Rental Building and Profitable Diner

Retail-Commercial for Sale
Catylist Listing ID: 30570964
Property Subtypes: Mixed Use, Restaurant
Building Size (RSF): 7,608 SF
Gross Land Area: 0.33 Acres
Sale Price: $685,000
Unit Price: $90.04 PSF
Property Use Type: Investment, Business
Usable Size (USF): 3,900 SF
Sale Terms: Cash to Seller
Cap Rate: 10.53%
Average Occupancy Rate: 100
Last Updated: 5/19/2020

Overview / Comments

One lot with two buildings, one a profitable diner that has been in existence since the 50's, building recently renovated, kitchen equipment mostly new, central a/c, boiler replaced in 2019. The other building is a residential two family home, both apartment renovated recently, new mechanicals, updated plumbing and electric, fully rented, corner lot approximately .33 acres. Plenty of parking for both buildings. On a major street, high visibility and high traffic count .
Sale includes the business and all fixtures, as well as, a wine and beer liquor license. Kitchen has new ansel system, most of the equipment is between 6-1 year old. Fully A/C. Great opportunity to own your restaurant and live next door.

Additional Details

Nearest MSA: Providence-Warwick
County: Providence
Tax ID/APN: EP 306-020-01.00
Retail Clientele: General, Family, Business, Traveler
Property Located Between: Taunton Avenue and Irving Avenue
Property Visibility: Excellent
Largest Nearby Street: Taunton Ave
Feet of Frontage: 124
Highway Access: Close to Rt 44, 195 and 95
Site Description: Corner lot, two buildings in one lot, dinner is right on Taunton Ave, and the second, a residential building with two apartments is right behind it, with frontage on Irving Ave. Plenty of parking for both properties.
Area Description: Densely populated, high traffic count, close to Providence.
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 2
Typical SF / Floor: 1,100 SF
Property Condition: Excellent
Year Built: 1950
Year Renovated: 2012
Roof Type: Hip
Construction/Siding: Brick/Vinyl Siding
Exterior Description: Both buildings are very well maintained with new roofs and siding. Parking in front and sides for diner and residential building.
Total Parking Spaces: 20
Parking Type: Surface
Parking Description: recently repaved
Heat Type: Natural Gas
Heat Source: Baseboard, Central
Air Conditioning: Engineered System
Internet Access: Cable
Zoning Description: mixed commercial and residential
Lot Frontage: 124
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,189 128,806 392,865
Median Age: 41.24 35.45 35.37
Households: 7,517 50,188 150,216


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