7691 Post RdNorth Kingstown, RI 02852

Property Details for 7691 Post Rd

Year built

1999

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

3.10 AC

Property size (Sq ft)

10,800 SF

Zone code

PR

Property type

Showrooms

APN

NKIN M:135 B:016

APU

NKINM135B016

Description

This exceptional investment opportunity presents a fee-simple, 12,086 square foot Walgreens located at 7691 Post Rd, North Kingstown, RI 02852. The property sits on a 3.1-acre lot and boasts an absolute NNN lease with a corporate guarantee from Walgreens Boots Alliance (NASDAQ: WBA), eliminating landlord responsibilities. Built in 1999, this single-story building enjoys 100% occupancy since its lease commencement on May 31, 2008, with the current lease expiring May 31, 2028. The property benefits from eight lease options, including a 10% rent increase in the next option period, offering significant long-term growth potential. The asking price is $3,484,800, representing a 7.00% cap rate and a current NOI of $243,936. This prime location on a main thoroughfare sees over 17,000 cars daily, benefits from excellent visibility due to a signalized intersection, and is situated in a high-income area with average household incomes exceeding $125,000 within a one-mile radius. Limited competition from other national pharmacies (nearest competitor is 2.5 miles away) further enhances the property's value. Nearby national retailers include Kohl's, O'Reilly's, HomeGoods, Chipotle, and Dunkin', solidifying the area's strong retail presence. The property's proximity to Newport, RI, a highly affluent city, adds to its appeal. This is a rare opportunity to acquire a well-performing, low-maintenance retail investment in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $2,624,777

  6.5%

  $2,422,871

  7%

  $2,249,809

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,556,042

  Geo Method

  $3,556,042

• Alternative Use

  Use

  Valuation

  Residential

  $2,043,782

  Hospitality

  $1,872,094

  Educational

  $1,557,560

  Medical

  $1,611,127

  Retail

  $2,422,871

Location Insight

City

North Kingstown

County

Washington

State

Rhode Island

Latitude

41.5893

Longitude

-71.4588

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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