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Drug Store

Walgreens

2595 W Shore Rd, Warwick, RI 02889

Listing Price: $2,400,000

Cap Rate
7.70%
Tenant Name
Walgreens
Years Remaining On Lease
3.3
Guarantor
Corporate Guarantee
Rentable SF
11,940
Lease Type
Absolute Net
Rent Per Square Feet
$15.48

Investment Overview

Marcus & Millichap is pleased to offer for sale the fee simple interest in an 11,940-square-foot single-tenant pharmacy (the Property) located in Warwick, RI, in which Walgreens has over three years remaining on their long-term absolute triple-net (NNN) lease. The tenant has been operating at this location for 15 years, showing a strong commitment to the site.

Additionally, the corporately guaranteed lease still has eight (8), five-year renewal options remaining, potentially extending the lease term expiration until 2068.

The Property is strategically located on Warwick’s retail corridor near the signalized intersection of Sandy Lane and West Shore Road with visibility to over 22,000 vehicles per day and is the only pharmacy/drugstore of its type in a 2.5-mile radius.

The Property is located only 0.3 miles east of the Warwick Public Schools Technology & Innovation Center and 0.4 miles east of the Warwick Veterans Memorial Middle School. Little Pond, a public freshwater beach for swimming, located 0.6 miles northeast of the Property, is one of th e most frequently visited attractions. Additionally, Rhode Island T.F. Green International Airport is located only 3.5 miles west of the Property (12-minute drive).

Nearby retailers include Burger King, Starbucks, TD Bank, Taco Bell, Dunkin’, O’Reilly Auto Parts, Subway and numerous others.

Investment Highlights

  • Over Three Years Remaining on an Absolute Triple-Net (NNN) Lease
  • Eight (8) Renewal Options Remaining
  • Zero Landlord Responsibilities
  • Strong Commitment to the Site — Tenant Has Operated at This Location for 15 Years
  • Prime Location Near a Signalized Intersection at Sandy Lane and West Shore Road
  • Visibility to Over 22,000 Vehicles per Day
  • Population of 136,016 in a Five-Mile Radius
  • Strong Average Household Income of $101,111 in a Five-Mile Radius

Exclusively Listed By

Broker of Record

  • Thomas Shihadeh

    Vice President/Regional Manager

    (617) 896-7220

    License(s) RI: REB.0019374

    Rhode Island

Drug Store

Walgreens

Listing Price: $2,400,000

Cap Rate
7.70%
Tenant Name
Walgreens
Years Remaining On Lease
3.3
Guarantor
Corporate Guarantee
Rentable SF
11,940
Lease Type
Absolute Net
Rent Per Square Feet
$15.48

Investment Highlights

  • Over Three Years Remaining on an Absolute Triple-Net (NNN) Lease
  • Eight (8) Renewal Options Remaining
  • Zero Landlord Responsibilities
  • Strong Commitment to the Site — Tenant Has Operated at This Location for 15 Years
  • Prime Location Near a Signalized Intersection at Sandy Lane and West Shore Road
  • Visibility to Over 22,000 Vehicles per Day
  • Population of 136,016 in a Five-Mile Radius
  • Strong Average Household Income of $101,111 in a Five-Mile Radius

Investment Overview

Marcus & Millichap is pleased to offer for sale the fee simple interest in an 11,940-square-foot single-tenant pharmacy (the Property) located in Warwick, RI, in which Walgreens has over three years remaining on their long-term absolute triple-net (NNN) lease. The tenant has been operating at this location for 15 years, showing a strong commitment to the site. Additionally, the corporately guaranteed lease still has eight (8), five-year renewal options remaining, potentially extending the lease term expiration until 2068. The Property is strategically located on Warwick’s retail corridor near the signalized intersection of Sandy Lane and West Shore Road with visibility to over 22,000 vehicles per day and is the only pharmacy/drugstore of its type in a 2.5-mile radius. The Property is located only 0.3 miles east of the Warwick Public Schools Technology & Innovation Center and 0.4 miles east of the Warwick Veterans Memorial Middle School. Little Pond, a public freshwater beach for swimming, located 0.6 miles northeast of the Property, is one of th e most frequently visited attractions. Additionally, Rhode Island T.F. Green International Airport is located only 3.5 miles west of the Property (12-minute drive). Nearby retailers include Burger King, Starbucks, TD Bank, Taco Bell, Dunkin’, O’Reilly Auto Parts, Subway and numerous others.

Exclusively Listed By

Broker of Record

  • Thomas Shihadeh

    Vice President/Regional Manager

    (617) 896-7220

    License(s): RI: REB.0019374

    Rhode Island

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