85 Ocean Ave Ocean AveNew Shoreham, RI 02807

Property Details for 85 Ocean Ave Ocean Ave

Year built

2018

Property type

Other commercial real estate

Property subtype

Other retail properties

Description

This exceptional two-story commercial property, built in 2018, is situated on a 30,056 square foot lot at 85 Ocean Avenue in New Shoreham, Rhode Island, zip code 02807. The building, currently operating as a bar and restaurant, offers a multitude of business opportunities within the Block Island Service Commercial zone. The property features expansive dining and bar areas, two kitchens (one with full-service potential), three bathrooms, an office, and ample storage. The second floor, currently unfinished attic space, presents potential for future development, such as an apartment, subject to necessary planning and zoning approvals. Nineteen parking spaces are available, ensuring convenient access for patrons and employees. The property is fully ADA compliant. The asking price is $2,100,000, with a 4.00% cap rate. This location offers high visibility and accessibility, making it an ideal investment for a variety of commercial ventures. The existing business, Old Island Pub, is not included in the sale. This is a rare opportunity to acquire a well-maintained, versatile commercial property in a thriving Rhode Island community.

Location Insight

City

New Shoreham

County

Washington

State

Rhode Island

Latitude

41.1799

Longitude

-71.5733

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