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    Walgreens NNN Lease Opportunity Title is generated by Realmo AI

    1201 Warwick Ave, Warwick, RI

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    NNN lease with value-add potential near Rhode Island airport.

    Type:RETAIL
    Property size:
    11,200 SF
    Lot size:
    0.96 Acres
    Price / SF:
    $247/SF
    Added:
    Mar 30, 2023
    Days on Market:
    1170
    Last Refresh:
    May 20 at 8:42 pm

    Property Features for 1201 Warwick Ave

    General Information

    Standard status
    Active
    Size
    11,200 SF
    Lot size
    0.96 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Jonathan Silver
    Jonathan Silver

    Listing agent Jonathan Silver

    Listing office Marcus & Millichap

    Listing date Mar 30, 2023

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap

    HighLights

    • Absolute NNN Lease with Walgreens CO. - No Landlord Responsibilities
    • High Density New England Location - Population North of 200,000 in a 5 Mile Radius
    • Shadow Anchored by Rhode Island TF Green International Airport (4 million passengers annually)
    • Strong Middle Class Demos - Average Household income $94,000+ in a 1 Mile Radius
    • Value Add Potential - Large Lot Provides Reposition Opportunity
    • High Traffic Count - Exceeds 25k VPD

    Overview

    This property features a 5.5+ year absolute NNN lease paid by Walgreens CO., meaning no landlord responsibilities. The location benefits from high-density New England real estate with a population north of 200,000 within a 5-mile radius and traffic counts exceeding 25,000 vehicles per day. Strong middle-class demographics are present, with an average household income of $94,000+ within a 1-mile radius. The large lot provides repositioning opportunities, adding value to the property. It is shadow-anchored by the Rhode Island TF Green International Airport, which serves 4 million passengers annually. The property contains 11,200 square feet.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $268.8k $24.00
    − Vacancy −$7.0k −$0.62
    EGI $261.8k $23.38
    − OpEx −$65.5k −$5.84
    NOI $196.4k $17.53
    11,200 SF · lease $24.00/SF/yr · vacancy 2.60% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $2.81M
    $2.45M – $3.27M (±1% cap)
    NOI $196,358 @ 7.0% cap · market cap 7.07%
    Second Best
    Retail
    $2.07M
    $1.81M – $2.41M (±1% cap)
    NOI $144,782 @ 7.0% cap · market cap 5.21%
    Theoretical Best
    —
    —
    same as Best Use
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Family Dollar Discount Store Amazon Locker - Iysa Courier Service Western Union Bank ATM Atm higi Physician

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Walgreens Pharmacy — 1560 Warwick Ave, Warwick, RI 02889
    • COVID-19 Drive-Thru Testing at Walgreens — 1560 Warwick Ave, Warwick, RI 02889
    • Noemi Ramos-Desimone — 1560 Warwick Ave, Warwick, RI 028891020
    • Jessica Reall — 1201 Warwick Ave, Warwick, RI 028884108
    • Jennifer Maybaum — 1560 Warwick Ave, Warwick, RI 028891020

    Location Insight

    • Map
    • Local Demand
    City
    Warwick
    County
    Kent
    State
    Rhode Island
    Longitude
    -71.408
    Latitude
    41.7436

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    FAQs

    What type of property is this?
    Drug store - NNN lease with value-add potential near Rhode Island airport.
    Where is this drug store located?
    The property is located at 1201 Warwick Ave Warwick, RI.
    What is the asking price?
    The asking price for this property is $2,777,176.
    What are key features of this property?
    This property features: Absolute NNN Lease with Walgreens CO. - No Landlord Responsibilities; High Density New England Location - Population North of 200,000 in a 5 Mile Radius; Shadow Anchored by Rhode Island TF Green International Airport (4 million passengers annually)
    (818) 212-2700 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jonathan Silver
    Jonathan Silver
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