CHARLESTOWN – A 12-acre property in town that includes a motel, an office, a mobile home park and a former landmark restaurant building recently sold for $2.7 million, according to Hayes & Sherry, the Providence-based full service commercial real estate brokerage.
The property at 5407 Post Road, formerly home of the Lobster Pot restaurant and the Ocean View Motor Inn, was sold in late January, according to Hayes & Sherry, which represented the seller. Derek Brazeau, a specialized multifamily broker, led the transaction for the firm.
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Located close to the ocean and near an on-ramp to Route 1, the property was marketed as having “near limitless redevelopment potential” for retail and residential uses, Hayes & Sherry said in the announcement of the sale.
The only component of the property that is currently occupied is the 23-unit mobile home park, the real estate brokerage said. The park hosts five double-wide units and 17 single-wide units, with each of them sitting on a lot that’s at least 0.25 acres.
Of those 23 mobile home units, 18 remain leased out together with the land they sit on, while the five other units are owner-occupied with land leases in place, the company said.
The former Lobster Pot property, the office building and the motel have remained vacant for several years and are currently inoperable, the brokerage said.
“It is an income-producing property with near limitless redevelopment potential for both retail and residential in a seacoast community with nearby state and town beaches, marinas, restaurants and a national park,” the real estate firm said.
While currently inoperable, the office building that was constructed in 1954 includes 4,700 square feet of space, spread across a first floor and upper story, according to Hayes & Sherry.
The Lobster Pot building spans 2,600 square feet of usable space, including an enclosed porch, the brokerage said. The restaurant building was constructed in 1940, according to the town’s online property tax evaluation database.
The former Ocean View Motor Inn includes more than 10,000 square feet of usable space, with 28 units split between a first level and second level, the real estate firm said. The motel was constructed in 1954, according to the database.
The entire 12-acre property was most recently valued by Charlestown assessors as being worth $758,500, according to the town’s online property tax evaluation database. The land itself is worth $571,300, according to the town’s most recent assessment, conducted in 2021.
The property was owned by Nancy Brooks, of Charlestown, for at least 36 years, according to the database. The identity of the buyer was not immediately available in land evidence records kept online by the town.
Marc Larocque is a PBN contributing writer.
