1 Cowessett Ave
West Warwick, RI 02893
Northeast Walgreens with Upside Potential · Retail Property For Sale

The subject property is a triple-net (NNN) multi-tenant plaza that features Walgreens and three additional suites in the heart of West Warwick, RI, the 10th most populous town in the state of Rhode Island. Located at the signalized intersection of Main Street, Cowesett Avenue, and East Greenwich Avenue, the property benefits from excellent visibility to the 21,000+ vehicles that pass the site each day. The property is located less than 3 miles from I-95, the main interstate highway that runs from Maine to Florida, and just 15 miles from Providence, the state capital of Rhode Island. Built in 2007, the property consists of a 20,470 square foot building located on an oversized 2.41 acre lot. The site has two points of ingress and egress, and features 98 parking spots. Walgreens has a drive thru and occupies 14,820 square feet, with the remaining 5,650 square feet split between the three other suites. One of those suites is occupied by RJ Nails & Spa; the remaining vacancies include a 1,331 square foot suite and a 2,560 square feet endcap with its own dedicated drive thru. National tenants in the area include CVS, Domino’s Pizza, Family Dollar, and H&R Block, among others. There are also many regional and local tenants in the immediate vicinity, as well as a number of multi-family and single-family homes. The property is priced based on the existing income only. Filling the two existing vacancies at the same rent that RJ Nails & Spa pays would turn this opportunity into a 7.29% CAP deal, an exceptional value for a Walgreens in the Northeast with 13 years of remaining term.