TIVERTON – A 14-slip marina at 211 Riverside Drive has sold for $475,000, the full asking price. Located 800 feet from Sakonnet River Expressway, the commercial waterfront site has 1,182 square feet of retail and 15 on-site parking spaces, according to Lila Delman Real Estate International.
The property, known until the sale as Riverside Marine Bait & Tackle, sold on April 6, almost immediately after listing, with backup offers. This speaks to the demand for income-producing maritime properties, according to Greg Arakelian of Lila Delman, the listing agent.
Arakelian has sold two marinas on the Sakonnet River in the past two years. He sold a 44-slip marina in Portsmouth in April 2015 for $1.1 million.
A third property listed by Arakelian remains on the market, the Perry Mill Wharf in Newport, with an asking price of $28 million.
Mary MacDonald is a PBN staff writer.
