300 Quaker Ln West Warwick, RI 02893

Property Details for 300 Quaker Ln

Year built

1990

Lot size

6.87 lot acres

Property size

99,480 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional 99,480 square foot shopping center in West Warwick, RI, boasts a 7.25% cap rate and a 100% occupancy. Anchored by Floor & Decor and Urban Air Adventure Park, the property features long-term leases with built-in rent bumps of 10% every five years, providing significant revenue growth and inflation protection. The single-story building, constructed in 1990 and renovated in 2024, sits on a 6.87-acre lot and benefits from minimal management responsibilities due to tenant reimbursements for taxes, insurance, and common area maintenance. The property enjoys a prime location along heavily trafficked Quaker Lane/Bald Hill Road (Route 2), offering convenient access to major highways (I-95 and I-295), the Warwick Mall, and a dense population with high average household incomes. The strong tenant mix, coupled with the excellent location and lease terms, makes this a compelling investment opportunity. Floor & Decor's lease has 14+ years remaining with six 5-year options, while Urban Air's 10-year lease includes two 5-year options, with rent commencing April 2025. The roof, replaced in 2016, carries a 20-year transferable warranty. The property benefits from impressive daily traffic counts exceeding 34,700 vehicles on Quaker Lane/Bald Hill Road and an additional 11,750 on nearby Cowesett Road. The surrounding area includes numerous national retailers, restaurants, and attractions, further enhancing the property's appeal. Over 64,200 people reside within a 3-mile radius, boasting an average household income of $115,723, while over 18,300 people live within a 5-mile radius, with an average household income of $124,975. The asking price is $16,358,620, and the NOI is $1,185,440.

Location Insight

City

West Warwick

County

Kent

State

Rhode Island

Longitude

-71.5

Latitude

41.6876