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Walgreens - Providence, RI 1510 Smith St 11,211 SF Retail Building N Providence, RI 02911 $2,831,000 ($252.52/SF) 8% Cap Rate
INVESTMENT HIGHLIGHTS
- Absolute NNN Corporate Lease
- High Barrier to Entry | Dense Infill Location
- Located on a major NW artery connecting N. Providence to downtown Providence State Capital located 2 miles from the subject
- Extremely Low Rent - 34% below Market; 37% Below Concept
- Drive Thru with 2 points of entry to property
- Attractive brick exterior, excellent sightline, visibility, exposure, and monument signage
EXECUTIVE SUMMARY
CBRE is pleased to offer an exceptional opportunity to acquire a single-tenant, absolute net-leased property currently occupied by Walgreens Pharmacy. Built in 2002, this freestanding retail asset encompasses 11,211 square feet on 1.46 acres, and sits along Smith Street, a primary local artery and commercial corridor, and a key connector between downtown Providence - Rhode Island’s State Capital, and the northern neighborhoods. North Providence is home to several colleges, two located within 1 mile of Walgreens: Providence College and Rhode Island College. Walgreens operates on a lease featuring significantly below-market rent and an attractive rent-per-square-foot basis, providing dependable income today while offering clear value-add potential in the future. Walgreens’ lease is backed by a corporate guarantee from Walgreens Co. with 2.5 years remaining, eight (8), 5-year renewal options, and 10% rent increases every ten (10) years.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
11,211 SF
Building Class
B
Year Built
2002
Price
$2,831,000
Price Per SF
$252.52
Cap Rate
8%
NOI
$226,480
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Lot Size
1.46 AC
Zoning
CV
Parking
30 Spaces (2.68 Spaces per 1,000 SF Leased)
Frontage
206’ on Smith St
AMENITIES
- Bus Line
- Pylon Sign
- Drive Thru
Walk Score®
Very Walkable (73)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | NPRO-000008-000000-000819 | Improvements Assessment | $1,857,700 |
| Land Assessment | $280,500 | Total Assessment | $2,138,200 |
PROPERTY TAXES
Parcel Number
NPRO-000008-000000-000819
Land Assessment
$280,500
Improvements Assessment
$1,857,700
Total Assessment
$2,138,200
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Walgreens - Providence, RI | 1510 Smith St
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