Renovated Restaurant and
For Sale
$699,000
294 Waterman Avenue, Smithfield, RI 02917
Commercial/Business,Commercial Sale, Smithfield, RI
Property Size3,608 SF
Lot Size0.41 Acres
Price / SF$193.74
Days on Market573
Property Features for 294 Waterman Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R20
Rooms
Basement
Parking
25
Security features
Security
Interior features
Ceiling Height (9 to 12 Ft)
Basement
Full
Lot features
Free Standing, Suburban
Standard status
Active
Size
3,608 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8230
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas, Baseboard
Cooling system
Central Air
Water source
Public
Building Details
Year built
1950
Number of units
1
Building materials
Frame
Listing Agency:
Re/Max Preferred · RE/MAX International
(401) 353-2200
Listed By:
Edward West · License #C9995
(401) 383-8411
Added: Mar 12, 2025
Changed: Sep 24
Last Checked: Oct 5 at 6:06PM
MLS# 1379796
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 3,608-square-foot restaurant and bar property occupies 0.41 acres and includes a basement. The frame building dates to 1950 and has received updates including a new roof, new siding, and a renovated interior. Interior ceiling heights range from 9 to 12 Ft. Central air, central heating, natural gas, and baseboard heating serve the building.
The property is zoned R20, with commercial activity limited to food-and-beverage use. Public water and public sewer are available. The improvements are located at 294 Waterman Avenue in Smithfield, RI 02917.
The property is zoned R20, with commercial activity limited to food-and-beverage use. Public water and public sewer are available. The improvements are located at 294 Waterman Avenue in Smithfield, RI 02917.
Key Highlights
- 3,608 square feet on 0.41 acres
- Restaurant and bar improvements with renovated interior
- New roof and siding
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,701
Cap Rate
6.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$874,020
$874.0K
Cap Rate 7%
$624,300
$624.3K
Cap Rate 9%
$485,567
$485.6K
Market Conditions
NOI Build-Up for 3,608 SF
Gross rent
$64.9K $18.00/SF
− Vacancy
−$6.7K −$1.85/SF
EGI
$58.3K $16.15/SF
− OpEx
−$14.6K −$4.04/SF
NOI
$43.7K $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%
$874,020
Cap Rate 7%
$624,300
Cap Rate 9%
$485,567
Alternative Uses
Best Use
Specialty Retail
$624.3K
$546.3K – $728.4K
NOI $43,701 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$858.2K
$750.9K – $1.00M
NOI $60,075 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
7k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Cumberland Farms
Shops & Services
7,178 visits/mo
0.3 miles
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
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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Updated food-and-beverage property with public utilities and prior approval for outdoor dining.
Where is this conventional restaurant located?
The property is located at 294 Waterman Avenue Smithfield, RI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 3,608 square feet on 0.41 acres; Restaurant and bar improvements with renovated interior; New roof and siding
