Opportunity Knocks: 492 Rhode Island

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Photo of bar

One of the West Side’s most celebrated multi-use buildings is now for sale. 492 Rhode Island was once the home of the renowned restaurant Romanello’s Roseland. More recently, it’s occupied by Providence Social, which has a remaining 1+ year on its lease. The restaurant is a well-established restaurant that is an attribute to the building, which should be considered by interested purchasers and investors.

Photo of seating area

The building and the grounds are both fabulous. Not only does the restaurant have one of the best patios in the city, there is also a “buildable back lot,” according to listing agent Carmelo Parlato. While the back lot is a separate address, it is included in the $879K purchase price. For anyone who has been interested in building a modular container home, this might present a great opportunity to do so. There is also a parking lot across the street, on Rhode Island, that is not included in the sale, but there has been a prior arrangement for parking for restaurant customers. While it’s nice to have for parking, it would probably be better served as a new build, as it is a prime corner in the neighborhood.

As for the upper two floors of 492 Rhode Island, it’s not rentable in its current state as an apartment, as it needs to be cleaned up. That said, there’s an opportunity to build out nice living quarters. There’s even a separate entrance, with a door that leads to the restaurant.

The building is a beauty, and offers so much potential for an owner. It’s ideally located in close proximity to the Five Points neighborhood, Richmond Avenue, Left Bank Restaurant, Essex Pub, and Essex Art Center.

Published by Buffalo Rising

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