288 Market St Warren, RI 02885-2609

Property Details for 288 Market St

Year built

1960

Construction

STEEL FRAME

Lot size

0.74 lot acres

Property size

12,482 SF

Zone code

RB

Property type

Specialty properties

APN

WARR M:21 L:112

APU

WARRM21L112

Description

This 14,500 sq ft medical office building in Warren, RI, is currently 100% occupied by Heart & Paw Animal Hospital under a single-tenant lease with approximately 7.1 years remaining. The lease features built-in rental increases of 40% every six years (contingent on revenue benchmarks) and 2% annually during the two five-year option periods, providing significant inflation protection. The property boasts a below-market rent, presenting substantial upside potential for future income growth. Located near historic downtown Warren, the building benefits from high foot traffic and convenient access to Route 195, a major thoroughfare with over 150,000 daily vehicle trips. The property sits on a 0.74-acre lot and was built in 1960. The strong tenant, Heart & Paw, is part of Vetcor, a large national veterinary operator, ensuring financial stability and resilience to economic downturns. The property's location serves a dense, affluent population of approximately 177,319 residents within a five-mile radius, with an average income exceeding $147,355. The asking price is $1,600,000, representing a 7.50% cap rate and a price per square foot of $110.34. The current Net Operating Income (NOI) is $120,000. This presents a compelling investment opportunity with significant long-term growth potential.

Location Insight

City

Warren

County

Bristol

State

Rhode Island

Longitude

-71.2748

Latitude

41.7363

CBSA code

39300

CBSA name

PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments