Fully Equipped Restaurant with Liquor
For Sale
$799,900
48 School, Lincoln, RI 02802
Turnkey Lincoln restaurant operation offered with liquor license and included FF&E.
Property Size3,223 SF
Price / SF$248.18
Days on Market53
Property Features for 48 School
General Information
Standard status
Active
Size
3,223 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Liquor License
Yes
Building Details
Year Built
1949
Listing Agency:
HomeSmart Professionals Real Estate
(401) 333-4900
Listed By:
Michael Alves · License #REC.0016995
Source:
Classifiedrealtygroup
Added: Jul 7
Changed: Aug 27
Last Checked: Aug 28 at 8:00AM
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 HomeSmart Professionals Real Estate
Investment Insights
Based on property information with market context.
This fully functional restaurant property is offered for sale as a Lincoln, RI business and real estate package. The listing includes approximately 3,223 SF of restaurant space and a liquor license. All furnishings, fixtures, and equipment (FF&E) are included, allowing an operator to transition with minimal downtime. Additional details are available upon signing an NDA, as further disclosures are restricted.
The property is located at 48 School in Lincoln, RI 02802. The sale is structured to include both the operating components and the real estate, which can simplify planning for qualified buyers seeking a ready-to-run restaurant concept.
For buyers evaluating a turnkey restaurant purchase, the combination of a liquor license, included FF&E, and a fully functional setup is the key consideration. This offering is also appropriate for investors or experienced operators who want the option to take over an operating restaurant with the major in-place items already accounted for, subject to NDA and any diligence requirements outlined during the process.
The property is located at 48 School in Lincoln, RI 02802. The sale is structured to include both the operating components and the real estate, which can simplify planning for qualified buyers seeking a ready-to-run restaurant concept.
For buyers evaluating a turnkey restaurant purchase, the combination of a liquor license, included FF&E, and a fully functional setup is the key consideration. This offering is also appropriate for investors or experienced operators who want the option to take over an operating restaurant with the major in-place items already accounted for, subject to NDA and any diligence requirements outlined during the process.
Key Highlights
- Lincoln restaurant operation with liquor license included
- 3,223 SF restaurant building
- All FF&E included
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
$39,038
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
4.88%
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%
$780,760
$780.8K
Cap Rate 7%
$557,686
$557.7K
Cap Rate 9%
$433,756
$433.8K
Market Conditions
NOI Build-Up for 3,223 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
$58.0K $18.00/SF
− Vacancy
−$6.0K −$1.85/SF
EGI
$52.1K $16.15/SF
− OpEx
−$13.0K −$4.04/SF
NOI
$39.0K $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 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%
$780,760
Cap Rate 7%
$557,686
Cap Rate 9%
$433,756
Alternative Uses
Best Use
Specialty Retail
$557.7K
$488.0K – $650.6K
NOI $39,038 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$766.6K
$670.8K – $894.4K
NOI $53,664 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02802, RI
814
Population
384
Households
2.1
Avg Household Size
52
Median Age
52%
College-Educated
100%
High-School Grad
0.2 sq mi
ZIP Area
4,070
Density / Sq Mi
$125,522
Median Household Income
$67,308
Median Earnings
$271,000
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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey Lincoln restaurant operation offered with liquor license and included FF&E.
Where is this conventional restaurant located?
The property is located at 48 School Lincoln, RI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Lincoln restaurant operation with liquor license included; 3,223 SF restaurant building; All FF&E included
