6495 Post RdNorth Kingstown, RI 02852

Property Details for 6495 Post Rd

Year built

1982

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.93 AC

Property size (Sq ft)

10,080 SF

Zone code

PR

Property type

Other commercial real estate

Property subtype

Showrooms

APN

NKIN M:157 B:097

APU

NKINM157B097

Description

This exceptional investment opportunity presents a 10,125-square-foot CVS Pharmacy in North Kingstown, Rhode Island, situated at 6495 Post Road (Route 1). The property boasts a highly desirable net lease structure with a credit-rated tenant, CVS Pharmacy, under a lease extending until October 30, 2035, with five 5-year renewal options, each with a 5% rent increase. The current annual base rent is $193,500, representing a 6.45% cap rate on the $3,000,000 asking price. Built in 1997 and renovated in 2020, this single-tenant building sits on a 1.93-acre lot and includes a convenient drive-thru. The lease commenced December 31, 2017, and the property enjoys 100% occupancy. Landlord responsibilities include roof and structure maintenance

• CAP approach

  CAP return

  Valuation

  6%

  $2,449,792

  6.5%

  $2,261,346

  7%

  $2,099,822

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,318,973

  Geo Method

  $3,318,973

• Alternative Use

  Use

  Valuation

  Residential

  $1,907,530

  Hospitality

  $1,747,288

  Educational

  $1,453,723

  Medical

  $1,503,718

  Retail

  $2,261,346

Location Insight

City

North Kingstown

County

Washington

State

Rhode Island

Latitude

41.6207

Longitude

-71.4591

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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