Address
85 Ocean Avenue, Block Island, RI
Price
$ 2,375,000
Property Attributes
  • MLS#1355094
  • TypeSingle Family
  • CountyWASHINGTON
  • CityBlock Island
  • NeighborhoodOld Harbor
  • Zip02807
  • StyleBusiness
  • Year Built2018
  • Taxes$ 4542
  • Price$ 2,375,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Lot Size0.66 Acres
Data Source:
Rhode Island Statewide MLS (RIAR)
Property Description

Introducing The Gateway Commons, a remarkable commercial property ideally positioned just moments away from the dynamic town center. This meticulously maintained establishment, erected in 2017-2018, currently thrives as a bar/restaurant and presents a myriad of business opportunities within the Block Island Service Commercial zone. Spanning two levels, the building boasts expansive dining and bar areas, two distinct kitchens, one with the potential for full-service capabilities, three bathrooms, an office space, and ample storage. The second floor holds promise for further development, with the potential to convert the unfinished attic into an apartment, pending planning and zoning approvals. With nineteen parking spots and full ADA compliance, this property is poised for diverse ventures in a highly accessible locale. Whether sustaining the existing enterprise or venturing into new realms, the Gateway Crossing building offers an exceptional platform for commercial success at the core of the community. The Old Island Pub Business is not for sale.

Price History
3/29/2024 Listed $2,375,000

General Features

Sewer Connected,Sanitary
Heating ForcedAir
Cooling Partial
Utilities CableAvailable,ElectricityAvailable,NaturalGasAvailable,MunicipalUtilities,WaterConnected,SewerConnected
Possession Negotiable
Zoning SC
HOA 0.0
Security Features ClosedCircuitCameras,FireAlarm,FireSprinklerSystem
Construction Materials Frame
Year Built 2018
Electric Item200AmpService
View Water
Stories 2
Levels Two
Property SubType Business
Tax Year 2023
OwnerPays AllUtilities
Business Type BarberBeauty,BarTavernLounge,Clothing,DeliCatering
Community Features Marina,Restaurant,Shopping,HighTrafficLocation
Building Name The Gateway Crossing
County Washington
Insurance Expense 18309.29
New Construction No
Property Type BusinessOpportunity
Association Amenities Restaurant
HOA / Comm Assn No
Attached Garage No
Subdivision Name Old Harbor
Possible Use Commercial,Residential,Recreational,Retail
Garage Y/N No
Building Features PublicRestrooms
Status Active
City Block Island
View Y/N Yes
Senior Community Y/N No
Lot Size Square Feet 30056.0
Waterfront Y/N No
Carport Y/N No
Number of Units Leased 1
Street Name Ocean
Property Attached Y/N Yes
Land Lease Y/N No
Tax Annual Amount 4542.45
Electric Expense 16969.14
Home Warranty Y/N No
Fuel Expense 9942.53
Water Sewer Expense 10926.03
Lease Renewal Y/N No
Additional Parcels Y/N No
Lease Considered Y/N No
Rent Control Y/N No
Virtual Tour https://tour.RiLiving.com/85-Ocean-AV-Block-Island-RI-02807--1355094
Days on Market 10
Standard Status Active
Occupancy Type Owner
Tax Assessed Value 973200
Tax Lot 3-3
Ownership Type SoleProprietor
Property Sub Type Additional Business
Cap Rate 4.0
MobileHomeRemainsYN No

Interior Features

Basement None
Furnished Y/N Unfurnished
Total Stories 2
Basement (Y/N) No
Air Conditioning Y/N No
Heating Y/N Yes
Fireplace Y/N No
Above Grade Finished Area 0.0
Street Suffix Avenue
Electric On Property Y/N No
SeatingCapacity 90

Exterior Features

Lot Features Wetlands
Water Source Public
Total Parking 18.0
Lot Size Area 30056.0
Foundation Details Slab
Number of Buildings 1
Spa No
Building Area Total 0.0
Lot Size Acres 0.66
Road Surface Type Dirt
Frontage Length 70
Lot Size Units SquareFeet
Road Frontage Type CityStreet
Crops Included Y/N No
Open Parking Y/N No
Horse Y/N No
Irrigation Water Rights Y/N No

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Single Family Average in 02807

Price
AVG $3.32M
$2.38M
Taxes
AVG $8,367
$4,542
Visits
AVG 674
156
Data Provided by Inside Real Estate®
Year Built
AVG 1968
2018