median Rent
$285,200
Median Home Value
Check the figures for this property
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 - Free-standing restaurant space on a high-traffic Newport Ave corridor with excellent visibility and triple-net lease structure.
Where is this conventional restaurant located?
The property is located at 223 Newport Avenue Pawtucket, RI.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Free‑standing restaurant space at 223 Newport Avenue, Pawtucket, RI 02861; On Newport Avenue with heavy daily car traffic and excellent visibility; Triple net lease structure
