Waterfront District Mixed-Use
382 Thames, Bristol, RI 02809
Three-unit building in high-traffic area with waterfront views.
Type:Commercial
Property size:
6,516 SFLot size:
0.33 AcresPrice / SF:
$306/SF- Added:
- Sep 30, 2025
- Days on Market:
- 236
- Last Refresh:
- Apr 5 at 8:28 pm
Property Features for 382 Thames
General Information
- Standard status
- Active
- Size
- 6,516 SF
- Lot size
- 0.33 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1900
Listing agent THE CHRIS WOODARD TEAM
Listing office KELLER WILLIAMS COASTAL (401) 845-9200
Listing date Sep 30, 2025
Source Corcoran
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 KELLER WILLIAMS COASTAL
HighLights
- Prime Waterfront District location directly across from Bristol Harbor, high‑end condominiums, the East Bay bike path, and Independence Park.
- Free‑standing building with three separate units and separate utilities.
- Two units are currently leased to independent restaurants with long‑term NNN leases, providing immediate income.
- Third unit is a 2,500+ sq ft warehouse space, soon to be available for lease.
- Over 115 feet of frontage in a high‑traffic downtown location, walking distance to key attractions.
- Potential for condo conversion or additions, with possible future residential units offering water views (buyer to verify).
Overview
This free-standing building is located in the Waterfront District and consists of three separate units. Two units are currently occupied by independent restaurants with long-term NNN leases. The third unit is a warehouse-type space currently occupied by the owner, which will be listed for lease with over 2,500 square feet. The property features separate utilities, off-street parking, and easy access by car, bike, or foot. It has over 115 feet of frontage and is located directly across from Bristol Harbor, 80 high-end condominiums, the East Bay bike path, and Independence Park. The property is also within walking distance of the Bristol Harbor Inn Hotel and Event Center and other attractions in Downtown Bristol. The possibilities for this property are endless and not limited to a possible condo conversion, additions, etc. New legislation may allow for additional residential units which would offer water views of Bristol Harbor. The property size is 6,516 square feet.
Financial Insights
Value Estimation Calculated for Specialty Retail
Conservative
$1.29M
NOI $115,652 @ 9.00% cap · cautious / downside scenario
Moderate
$1.65M
NOI $115,652 @ 7.00% cap · market / base-case scenario
Aggressive
$2.31M
NOI $115,652 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Specialty Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $160.3k | $24.60 |
| − Vacancy | −$6.1k | −$0.93 |
| EGI | $154.2k | $23.67 |
| − OpEx | −$38.6k | −$5.92 |
| NOI | $115.7k | $17.75 |
6,516 SF · lease $24.60/SF/yr · vacancy 3.80% · expense 25.00%
Alternative Use Scenarios
Best Use
Specialty Retail
$1.65M
$1.45M – $1.93M
NOI $115,652 @ 7.0% cap · market cap 5.80%
Second Best
Mixed Use
$1.32M
$1.15M – $1.54M
NOI $92,169 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$2.18M
$1.91M – $2.54M
NOI $152,597 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Pisco&tequila
Restaurant
Tong Phoon Restaurant
Restaurant
Location Insight
- Map
- Local Demand
- City
- Bristol
- County
- Bristol
- State
- Rhode Island
- Longitude
- -71.2784
- Latitude
- 41.6723
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Three-unit building in high-traffic area with waterfront views.
Where is this mixed-use property located?
The property is located at 382 Thames Bristol, RI.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Prime Waterfront District location directly across from Bristol Harbor, high‑end condominiums, the East Bay bike path, and Independence Park.; Free‑standing building with three separate units and separate utilities.; Two units are currently leased to independent restaurants with long‑term NNN leases, providing immediate income.
