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    Waterfront Commercial Building in Bristol Title is generated by Realmo AI

    382 Thames Street, Bristol, RI 02809

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    For Sale
    $1,695,000

    COMMERCIAL - Bristol, RI

    Property size:
    6,516 SF
    Lot size:
    0.33 Acres
    Price / SF:
    $260/SF
    Added:
    Mar 11, 2024
    Days on Market:
    804
    Last Refresh:
    May 23 at 9:06 am

    Property Features for 382 Thames Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    W
    Parking
    10
    Interior features
    Ceiling Height (9 to 12 Ft)
    Standard status
    Active
    Size
    6,516 SF
    Lot size
    0.33 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    13020

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Floors in Building
    1
    Number of units
    3
    Building materials
    Masonry

    We can help!

    Listing Contact
    The Chris Woodard Team

    Listing agent The Chris Woodard Team

    Listing office Keller Williams Coastal 501 Centerville Rd- Suite 201, Middletown, RI

    Listing date Mar 11, 2024

    MLS# 1353745

    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.

    HighLights

    • Prime Waterfront District location directly across from Bristol Harbor
    • 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
    • Over 115 feet of frontage in a high‑traffic downtown location
    • 2,500+ sq ft warehouse space offers immediate lease potential
    • Off‑street parking and easy access by car, bike, or foot

    Overview

    This free-standing commercial building is located in the Waterfront District of Bristol, Rhode Island. The property consists of three separate units. Two units are currently occupied by independent restaurants under long-term NNN leases. The third unit is a warehouse-type space, currently occupied by the owner, which will be listed for lease and offers over 2,500 square feet. The building features separate utilities, off-street parking, and easy access by car, bike, or foot. The property 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. It is also within walking distance of the Bristol Harbor Inn Hotel and Event Center, as well as other attractions in the high-traffic Downtown Bristol location. The property sits on a 0.332-acre lot. The total building size is 6,516 square feet. New legislation may allow for additional residential units with water views of Bristol Harbor. The possibilities for this property are endless and not limited to a possible condo conversion, additions, etc.

    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 (±1% cap)
    NOI $115,652 @ 7.0% cap · market cap 6.82%
    Second Best
    Retail
    $1.39M
    $1.21M – $1.62M (±1% cap)
    NOI $97,006 @ 7.0% cap · market cap 5.72%
    Theoretical Best
    Office A
    $2.18M
    $1.91M – $2.54M (±1% cap)
    NOI $152,597 @ 7.0% cap · market cap 9.00%
    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

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Coastal Blooms Floral Studio — 500 Wood St #205, Bristol, RI 02809
    • Bette's Finishing Touch — 572 Wood St, Bristol, RI 02809

    Location Insight

    • Map
    • Local Demand
    City
    Bristol
    County
    Bristol
    State
    Rhode Island
    Longitude
    -71.278363
    Latitude
    41.6723

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    FAQs

    What type of property is this?
    Storefront property - Three-unit commercial building in Bristol's Waterfront District.
    Where is this storefront property located?
    The property is located at 382 Thames Street Bristol, RI.
    What is the asking price?
    The asking price for this property is $1,695,000.
    What are key features of this property?
    This property features: Prime Waterfront District location directly across from Bristol Harbor; 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
    (401) 845-9200
    We can help!
    Listing Contact
    The Chris Woodard Team
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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