Waterfront Restaurant/Retail Complex

Retail-Commercial for Sale
Catylist Listing ID: 30093288
Property Subtypes: Restaurant, Street Retail
Building Size (RSF): 8,192 SF
Sale Price: $799,000
Unit Price: $97.53 PSF
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Wheel House Restaurant/Night Club
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Last Updated: 7/15/2017

Overview / Comments

Turn Key Full Service Restaurant/Night Club. Huge fully applianced kitchen w/walk-ins. Amazing waterfront destination offering full menu and great atmosphere. Includes 2 retail storefronts generating over $5,000 per month of rental income. Long term affordable land lease with the State of RI.

Ideal waterfront location right next to Block Island Ferry launch. Minutes away from URI Campuses. Sits in the thick of the Port of Galilee surrounded by a thriving business community.

Highlights:
•WATERFRONT BUILDING W/FULL SERVICE RESTAURANT & BAR
•SCITUATED IN THE HEART OF THRIVING PORT OF GALILEE
•FULLY EQUIPPED COMMERCIAL KITCHEN
•OFFERS AMAZING POTENTIAL FOR OWNER/OPERATOR
•MANY NEW IMPROVEMENTS TO BUILDING AND SYSTEMS

Financials

Finance Data Year 2016
Real Estate Taxes - Annual($) $14,914 (Annual)
Tax Value Land $0
Tax Value Improvements $986,400
Assessed Value - Total($) $986,400 (Annual)

Additional Details

Nearest MSA: Providence-Warwick
County: Washington
Taxing Authority: Town of Narragansett
Tax ID/APN: 1/G / 214-S
Zoning: I-B
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation
Property Visibility: Excellent
Largest Nearby Street: Sand Hill Cove Road
Traffic/Vehicle Count: 1,941
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Good
Year Built: 1956
Year Renovated: 2010
Roof Type: Flat
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,893 10,717 18,839
Median Age: 44.35 42.86 43.45
Households: 871 4,620 8,313

Contact

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