506 Park Avenue, Portsmouth, RI 02871

Building Details

Year Built 1940 More

Listing Agency: RE/MAX Profnl. Newport,Inc.

Listed By: Suzanne Kekligian Show Phone

Source: Milburyre

Added: Nov 2 Changed: Nov 8 Last Checked: Nov 8 at 6:35AM

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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 RE/MAX Profnl. Newport,Inc.

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Investment Insights

Based on property information with market context.

This 4,044-square-foot restaurant property in Portsmouth includes seating for 133, a bar, and a fireplace. A commercial kitchen serves the dining operation, while the fenced patio provides room for up to 40 additional guests. The building also has a second-floor area with two bedrooms and one bathroom. Built in 1940, the property has undergone renovation, including work to the wood floors.

At 506 Park Avenue in the Island Park waterfront community, the property is across from the Sakonnet River and near beaches and other waterfront attractions. The area includes year-round residents as well as seasonal visitors.

Key Highlights

• 4,044 square feet with restaurant seating for 133
• Fenced patio accommodates up to 40 additional guests
• Commercial kitchen, bar, and fireplace

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$58,699

Cap Rate

6.91%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,173,980 $1.2M

Cap Rate 7%

$838,557 $838.6K

Cap Rate 9%

$652,211 $652.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,044 SF

Gross rent

$87.4K $21.60/SF

− Vacancy

−$9.1K −$2.25/SF

EGI

$78.3K $19.35/SF

− OpEx

−$19.6K −$4.84/SF

NOI

$58.7K $14.52/SF

Area

Newport County, RI

Vacancy

10.40%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,173,980

Cap Rate 7%

$838,557

Cap Rate 9%

$652,211

Alternative Uses

Best Use

Specialty Retail

$838.6K

$733.7K – $978.3K (±1% cap)

NOI $58,699 @ 7.0% cap · market cap 6.91%

Second Best

—

—

no second resolved use

Theoretical Best

Multifamily LT 5

$964.9K

$844.3K – $1.13M (±1% cap)

NOI $67,544 @ 7.0% cap · market cap 7.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Blue Anchor Grill Restaurant

Suggested Use

Top Pick Real Estate Agency Hair Salon Pharmacy Kitchen & Bath Showroom Furniture & Home Goods HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

69

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 02871, RI

17,640

Population

8,044

Households

2.2

Avg Household Size

47

Median Age

60%

College-Educated

96%

High-School Grad

17.1 sq mi

ZIP Area

1,032

Density / Sq Mi

$119,135

Median Household Income

$56,615

Median Earnings

$1,577

Median Rent

$539,700

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - The second floor contains two bedrooms and one bathroom alongside the restaurant space.

Where is this conventional restaurant located?

The property is located at 506 Park Avenue Portsmouth, RI.

What is the asking price?

The asking price for this property is $849,000.

What are key features of this property?

This property features: 4,044 square feet with restaurant seating for 133; Fenced patio accommodates up to 40 additional guests; Commercial kitchen, bar, and fireplace