16 Dowling Village BlvdNorth Smithfield, RI 02896

Property Details for 16 Dowling Village Blvd

Year built

2018

Construction

STEEL FRAME

Lot size

2.04 AC

Property size (Sq ft)

17,750 SF

Zone code

BH

Property type

Showrooms

APN

NSMI M:0013 L:0417

APU

NSMIM0013L0417

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $4,313,870

  6.5%

  $3,982,034

  7%

  $3,697,602

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,844,422

  Geo Method

  $5,844,422

• Alternative Use

  Use

  Valuation

  Residential

  $3,358,994

  Hospitality

  $3,076,821

  Educational

  $2,559,879

  Medical

  $2,647,917

  Retail

  $3,982,034

Location Insight

City

North Smithfield

County

Providence

State

Rhode Island

Latitude

41.9794

Longitude

-71.5096

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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