Hertz Rental Car Property on Broadway Offered For Sale
Located in the heart of the city’s newly revitalized Broadway section, it is the first time this property has been available for sale since 1976
Built in 1940 and used for a multitude of purposes over the past decades, the property was rented, and then owned, by the current owners since 1960 when it was established as a full service Gulf gas station. The Hertz business began in 1965. Other uses included a Citgo station, the George Harrison Ford car dealership, and presently it is Newport’s only downtown car rental agency.
The property sits in Newport’s General Business zone, which allows for the best variety of uses for a buyer/investor. Potential uses could include an office building, transient guest facility, small boutique hotel/condominium space, or another fine restaurant to add to those already present in the immediate “SoBro” area.
Paul A. Leys, broker and co-owner of Gustave White Sotheby’s International Realty says, “The property coming on the market at this time is a once-in-a-lifetime opportunity for that business-minded investor looking to put his or her lasting mark on Broadway’s revitalization. It is physically situated to be a potential ‘magnet’ property for the end-user looking to take advantage of all the positive things that are taking place within a very short distance from this address on Broadway.”
The asking price for the property is $1,250,000. The building is 7,156 square feet and sits on a lot that is 13,500 square feet (0.31 acre) and is being offered by Gustave White Sotheby’s International Realty.
You know, with all of the great restaurants on SoBro, this property would be no brainer to turn into a bar or restaurant. Too bad the City of Newport has a moratorium on new liquor licenses which means that the new owner would have to purchase an existing liquor license for around $300k and seek permission from the city council to move its location. But one can dream…