For Sale
$3,490,000

16 Dowling Village BlvdNorth Smithfield, RI 02896

High-Performing Gym, NNN Lease, RI

Overview

Added:
Dec 11, 2024
Days on market:
117
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.

Highlights

  • 17,450 SF Class A Planet Fitness in North Smithfield, RI, built in 2018.
  • Located in Dowling Village Shopping Center with national retailers including Walmart, Lowe's, PetSmart, Kohl's, and Aldi.
  • 15-year NNN lease with two 5-year options, starting May 31, 2019, and including $1/SF rent bumps every five years.
  • Experienced operator with 80 Planet Fitness locations in New England and the Pacific Northwest.

Property Details for 16 Dowling Village Blvd

Property type
Specialty properties, Lifestyle centers
Square Feet
17,450 SF
Class
A
Year Built
2018
Buildings
1
Lot Size (sq. ft)
88,862 SF

Location Insight

City
North Smithfield
County
Providence
State
Rhode Island
Latitude
41.9789973
Longitude
-71.5105867
16 Dowling Village Blvd, North Smithfield, Rhode Island

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16 Dowling Village Blvd
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