561 East Main Street

Description

5,613 SF Flex Commercial Building for sale on busy US-5/East Main St in Newport! Great opportunity for an investor or owner/user. Currently generating $918/mo from a small 216 SF long-term leased space w/separate entrance. Building features 5,613 SF of grade level space, featuring 3,071 SF of office/retail space and 2,542 SF of finished garage/shop space. The garage interior measures approximately 40' x 60' and has a 10' x 10' dock door and a 9'4" x 10' drive-in door. Garage has generous 12' ceilings, a bathroom, is insulated/finished and heated by 2 Modine oil/hot water heating units. Office/Retail space has seen many different prior uses and various multi-tenancy partitions, currently with 2 bathrooms and a sink/kitchenette area, 8'6" ceilings, multiple exterior access doors, and below grade access. Below grade is an additional 1,110 SF of functional storage space featuring good ceiling height and easily accessible mechanicals (275gal oil tank, multi-zone hot water boiler, sump pump). Property is on public water/sewer and features heavy power with 3-Phase 208V 400AMP service (5 electric meters for optional multi-tenancy) and fiber optic availability. Overhead doors have been recently upgraded. Sale is priced to reflect AS-IS condition and these are the known deferred maintenance items: portion of roof has rusting metal panels (okay shape, no leaks), some slope/drainage issues on east/NE side of building, and interior lighting. Buyer will want to revamp the interior depending on use. Great Flex Property with many different possibilities and Primely Located with Great Visibility and high traffic counts on East Main Street/US-5, capturing Derby Rd traffic as they come into Newport City. Available now. Showings by appointment only. The in-place lease is a very small portion of the building (less than 4%), includes annual rent increases, current term goes through 5/31/29 and Landlord/Tenant has optional renewal terms for up to 10 more years.