288 Market St, Warren, RI 02885-2609
- Specialty properties
- 12,482 SF
- 0.74 lot acres
Current Use by Public Records
- Harbor Animal Hospital / Veterinary Clinic
Property Details for 288 Market St
- Year built
- 1960
- Construction
- STEEL FRAME
- Lot size
- 0.74 lot acres
- Zone code
- RB
- Property type
- Specialty properties
- APN
- WARR M:21 L:112
- APU
- WARRM21L112
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jul 15, 2022 | — | Azimuth LLC | — | Deed · related | $1.3M · Bluestone Bank |
| Jun 15, 2017 | — | Azimuth LLC | — | Deed · related | $1.2M · Bank Of America |
| Jul 8, 2014 | — | Azimuth LLC | — | Grant Deed · related | $650k · Bay Colony Dev |
| Sep 11, 2013 | $400,000 | Azimuth LLC | Alexis LLC | Warranty Deed | $788k · Bank Of Newport |
| Jun 26, 2013 | $400,000 | Alexis LLC | Morlaur Props LLC | Warranty Deed | — |
| Dec 27, 2012 | $325,000 | Morlaur Properties LLC | Hill Financial Svcs Co | Warranty Deed | $244k · Bank Of Newport |
| May 28, 2004 | $385,000 | Market St Warren LLC | Cuzzone Res Prop LLC | Grant Deed | $300k · Citizens Bank Of Nh |
| — | — | Azimuth LLC | — | Deed Of Trust · related | $788k · Bank Of Newport |
| — | — | Azimuth LLC | — | Deed Of Trust · related | $1.2M · Bank Of America |
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.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $525,000
-
Alternative Use
- Use
- Estimation
- INDUSTRIAL (GENERAL)
- $340,000
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- 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
