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Shopping Neighborhood

Park Avenue

1375 Park Ave, Cranston, RI 02920

Listing Price: $5,063,357

Cap Rate
7.00%
Gross SF
24,750
Rentable SF
24,750
Price/Gross SF
$204.58
Lot Size
2.33 acres
Year Built
2006

Investment Overview

Marcus & Millichap is pleased to present Park Avenue located at 1375-1401 Park Ave in Cranston, RI. The subject property consists of two multi-tenant strip centers, with one building housing of 6 tenants and the second building containing 5 tenants. Both buildings are 100% occupied with a mix of local, regional and national tenants providing a variety of goods and services. All 11 tenants are on NNN leases, minimizing landlord responsibilities. The subject property is situated in a strong retail area, surrounded by numerous national and regional tenants. Together, both buildings have a total of 24,700 SF and are situated on an assemblage of parcels, a total of 2.63 acres. Situated along RI-Rte 12, the street is highly trafficked, seeing nearly 18,000 Vehicles Per Day. Cranston, RI has been consistently ranked as one of the best and safest places to live in the United States by various publications. The area has strong demographics with over 319,000 people living within a 5-mile radius of the subject property.

Investment Highlights

  • 100% occupied plaza with all NNN leases, most of which feature annual rent increases
  • Anchored by two corporately guaranteed credit-rated tenants (ManPower and L'Oréal)
  • Ecommerce and recession proof tenants with a strong mix of service-oriented retail
  • Well maintained plaza with ample parking for customers
  • History of long-term tenancy - >25% of the tenants have been at the site for 10+ years
  • Heavily trafficked corridor with nearly 18,000 vehicles passing the site daily
  • Numerous national, regional and local tenants surrounding the property
  • Located in a densely populated area - >319,000 residents within 5 miles of the site

Exclusively Listed By

Broker of Record

  • Thomas Shihadeh

    Regional Manager

    (617) 896-7220

    License(s) RI: REB.0019374

    Rhode Island

Financing By

Shopping Neighborhood

Park Avenue

Listing Price: $5,063,357

Cap Rate
7.00%
Gross SF
24,750
Rentable SF
24,750
Price/Gross SF
$204.58
Lot Size
2.33 acres
Year Built
2006

Investment Highlights

  • 100% occupied plaza with all NNN leases, most of which feature annual rent increases
  • Anchored by two corporately guaranteed credit-rated tenants (ManPower and L'Oréal)
  • Ecommerce and recession proof tenants with a strong mix of service-oriented retail
  • Well maintained plaza with ample parking for customers
  • History of long-term tenancy - >25% of the tenants have been at the site for 10+ years
  • Heavily trafficked corridor with nearly 18,000 vehicles passing the site daily
  • Numerous national, regional and local tenants surrounding the property
  • Located in a densely populated area - >319,000 residents within 5 miles of the site

Investment Overview

Marcus & Millichap is pleased to present Park Avenue located at 1375-1401 Park Ave in Cranston, RI. The subject property consists of two multi-tenant strip centers, with one building housing of 6 tenants and the second building containing 5 tenants. Both buildings are 100% occupied with a mix of local, regional and national tenants providing a variety of goods and services. All 11 tenants are on NNN leases, minimizing landlord responsibilities. The subject property is situated in a strong retail area, surrounded by numerous national and regional tenants. Together, both buildings have a total of 24,700 SF and are situated on an assemblage of parcels, a total of 2.63 acres. Situated along RI-Rte 12, the street is highly trafficked, seeing nearly 18,000 Vehicles Per Day. Cranston, RI has been consistently ranked as one of the best and safest places to live in the United States by various publications. The area has strong demographics with over 319,000 people living within a 5-mile radius of the subject property.

Exclusively Listed By

Broker of Record

  • Thomas Shihadeh

    Regional Manager

    (617) 896-7220

    License(s): RI: REB.0019374

    Rhode Island

Financing By

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