Walgreens · Warwick RI See Location on Map
Subject property is located at 1560 Warwick Ave in Warwick, RI. The property is leased to Walgreens with 5 years remaining on the original lease term. Walgreens has (8) 5 year options to renew the lease beginning March of 2025. The lease is a NNN Lease with zero landlord responsibilities. The building was built in 2004 and sits on 1.7 AC of land and is 10,401 +/- SF. This is a leasehold asset with a Ground lease that has 45+ years remaining. Property is 100% depreciable asset.
Walgreens has 2% percentage rent on gross sales minus food and prescriptions and an additional .5% percentage rent on gross sales of food and prescriptions.
70+ parking spaces with 65,000 cars a day! (located at a 6-lane intersection)
Walgreens has a 45 day First Right of Refusal on the building
Rent schedule:
04/2011-04/2025 – $405,000
04/2025-04/2035 (Options 1 & 2) – $405,000.00
04/2035-04/2045 (Options 3 &4) – $417,999.96
04/2045-04/2055 (Options 5 & 6)- $432,300.00
04/2055-04/2065 (Options 7 & 8) – $448,029.96
Ground Lease Schedule:
04/2020-04/2025- $143,000.00
04/2025-04/2030- $157,300.00
04/2030-04/2035- $173,030.00
04/2035-04/2040- $190,333.00
04/2040-04/2045- $209,366.30
04/2045-04/2050- $230,302.93
04/2050-04/2055- $253,333.22
04/2055-04/2060- $278,666.55
04/2060-04/2065- $306,533.20
Purchased Price – $3,445,000
Cap Rate – 7.6%
Rhode Island Broker of Record:
Mark Brown
Lic: REB.0016409