Restaurant with Fenced
506 Park Ave, Portsmouth, RI 02871
For Sale
$849,000
Commercial Sale, Portsmouth, RI
Property Size4,044 SF
Lot Size0.28 Acres
Price / SF$209.94
Days on Market9
Property Features for 506 Park Ave
General Information
Property type
Property subtype
Zoning
Zoning description
Bathrooms
Full bathrooms
Rooms
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Amenities
fireplace
Building Details
Year built
Listing Agency:
RE/MAX Professionals of Newport · RE/MAX International
Listed By:
Bruce Allen
(401) 849-0100
Added: Nov 4
Changed: Nov 12
Last Checked: Nov 12 at 10:06PM
MLS# 73601584
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 4,044-square-foot restaurant property in Island Park has seating for 133 guests, a bar, and a fireplace. The commercial kitchen serves the restaurant space, while a fenced patio provides additional seating for up to 40. The property also includes two second-floor bedrooms. The building was constructed in 1940 and has been renovated; it occupies a 0.281-acre parcel.
At 506 Park Ave in Portsmouth, the property is across from the Sakonnet River and within the Island Park waterfront community. The setting is near waterfront attractions and beaches.
At 506 Park Ave in Portsmouth, the property is across from the Sakonnet River and within the Island Park waterfront community. The setting is near waterfront attractions and beaches.
Key Highlights
- Restaurant seating for 133 guests, plus outdoor seating for up to 40
- 4,044‑square‑foot building on a 0.281‑acre parcel
- Fenced patio, 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
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
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
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
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Open Analytics
Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - The restaurant includes a commercial kitchen, bar, fireplace, and indoor and outdoor dining areas.
Where is this conventional restaurant located?
The property is located at 506 Park Ave 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: Restaurant seating for 133 guests, plus outdoor seating for up to 40; 4,044‑square‑foot building on a 0.281‑acre parcel; Fenced patio, commercial kitchen, bar, and fireplace
