Historic Tavern with Apartment
For Sale
$1,750,000
91 Duke Street, East Greenwich, RI 02818
East Greenwich investment property featuring a tavern and apartments.
Property Size5,557 SF
Price / SF$314.92
Days on Market171
Property Features for 91 Duke Street
General Information
Standard status
Active
Size
5,557 SF
Property subtype
Commercial
Building Details
Year Built
1890
Listing Agency:
BHHS Commonwealth Real Estate
(508) 810-0700
Listed By:
Allen Gammons · License #8574
Source:
Milburyre
Added: Mar 8
Changed: Aug 25
Last Checked: Aug 25 at 9:05AM
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 BHHS Commonwealth Real Estate
Investment Insights
Based on property information with market context.
This investment property features two buildings, including a tavern that has been part of East Greenwich since 1896. The offering includes the business, fixtures, and five fully rented apartments. Located on the corner of Duke and Queen streets in the Historic Hill and Harbor district, the property also includes a rentable detached two-car garage. The property size is 5557 square feet. Possible redevelopment or larger scale hospitality opportunity.
Key Highlights
- Historic Tavern Business: Includes The Oaks Tavern, a well‑established business operating since 1896.
- Prime Location: Situated in the highly desirable Historic Hill and Harbor district of East Greenwich.
- Income‑Generating Apartments: Features five fully rented apartments across two buildings.
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
$97,425
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
5.57%
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%
$1,948,500
$1.9M
Cap Rate 7%
$1,391,786
$1.4M
Cap Rate 9%
$1,082,500
$1.1M
Market Conditions
NOI Build-Up for 5,557 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
$133.4K $24.00/SF
− Vacancy
−$3.5K −$0.62/SF
EGI
$129.9K $23.38/SF
− OpEx
−$32.5K −$5.84/SF
NOI
$97.4K $17.53/SF
Area
Kent County, RI
Vacancy
2.60%
Lease Rate
$24.00 /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%
$1,948,500
Cap Rate 7%
$1,391,786
Cap Rate 9%
$1,082,500
Alternative Uses
Best Use
Specialty Retail
$1.39M
$1.22M – $1.62M
NOI $97,425 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$1.06M
$927.2K – $1.24M
NOI $74,175 @ 7.0% cap · market cap 4.24%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02818, RI
19,907
Population
8,623
Households
2.3
Avg Household Size
45
Median Age
63%
College-Educated
97%
High-School Grad
21.2 sq mi
ZIP Area
939
Density / Sq Mi
$120,952
Median Household Income
$72,985
Median Earnings
$1,384
Median Rent
$564,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Besos Tapas & Wine Bar — 378 Main St, East Greenwich, RI 02818
- Raise the Bar Nutrition — 333 Main St, East Greenwich, RI 02818
- LowKey — 205 Main St, East Greenwich, RI 02818
- The Oaks Tavern — 103 Duke St, East Greenwich, RI 02818
- The Oaks — 103 Duke St, East Greenwich, RI 02818
Frequently Asked Questions
What type of property is this?
Bar & Pub - East Greenwich investment property featuring a tavern and apartments.
Where is this bar & pub located?
The property is located at 91 Duke Street East Greenwich, RI.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Historic Tavern Business: Includes The Oaks Tavern, a well‑established business operating since 1896.; Prime Location: Situated in the highly desirable Historic Hill and Harbor district of East Greenwich.; Income‑Generating Apartments: Features five fully rented apartments across two buildings.
