Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of 21 Division St, Pawtucket, Rhode Island. The subject property consists of an 18,421 square feet multi-tenant medical office building, constructed in 2015 on two parcels with a total footprint of 1.25-acres. The premises include an approximately 44 space parking lot. To accommodate additional parking needs, current ownership leases 0.537-acre of land on the adjacent 12.46-acre undeveloped parcel. This parcel is owned by the City of Pawtucket and was improved with an approximately 53 space parking lot on, that is leased by leased until November 2023, with one, five-year renewal option. With the expanded parking lot, the building has a strong parking ratio of 5.27 spaces per 1,000 square feet. Care New England Medical Group Women’s Care and Highbar Physical Therapy occupy 100% of the building in the upper and lower levels, respectively. Both tenants operate on NNN leases with a weighted average lease term remaining of 5.06 years. The rent for Care New England Medical Group Women's Care increases by six percent every two years, while Highbar Physical Therapy has a three percent bump every two years. Both tenants have two, five-year renewal options. Care New England is a non-profit health system founded in 1996 and based in Providence, Rhode Island. They are comprised of five hospitals including their founding members Butler Hospital, Kent Hospital, and Women & Infants Hospital of Rhode Island. Care New England has continued to expand with recent additions of VNA of Care New England and The Providence Center. The subject property is home to a Care New England Medical Group Women’s Care clinic. Their physicians provide women of all ages with the full spectrum of obstetric and gynecologic health services. Highbar Physical Therapy Formerly Performance Physical Therapy operates at 16 locations throughout Rhode Island and southeastern Massachusetts. The subject property is their largest clinic and boasts an impressive array of facilities such as an Alter Antigravity Treadmill, Rhode Island's only Hydroworx aquatic therapy pool, several private treatment rooms, an open gym space, and an outdoor turf area. Their clinicians specialize in various fields, including sports rehabilitation, general conditioning, return to work work programs, pediatrics, pelvic health, dry needling, and aquatics. Additionally, they cater to Spanish-speaking patients at this clinic. Their diverse community of both patients and clinicians ensures that an ideal care plan is constructed for everyone. The property is positioned along the Seekonk River in a highly accessible location from Interstate-95, a major thoroughfare through Providence that sees 117,868 Vehicles Per Day. The property is also strategically positioned with excellent frontage and visibility from Division St, 15,044 Vehicles Per Day. Within a 10-mile radius of the subject property there are 679,737 people with an average household income of $91,310.