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CVS & Sakonnet River Grille 500 Main Rd 17,950 SF 100% Leased Retail Building Tiverton, RI 02878 $8,883,315 ($494.89/SF) 6.71% Cap Rate



Investment Highlights
- Long-Term Leases
- Net Leases
- Prime Retail Location
- Scheduled Rent Increases
- Investment Grade Anchor
- Strong Demographics
Executive Summary
Horvath & Tremblay is pleased to present the exclusive opportunity to acquire a CVS and Sakonnet River Grille located at 500-524 Main Road in Tiverton, Rhode Island (the “Property”). The Property is comprised of two single-tenant buildings on a 3.34-acre corner parcel of land. CVS exercised their first renewal option 10 years early, demonstrating their commitment to the site and the market and has 14+ years remaining on their Lease with five (5), 5-year renewal options. Sakonnet River Grille has been at this location since 2022 and has 6+ years remaining on their Lease with one (1), 5-year renewal option. The CVS Lease calls for attractive rent increases every 5 years throughout the primary lease terms and in the renewal option periods, and Sakonnet River Grille has a rent increase at the start of their renewal option. CVS & Sakonnet River Grille are well located at the intersection of Briarwood Avenue and Main Road (RI Route 138), the area’s primary commercial and commuter corridor in the North End of Tiverton. The Property is adjacent to Tom’s Market (grocery store) and Dunkin’ and is surrounded by densely populated residential neighborhoods that provide a built-in customer base. The Property is 1.5 miles from the Fall River Expressway (RI Route 24) and 3.5 miles from Downtown Fall River and Bally’s Tiverton.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
17,950 SF
Building Class
B
Year Built/Renovated
1954/2009
Price
$8,883,315
Price Per SF
$494.89
Cap Rate
6.71%
NOI
$596,432
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.12
Lot Size
3.34 AC
Zoning
GC
Frontage
Amenities
- Bus Line
- Drive Thru
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
- -
- Triple Net
- Jan 2040
CVS Pharmacy began in 1963 as Consumer Value Stores in Lowell, Massachusetts, selling health products. The company expanded into pharmacy services in 1967 and was later acquired by Melville Corporation. Through strategic acquisitions like MinuteClinic and Caremark, CVS grew its healthcare services. The 2018 merger with Aetna made CVS Health a major player in insurance. Today, the company operates pharmacies nationwide, manages pharmacy benefits, and provides health insurance through various subsidiaries.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
Retailer | - | - | Triple Net | Jan 2040 |
Fairly walkable
40/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | TIVE-000112-000000-000396 | Improvements Assessment | $2,949,600 |
| Land Assessment | $1,002,000 | Total Assessment | $3,951,600 |
Property Taxes
Parcel Number
TIVE-000112-000000-000396
Land Assessment
$1,002,000
Improvements Assessment
$2,949,600
Total Assessment
$3,951,600
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CVS & Sakonnet River Grille | 500 Main Rd
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