Description
This is a chance to own (6) residential units and (1) stand-alone commercial building with a successful family-owned business that has thrived for decades. Multiple financing options available. Pete's Bait Shop is being sold with $300K worth of inventory, and a history of success within the fishing community. Inquire for more information on business financials. The (6) residential units each span 1,110 +/- sq. ft, and are currently all rented. Current rents are below market. Proforma rent per unit is conservatively $1,400-1,700 per unit ($100,800-$122,400 annually) with minimal updating needed to obtain these proforma numbers. Not included in our valuation is the 4-bay garage that is large enough for 6 cars, nor does it include income from the existing business. Market rent for the commercial unit is between $2,000-$3,000 per month if not owner-operated. PROFORMA CAP RATE only using potential rental income + accounting for selling $300K worth of inventory: 9.25%-11.74%. Showings by appointment only.
-
0BEDS
-
0.25ACRES
-
0BATHS
-
01/2 BATHS
-
7,740SQFT
-
$181$/SQFT
School Ratings & Info
Description
This is a chance to own (6) residential units and (1) stand-alone commercial building with a successful family-owned business that has thrived for decades. Multiple financing options available. Pete's Bait Shop is being sold with $300K worth of inventory, and a history of success within the fishing community. Inquire for more information on business financials. The (6) residential units each span 1,110 +/- sq. ft, and are currently all rented. Current rents are below market. Proforma rent per unit is conservatively $1,400-1,700 per unit ($100,800-$122,400 annually) with minimal updating needed to obtain these proforma numbers. Not included in our valuation is the 4-bay garage that is large enough for 6 cars, nor does it include income from the existing business. Market rent for the commercial unit is between $2,000-$3,000 per month if not owner-operated. PROFORMA CAP RATE only using potential rental income + accounting for selling $300K worth of inventory: 9.25%-11.74%. Showings by appointment only.
![[Rhode Island Statewide MLS] logo](https://static.boomtownroi.com/content/photos/rhodeisland/idx/idx-large.gif)
© 2025 State-Wide Multiple Listing Service. All rights reserved. The data relating to real estate for sale or lease on this web site comes in part from the Internet Data Exchange (IDX) program of the State-Wide MLS. Real estate listings held by brokerage firms other than Onshore Realtors are marked with the MLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. Information is deemed reliable but is not guaranteed accurate by the MLS or Onshore Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated: 2025-03-19T08:37:36.517.