105-111 Broadway

Retail-Commercial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30708957
Property Subtypes: Mixed Use, Restaurant, Other
Status: Pending/Contingent
Building Size (RSF): 10,719 SF
Gross Land Area: 17,432 SF
Sale Price: $5,100,000
Unit Price: $475.79 PSF
Property Use Type: Business
Building Name: Fifth Element & Foleys
Usable Size (USF): 10,719 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/16/2021

Overview / Comments

A Unique Opportunity to Own a Block of Newport, RI with frontage on three sides at 105-111 Broadway. Located in the heart of the vibrant & local Broadway neighborhood, this block contains a successful restaurant of 17 years (The Fifth Element) and a fully permitted development opportunity for a 40 room luxury hotel. Zoning, Planning, Utility and City approvals including demo, foundation, building & utility permits have been obtained over the last 3 years and remain in place ready to convey. Preliminary design and development plans are also available. The restaurant has had continued success through constant ingenuity during the Covid crisis with their redesigned interior and newly built outside dining space, The Outer Element. This is a package deal with all the plans to date and a turnkey restaurant including liquor license, inventory, equipment, trademarks, URL’s etc

Attachments & Media

Additional Details

Nearest MSA: Providence-Warwick
County: Newport
Taxing Authority: Newport
Tax ID/APN: NE 21 196
Zoning: GB
Retail Clientele: General, Family, Business, Traveler, Tourist, Convention
Property Visibility: Excellent
Largest Nearby Street: Broadway
Total Number of Buildings: 2
Number of Stories: 1
Property Condition: Excellent
Year Built: 1947
Year Renovated: 2010
Roof Type: Flat
Construction/Siding: Brick, Concrete
Total Parking Spaces: 43
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Zoning Description: General Business
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,306 37,632 51,134
Median Age: 42.12 40.27 41.84
Households: 7,557 16,140 21,737
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