16 Dowling Vlg Blvd North Smithfield, RI 02896-8267
- Showrooms
- 17,750 SF
- 2.04 lot acres
Current Use by Public Records
- Planet Fitness / Fitness Center / Gym
Property Details for 16 Dowling Vlg Blvd
- Year built
- 2018
- Construction
- STEEL FRAME
- Lot size
- 2.04 lot acres
- Property size
- 17,750 SF
- Zone code
- BH
- Property type
- Showrooms
- APN
- NSMI M:0013 L:0417
- APU
- NSMIM0013L0417
Description
This exceptional investment opportunity presents a 17,450 square foot, Class A, single-tenant Planet Fitness located in North Smithfield, Rhode Island. The property, built in 2018, sits on a 2.04-acre lot within the thriving Dowling Village Shopping Center, anchored by national retailers such as Walmart, Lowe's, PetSmart, Kohl's, and Aldi. The building boasts 102 parking spaces and enjoys a highly visible location along Route 146A (Eddie Dowling Highway), a major thoroughfare with 23,439 vehicles per day. The property is currently 100% occupied under a Net Lease (NNN) agreement with a franchisee operator, featuring a 15-year lease commencing May 31, 2019, and expiring May 30, 2034, with two 5-year options. The lease includes rent bumps of $1 per square foot every five years, ensuring consistent income growth. The current annual net operating income (NOI) is $226,850, representing a 6.50% cap rate on the asking price of $3,490,000. This top-performing Planet Fitness location consistently ranks among the best in Rhode Island and within the top 85th percentile nationally. The minimal landlord responsibilities inherent in the NNN lease structure further enhance the investment appeal. This is a rare opportunity to acquire a stable, high-performing asset in a prime retail location.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- North Smithfield
- County
- Providence
- State
- Rhode Island
- Longitude
- -71.5096
- Latitude
- 41.9794
- CBSA code
- 39300
- CBSA name
- PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA
