Bar and Billiard
For Sale
$799,000
245 Washington Street, West Warwick, RI 02893
Commercial/Business,Commercial Sale, West Warwick, RI
Property Size4,023 SF
Lot Size0.38 Acres
Price / SF$198.61
Days on Market399
Property Features for 245 Washington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B - ADCD
Rooms
Basement
Parking
30
Interior features
Ceiling Height (9 to 12 Ft)
Basement
Crawl Space
Subdivision
Historic Arctic Village
Lot features
Corner, Paved, Sidewalks, Downtown, Free Standing, Urban
Standard status
Active
Size
4,023 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11539
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Floors in Building
1
Number of units
1
Building materials
Brick, Masonry
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Michael Russo · License #REB.0017244
(401) 465-0417
Added: Jul 20, 2025
Changed: Aug 19
Last Checked: Aug 22 at 1:06PM
MLS# 1390426
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,023-square-foot brick and masonry bar property includes a billiard hall, full commercial kitchen, walk-in refrigerator, and sound equipment for live music or DJ programming. The sale includes the operating business, real estate, and inventory. Interior features include 9 to 12-foot ceilings and a basement, with forced-air heating and central air conditioning.
The property occupies 0.3831 acres on a highly visible corner lot in West Warwick, with ample parking and public water, sewer, and gas service. The building was constructed in 1920 and has a young roof, recent updates, and fire-coded improvements. Zoned B - ADCD, the offering also includes the L.A Cafe business and its full liquor license.
The property occupies 0.3831 acres on a highly visible corner lot in West Warwick, with ample parking and public water, sewer, and gas service. The building was constructed in 1920 and has a young roof, recent updates, and fire-coded improvements. Zoned B - ADCD, the offering also includes the L.A Cafe business and its full liquor license.
Key Highlights
- Operating L.A Cafe business, real estate, and inventory included
- 4,023 SF brick and masonry commercial building on 0.3831 acres
- Full commercial kitchen with walk‑in refrigerator
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
$70,531
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
8.83%
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%
$1,410,620
$1.4M
Cap Rate 7%
$1,007,586
$1.0M
Cap Rate 9%
$783,678
$783.7K
Market Conditions
NOI Build-Up for 4,023 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
$96.6K $24.00/SF
− Vacancy
−$2.5K −$0.62/SF
EGI
$94.0K $23.38/SF
− OpEx
−$23.5K −$5.84/SF
NOI
$70.5K $17.53/SF
Area
Kent County, RI
Vacancy
2.60%
Lease Rate
$24.00 /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%
$1,410,620
Cap Rate 7%
$1,007,586
Cap Rate 9%
$783,678
Alternative Uses
Best Use
Specialty Retail
$1.01M
$881.6K – $1.18M
NOI $70,531 @ 7.0% cap · market cap 8.83%
Second Best
Industrial
$267.4K
$234.0K – $312.0K
NOI $18,718 @ 7.0% cap · market cap 2.34%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Utilities to site
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
614
Businesses Nearby
22k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 65%
Shops & Services 35%
Dunkin' Donuts
Dining
12,523 visits/mo
0.4 miles
Cumberland Farms
Shops & Services
6,849 visits/mo
0.1 miles
D'Angelo Grilled Sandwiches
Dining
1,835 visits/mo
0.5 miles
Napa Auto Parts
Shops & Services
764 visits/mo
0.3 miles
Demographics for 02893, RI
31,030
Population
15,103
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
7.8 sq mi
ZIP Area
3,978
Density / Sq Mi
$73,903
Median Household Income
$49,087
Median Earnings
$1,249
Median Rent
$293,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bee’s Mobile Bartending LLC — Mobile Location, West Warwick, RI 02893
- JW's PUB — 433 Washington St, Coventry, RI 02816
- Boneheads Wing Bar — 131 Washington St, West Warwick, RI 02893
- Hour Bar — 1193 Main St, West Warwick, RI 02893
Frequently Asked Questions
What type of property is this?
Bar & Pub - Operating venue with a commercial kitchen, billiard area, live-music sound system, and full liquor license.
Where is this bar & pub located?
The property is located at 245 Washington Street West Warwick, 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: Operating L.A Cafe business, real estate, and inventory included; 4,023 SF brick and masonry commercial building on 0.3831 acres; Full commercial kitchen with walk‑in refrigerator
