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651 659 West Main Road, Middletown, RI, 02842 | $1,875,000
Prime Commercial Opportunity - Two Adjacent High Visibility Parcels on Rt 114, Middletown, RI, Aquidneck Island's highest-traffic corridor. Parcel 1: Home to Tito's Cantina, an iconic Mexican restaurant established 38 years ago as the first Mexican restaurant on Aquidneck Island. The property features a free-standing 2124 SF building on a 12, 196 SF lot. Owner occupied since 2000, therefore no rental history is available. The sale includes all licenses, including liquor and victualing licenses, conveying with the property. Parcel 2: A single-story masonry retail strip center totaling 2950 SF on a 12, 197 SF lot, currently divided into 3 tenant spaces. All tenants pay separate utilities. While no formal leases are in place, the property generates approximately $45, 000 in annual gross rent. Together, the parcels comprise 24, 393 (0. 56 acres) with 150 linear feet frontage on Rt 114. Directly across from Navy surplus land slated for redevelopment - poised to become a new commercial hub on Aquidneck Island. Financials (income and expenses) available to qualified, interested parties.
Features
- Property Type: Commercial
- Permitted Use: Commercial,Office,Retail
- Construction: Masonry
- Utilities: Natural Gas Connected,Municipal Utilities,Phone Available,Water Connected,Sewer Connected
- Parking: 40-car
- Heating: Forced Air,Gas
- Cooling: Central Air
- Amenities: Highway Access,Near Schools,Restaurant,Shopping,High Traffic Location,Street Lights,Sidewalks
- Units: 2
- Zoning: GBA
- Frontage: 150
- Year Built: 1960
- Acreage: 0.56
- Est. Taxes: $14,422
- MLS#: 1399970
- Website: https://www.raveis.com
/prop/1399970/651659westmainroad_middletown_ri?source=qrflyer
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William Raveis Family of Services
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Customer Service
888.699.8876
Contact@raveis.com
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- Market your home to realize a quick sale at the best possible price
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- Provide frequent communication and tracking reports showing the Internet views your home received on raveis.com
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- Give you the full resources and strength of William Raveis Real Estate, Mortgage & Insurance and our cutting-edge technology
To learn more about our credentials, visit raveis.com today.
Allen GellermanInsurance Sales Director, William Raveis Insurance
617.686.2668
Allen.Gellerman@raveis.com
Our Insurance Division:
- Will Provide a home insurance quote within 24 hours
- Offers full-service coverage such as Homeowner's, Auto, Life, Renter's, Flood and Valuable Items
- Partners with major insurance companies including Chubb, Kemper Unitrin, The Hartford, Progressive,
Encompass, Travelers, Fireman's Fund, Middleoak Mutual, One Beacon and American Reliable
651 659 West Main Road, Middletown, RI, 02842
$1,875,000
Customer Service
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
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5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
|---|---|---|---|
| Loan Amount | $1,500,000 | $1,500,000 | $1,500,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.125% | 6.000% | 5.750% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.246% | 6.110% | 5.952% |
| Monthly Tax Payment | $1,202 | $1,202 | $1,202 |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $8,167 | $8,993 | $12,456 |
| Total Monthly Payment | $9,494 | $10,320 | $13,783 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.
William Raveis Mortgage, LLC, NMLS ID 2630, 7 Trap Falls Road, Shelton, CT 06484
RI Mortgage Lender & Mortgage Broker #20051918LL & #20051919LB