Catylist ID:
#30619113
| 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 |
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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