70+ Acres for Development - Newport County

Vacant Land for Sale
Catylist Listing ID: 30423134
Property Subtypes: Agricultural, Hospitality, Industrial, Multi-Family, Office, Residential (Single Family), Retail, Retail-Pad, Self Storage, Vacation/Resort, Other
Gross Land Area: 71.19 Acres
Sale Price: $17,000,000
Unit Price: $238,797 Per Acre
Sale Terms: Cash to Seller, Purchase Money Mortgage, Owner Financing, Build-to-Suit, Sale/Leaseback, Other
Cap Rate: Undisclosed
Last Updated: 6/7/2019

Overview / Comments

Over 70 acres ready for site development. Situated on Route 114 (West Main Road), directly enroute to downtown Newport, waterfront and historic mansions.

There is a traffic light and planned turnoff lane into Old Farm Commons.

In addition to having wonderful water views of Narragansett Bay and Wanumetonomy Golf Course, in the immediate vicinity there are apartments, offices, VA, and defense contractors. Also in close proximity are US Naval Base Newport and Access Road, Courtyard by Marriott, Stop & Shop, GNC, Barnes & Noble, Michaels, McDonalds, Cardi’s Furniture, BMW of Newport, Travelodge by Wyndham, Aldi, Staples, Home Depot and Newport State Airport , the Marriott and many other hotels, the Navy Base and Access Road, etc.

There will be a walking path leading from the Commons to the abutting buildings.

Also, existing agricultural acreage with walking paths (west of the Golf Course) will be maintained.

This location would bring in not only intentional customers from the Island locale and other areas of Newport County, but walk-in traffic as well.

Also, currently seeking a superior grocery chain anchor i.e.: Whole Foods, Trader Joe's, Market Basket, etc., as well as interested developers and corporate franchise drugstores, i.e.: CVS, Walgreens, etc., with conceptual expectations for pads including movie theaters, bowling alleys, aqua centers and athletic clubs etc.

Various future development conceptual plans are available upon request.

Additional Details

Nearest MSA: Providence-Warwick
County: Newport
Tax ID/APN: MI 106 55
Property Located Between: Route 114 and Newport Naval Base Access Road
Property Visibility: Excellent
Legal Description: Middletown Plat Map 106, Lot 55
Largest Nearby Street: Route 114, West Main Road
Feet of Frontage: 584
Traffic/Vehicle Count: 55,000
Highway Access: Located on Route 114, leading to Route 24 RI/MA and I-195. Approximately 3 miles from Newport Bridge/Route 138, leading to Rte 1, Rte 4 and I-95.
Airports: Local private airport less than 1 mile away (Newport State), International Airport 30 minutes away (T.F. Green)
Site Description: Over 70 acres ready for site development. Situated on Route 114 (West Main Road), directly enroute to downtown Newport, waterfront and historic mansions. There is a traffic light and planned turnoff lane into Old Farm Commons. In addition to having wonderful water views of Narragansett Bay and Wanumetonomy Golf Course, in the immediate vicinity there are apartments, offices, VA, and defense contractors. Also in close proximity are US Naval Base Newport and Access Road, Courtyard by Marriott, Stop & Shop, GNC, Barnes & Noble, Michaels, McDonalds, Cardi’s Furniture, BMW of Newport, Travelodge by Wyndham, Aldi, Staples, Home Depot and Newport State Airport , the Marriott and many other hotels, the Navy Base and Access Road, etc. There will be a walking path leading from the Commons to the abutting buildings. Also, existing agricultural acreage with walking paths (west of the Golf Course) will be maintained. This location would bring in not only intentional customers from the Island locale and other areas of Newport County, but walk-in traffic as well. Also, currently seeking a superior grocery chain anchor i.e.: Whold Foods, Trader Joe's, Market Basket, etc., as well as interested developers and corporate franchise drugstores, i.e.: CVS, Walgreens, etc., with conceptual expectations for pads including movie theaters, bowling alleys, aqua centers and athletic clubs etc. Various future development conceptual plans are available upon request.
Area Description: Superior water views of Narragansett Bay and Wanumetonomy Golf Course, in the immediate vicinity there are apartments, offices, VA, and defense contractors. Also in close proximity are US Naval Base Newport and Access Road, Courtyard by Marriott, Stop & Shop, GNC, Barnes & Noble, Michaels, McDonalds, Cardi’s Furniture, BMW of Newport, Travelodge by Wyndham, Aldi, Staples, Home Depot and Newport State Airport , the Marriott and many other hotels, the Navy Base and Access Road, etc.
Lot Frontage: 584
Lot Depth: 1913
Zoning Description: Middletown Plat Map 106, Lot 55 Zoned General Business - Traffic Sensitive Middletown, RI's Code of Ordinances (Zoning Code): http://library.amlegal.com/nxt/gateway.dll/Rhode%20Island/middletown_ri/titlexvlandusage/chapter152zoningcode?f=templates$fn=default.htm$3.0$vid=amlegal:middletown_ri
Development Name: Old Farm Commons
Topography: Level
Soil Type: Loam
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain, Cable, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,650 39,411 58,281
Median Age: 39.15 41.44 42.27
Households: 2,779 16,428 24,590

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