PRICE REDUCED! Mixed Use Investment in College Hill

Retail-Commercial for Sale
Catylist Listing ID: 30607035
Property Subtypes: Free-Standing Building, Mixed Use, Street Retail
Building Size (RSF): 5,004 SF
Gross Land Area: 0.06 Acres
Sale Price: $899,000
Unit Price: $179.66 PSF
Property Use Type: Investment
Building Name: Muse Paint Bar
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/19/2020

Overview / Comments

Great investment opportunity on vibrant North Main Street. This mixed use building consists of the immensely popular Muse Paint Bar on the first floor featuring comfortable bar with beer and wine license, 2 bathrooms, small kitchenette/food prep area and multiple paint stations ideally suited for individual novice artists or large group events. 2nd and 3rd floors feature a spectacular 5 bedroom 2 bathroom townhouse apartment with private patio area perfect for small intimate gatherings.
Possibly one of the best features is the buildings proximity to all modes of travel from the Amtrak Train Station, RIPTA Bus Service, Scooters, and Zipcar.

Recent improvements include new roof, newer HVAC, new fire alarm system, plumbing and electrical upgrades throughout and more.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $25,866 (Annual)
Tax Value Land $265,400
Tax Value Improvements $456,700
Assessed Value - Total($) $722,100 (Annual)
Gross Operating Income $94,800 (Annual)
Net Operating Income $53,031 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Providence-Warwick
County: Providence
Taxing Authority: City of Providence
Tax ID/APN: PR 010-0069
Zoning: C2
Retail Clientele: General, Family, Business, Tourist, Recreation
Property Located Between: South Main Street and Park Row
Property Visibility: Excellent
Largest Nearby Street: South Water Street
Traffic/Vehicle Count: 8,000
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Good
Year Built: 1789
Year Renovated: 2016
Roof Type: Arched
Construction/Siding: Wood Frame
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 36,743 249,819 462,179
Median Age: 29.23 33.04 36.32
Households: 13,823 92,851 179,789

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