2103-2107 Warwick Ave Warwick, RI 02889

Property Details for 2103-2107 Warwick Ave

Year built

1962

Lot size

0.48 lot acres

Property size

8,581 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional retail investment opportunity presents the Warwick Avenue Plaza, a 8,581 square foot, multi-tenant property situated on a 0.48-acre lot at 2103-2107 Warwick Avenue in Warwick, Rhode Island. The property boasts 100% occupancy with four established tenants, including a liquor store, pizza restaurant, convenience store, and nail salon. Built in 1962, the two-building, single-story plaza offers significant upside potential through the lease-up of a vacant, detached flex building with a garage at the rear. Each tenant contributes to a strong net operating income (NOI) of $94,348, resulting in a 7.00% capitalization rate at an asking price of $1,347,824. Leases include scheduled rent bumps, minimizing landlord responsibilities and offering protection against rising costs. The property benefits from an outstanding location along Warwick Avenue (RI Route 117A), a primary commercial corridor with high visibility and excellent access. Its proximity to TF Green International Airport, residential neighborhoods, schools, municipal buildings, and national retailers ensures a robust customer base. Traffic counts exceed 25,300 vehicles daily at the nearby intersection. The strong demographics of the area, with over 60,700 people within a 3-mile radius and an average household income exceeding $116,600, further solidify this investment's appeal. The property is conveniently located near major roadways including RI Route 117, US Route 1, and Interstate 95. This fee-simple ownership opportunity offers a compelling combination of stable income, growth potential, and a prime location.

Location Insight

City

Warwick

County

Kent

State

Rhode Island

Longitude

-71.4028

Latitude

41.7194