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85 Ocean Ave

2,992 SF Retail Building New Shoreham, RI 02807 £1,507,078 (£504/SF) 5.14% Net Initial Yield

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INVESTMENT HIGHLIGHTS

Heavy seasonal foot traffic
Potential for Second building
Two separate leases possible

Potential for finishing attic space
Right in town
19 parking spots with two designated for ADA

EXECUTIVE SUMMARY

Owner occupied business pays property $96,000 per year, potentail to lease out first floor and second floor separately along with finishing the attic space which was contructed to be considered as a living space. The Old Island Pub business is not for sale.

SC description

Plat 6 Lot 3-3 85 Ocean Ave Plans

FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access	ANNUAL	ANNUAL PER SF
Gross Rental Income	$99,999	$9.99
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	$99,999	$9.99
Net Operating Income	-	-

FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access

Gross Rental Income
Annual	$99,999
Annual Per SF	$9.99

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	$99,999
Annual Per SF	$9.99

Net Operating Income
Annual	-
Annual Per SF	-

PROPERTY FACTS Under Contract

Sale Type

Investment

Sale Condition

Business Value Included

Property Type

Retail

Property Subtype

Restaurant

Building Size

2,992 SF

Building Class

Year Built

2017

Price

£1,507,078

Price Per SF

£504

Net Initial Yield

5.14%

NOI

£77,442

Tenancy

Single

Number of Floors

Building FAR

0.10

Lot Size

0.69 AC

Zoning

SC - The full description is included in documents

Parking

19 Spaces (6.35 Spaces per 1,000 SF Leased)

Frontage

92 ft on Ocean Avenue

AMENITIES

Conferencing Facility
Freeway Visibility

Restaurant
Storage Space

Recessed Lighting
Balcony

Fiber Optic Internet
Smoke Detector

ABOUT 85 OCEAN AVE , NEW SHOREHAM, RI 02807

Introducing The Gateway Commons, a remarkable commercial property ideally positioned just moments away from the dynamic town center. This meticulously maintained establishment, erected in 2018, currently thrives as a bar/restaurant and presents a myriad of business opportunities within the Block Island Service Commercial zone. Spanning two levels, the building boasts expansive dining and bar areas, two distinct kitchens, one with the potential for full-service capabilities, three bathrooms, an office space, and ample storage. The second floor holds promise for further development, with the potential to convert the unfinished attic into an apartment, pending planning and zoning approvals. With nineteen parking spots and full ADA compliance, this property is poised for diverse ventures in a highly accessible locale. Whether sustaining the existing enterprise or venturing into new realms, the Gateway Crossing building offers an exceptional platform for commercial success at the core of the community. Present business is not for sale.

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