1764 Warwick Ave Warwick, RI 02889
- Commercial real estate
- 1,772 SF
Current Use by Public Records
- Commercial real estate
Property Details for 1764 Warwick Ave
- Year built
- 1990
- Property size
- 1,772 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a single-tenant, net-leased Honey Dew Donuts property located at 1764 Warwick Ave, Warwick, RI 02889. The 1,772 square foot building, constructed in 1990, sits on a 19,000 square foot lot and includes a drive-thru. The property boasts a strong 6.53% cap rate based on a current NOI of $61,992, with an asking price of $950,000 ($536.12/sq ft). The lease, originally commenced on September 25, 1989, has a remaining term of 10.5 years, with options to renew for terms ranging from 3 to 10 years, incorporating rent bumps with each renewal. The tenant, Honey Dew, a multi-unit operator, benefits from a corporate guarantee and has occupied the premises since 1990, ensuring consistent occupancy (currently 100%). The property is zoned General Business (GB) within the City of Warwick and offers ample parking with 38 spaces. This is a triple-net lease, meaning the landlord has zero operational responsibilities. The property's location on Warwick Avenue, a major north-south arterial, provides excellent visibility and accessibility, further enhanced by RIPTA bus service. This is a rare opportunity to acquire a stable, long-term net lease investment with a proven tenant and significant upside potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Warwick
- County
- Kent
- State
- Rhode Island
- Longitude
- -71.405945977289
- Latitude
- 41.728140046722
