1931 Smith St 7,560 SF Retail Building North Providence, RI 02911 $1,995,769 ($263.99/SF) 6.50% Cap Rate

1931 Smith Street features an established DG building consisting of approximately 7,560 SF sitting on a 1.21 acre parcel directly on Smith Street (Route 44). This location is located in a dense and highly trafficked area just 0.2 miles from town hall, 1.8 miles from Interstate 295 and 4.5 miles from downtown Providence. There are strong daily traffic counts at 11,500+ ADT on Smith Street. The building was newly constructed in 2016 and the initial lease featured a 15 year initial term with 5x5 year options with attractive rent increases in the options. The property is ideally located directly on one of the main connectors heading east and west (RT 44) connecting Providence and it’s surrounding communities. The property is just 1.6 miles from Rhode Island College and 2.4 miles from Providence College. The nearest Dollar General is is 3.5 miles east in Providence and 3.5 miles south in Providence (inline location). This location will continue to pull from a large established and densely populated trade area providing residents a very convenient location where Dollar General can continue to offer a wider variety of items including produce, meat and other foods allowing customers closer access to fresh and healthier foods with everyday low prices.
North Providence, RI presents the opportunity to own an established Dollar General asset with corporate lease featuring attractive rental escalations throughout the options. The property is ideally positioned in a high barrier to entry market with strong real estate fundamentals in place. The store benefits from dense surrounding population and having excellent frontage, visibility, and convenient access for both local residents. Within a 3 mile radius the population exceeds 111,900 people and 43,600 households, located just 0.2 miles from town hall, 1.8 miles from Interstate 295 and 4.5 miles from downtown Providence. Providence is a quintessential New England city, home to eight colleges and universities, Providence mixes the accessibility and walkability of a smaller city with the culture of a much bigger one. Named one of the 30 Most Charming Small Cities in the USA by TravelMag, CNN’s list of the “Best Towns to Visit in America” and USA Today’s “10 Most Walkable Cities for Tourists in America”, this friendly yet sophisticated city has an impressive culinary scene (the world’s largest cooking school Johnson & Wales University makes its home here), as well as eclectic shops, museums, theaters and historic neighborhoods. Providence also boasts a flourishing cultural and academic community. The Tony Award-winning Trinity Rep and the Providence Performing Arts Center are not only historic landmarks, but also feature Broadway musicals, children’s performances, popular seasonal ballets, opera, plays and musical concerts. Students and alumni of Brown University, Providence College and Rhode Island College bring vitality to the city’s intellectual life. The famous Rhode Island School of Design lends the city a hipster cool, with many young artists coming to study and staying to begin their careers. The world’s largest culinary educator, Johnson & Wales University, has had a tremendous impact on Providence’s much-lauded restaurant scene. The property is just 1.6 miles from Rhode Island College and 2.4 miles from Providence College. The nearest Dollar General is is 3.5 miles east in Providence and 3.5 miles south in Providence (inline location).
*Broker has ownership interest in the property.