Investment Overview

Marcus & Millichap is pleased to exclusively present for sale the Laundromax at 417 Smithfield Avenue in Providence, RI. The property consists of a 4,202 SF building and adjacent parking lot on a little over half an acre. This is a sale-leaseback opportunity with an established operator who has more than 30 years of experience in the laundromat business and more than 90 laundromat locations currently in operation. Upon closing, the tenant will sign a 20-year absolute net lease, which includes 2% annual escalations and (2) 10-year tenant options. The building sits on a well-positioned retail parcel in a densely populated neighborhood corridor, benefiting from excellent visibility, multiple access points, and strong traffic counts. Surrounded by multifamily housing, workforce communities, and neighborhood retail, the property serves a large daily population that relies on high-capacity laundry services. There are more than 400,000 residents within a five-mile radius of the site, creating a durable and recurring customer base that supports consistent tenant performance. This offering provides investors with the security of a long-term lease, stable cash flow backed by an established operator, and ownership of a recently upgraded retail asset in the most populous city in the state. The combination of essential-services tenancy, favorable real estate fundamentals, and long-term passive income positions this property as an attractive opportunity for both private and institutional net-lease investors.