10 Putnam Pike, Johnston, RI 02919
- Showrooms
- 5,920 SF
- 0.59 lot acres
Current Use by Public Records
- Showrooms
Property Details for 10 Putnam Pike
- Year built
- 1992
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.59 lot acres
- Zone code
- B2
- Property type
- Showrooms
- APN
- JOHN M:0038 L:157
- APU
- JOHNM0038L157
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Nov 16, 2023 | — | Micromont Holdings 10 LLC | — | Deed · related | $24M · Pine23 Mm LLC |
| Apr 5, 2006 | — | Adv East Greenwich Assoc | — | Deed Of Trust · related | $1.6M · Principal Mutual Life Ins |
| Oct 13, 2005 | $109,500 | Adv East Greenwich Assoc | Omni-putnam LLC | Grant Deed | — |
| Jan 23, 2003 | — | Omni Putnam LLC | — | Deed Of Trust · related | $400k · Sovereign Bank |
| Dec 23, 1993 | $500,000 | K Assn | Distefano,william L | Grant Deed | $365k · Citizens Savings Bank Providen |
| Jul 17, 1992 | $170,000 | William Destefano | Laffredo,mark | Grant Deed | — |
| — | — | Adv East Greenwich Assoc | — | Deed Of Trust · related | $1.4M · Miscellaneous Ins Co |
Description
This exceptional investment opportunity presents the chance to acquire a fee-simple interest (land and building) in a 5,920-square-foot Advance Auto Parts retail property located at 10 Putnam Pike, Johnston, Rhode Island (Providence MSA), ZIP code 02919. The property, built in 1992 and situated on a 0.59-acre lot, boasts 30 parking spaces and benefits from a highly visible location at a signalized intersection of Putnam Pike and George Waterman Road (combined 36,000 vehicles per day). Convenient access to Interstate 295 (70,000+ VPD) further enhances its accessibility. The current lease, with a corporate guarantee (S&P: BBB), runs through December 31, 2033, with three 5-year renewal options. The lease includes rental increases of 5% in March 2028 and 10% at the start of each option period, providing built-in inflation protection and NOI growth. Landlord responsibilities are limited to roof and structure (NNN lease). The property is zoned B2 - General Business and enjoys a strong retail environment with nearby national tenants including Walgreens, CVS, Dollar Tree, and fast-food chains. Its proximity to North Providence High School and Our Lady of Fatima Hospital contributes to high traffic volume. The 5-mile trade area encompasses over 275,000 residents and 149,000 employees, with a 3-mile radius average household income of $92,875. The asking price is $1,600,000, representing a 7.42% cap rate and a price per square foot of $270.27. The property currently enjoys 100% occupancy and a net operating income (NOI) of $118,800. The APN is JOHN M:0038 L:157.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,395,000
- 6.5%
- $1,290,000
- 7%
- $1,195,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,576,000
- AI Estimate
- $990,000
Market price range: $412k - $1.66MMarket price range: $322k - $994k -
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $1,015,000 Current use
- OFFICE BUILDING
- $1,270,000 Change: +25% Conversion: Easy
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Johnston
- County
- Providence
- State
- Rhode Island
- Longitude
- -71.4885
- Latitude
- 41.8592
- CBSA code
- 39300
- CBSA name
- PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA
