1074 Mineral Spring Ave
North Providence, RI 02904
Walgreens | Increases | Exercised Option · Retail Property For Sale

Pharma Property Group has been exclusively retained by ownership to present for sale the opportunity to acquire the Walgreens property located in North Providence, RI. Walgreens recently exercised its first option showing commitment to this location. The lease has approximately 3.5 years remaining before the seven (5-year) options to follow and operates on a double net lease basis with landlord responsible for roof and structure. The lease allows for increases in each of the remaining seven (5-year) options. Rent increases to $179,933 on July 1, 2022. Income guaranteed by Walgreens parent corporate (S&P BBB) investment grade Fortune 500 Company with over 9,500 locations. The subject property is located just four miles north of downtown Providence, the capital city of Rhode Island. The average household income in a one-mile radius is $67,268, in a three mile radius is $67,497, and is $67,368 in a five mile radius. Total 5-mile population count is 375,173 residents. The subject property is located at the signalized intersection of Mineral Spring Avenue and Charles Street with a with a total traffic count of approximately 24,000 vehicles per day. The Old Louisquisset Pike (Highway 146) is one block from the property with a daily traffic count of approximately 69,000 vehicle s per day. North Providence is just two and one half miles west of Pawtucket, which is located in Providence County and is the fourth largest city in the state. North Providence is less than four miles north of the capital city Providence and about 49 miles southwest of Boston, Massachusetts. The town is part of the Providence-Fall River-Warwick metropolitan statistical area (MSA).