Walgreens - Warwick, RI

Retail-Commercial for Sale
Catylist Listing ID: 30619113
Property Subtypes: Free-Standing Building
Building Size (RSF): 10,401 SF
Gross Building Area: See Agent
Sale Price: $3,445,000
Unit Price: $331.22 PSF
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 1/14/2021

Overview / Comments

Subject property is located at 1560 Warwick Ave in Warwick, RI.  The property is leased to Walgreens with 6 years remaining on the original lease term.  Walgreens has (8) 5 year options to renew the lease beginning March of 2025. The lease is a NNN Lease with zero landlord responsibilities.  The building was built in 2004 and sits on 1.7 AC of land and is 10,401 +/- SF.  This is a leasehold asset with a Ground lease that has 46+ years remaining.  Property is 100% depreciable asset.
Walgreens has 2% percentage rent on gross sales minus food and prescriptions and an additional .5% percentage rent on gross sales of food and prescriptions.

70+ parking spaces with 65,000 cars a day! (located at a 6-lane intersection)
Walgreens has a 45 day First Right of Refusal on the building

Rent schedule:
04/2011-04/2025 - $405,000
04/2025-04/2035 (Options 1 & 2) - $405,000.00
04/2035-04/2045 (Options 3 &4) -  $417,999.96
04/2045-04/2055 (Options 5 & 6)-  $432,300.00
04/2055-04/2065 (Options 7 & 8) - $448,029.96

Ground Lease Schedule:             
04/2020-04/2025- $143,000.00             
04/2025-04/2030- $157,300.00
04/2030-04/2035- $173,030.00
04/2035-04/2040- $190,333.00
04/2040-04/2045- $209,366.30
04/2045-04/2050- $230,302.93
04/2050-04/2055- $253,333.22
04/2055-04/2060- $278,666.55
04/2060-04/2065- $306,533.20

Purchased Price - $3,445,000
Cap Rate - 7.6%

Rhode Island Broker of Record:
Mark Brown
Lic: REB.0016409

Attachments & Media

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $0 (Annual)

Current Tenants

Tenant Business Name Walgreens

Additional Details

Nearest MSA: Providence-Warwick
County: Kent
Tax ID/APN: WK 313 122
Zoning: COMMERCIAL
Lot Frontage: 280 FT

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,779 96,259 229,523
Median Age: 43.02 42.07 40.58
Households: 5,452 38,969 91,385
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