288 Market St Warren, RI 02885

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.