1764 Warwick AveWarwick, RI 02889

Property Details for 1764 Warwick Ave

Year built

1990

Property size (Sq ft)

1,772 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a single-tenant, net-leased Honey Dew Donuts property located at 1764 Warwick Ave, Warwick, RI 02889. The 1,772 square foot building, constructed in 1990, sits on a 19,000 square foot lot and includes a drive-thru. The property boasts a strong 6.53% cap rate based on a current NOI of $61,992, with an asking price of $950,000 ($536.12/sq ft). The lease, originally commenced on September 25, 1989, has a remaining term of 10.5 years, with options to renew for terms ranging from 3 to 10 years, incorporating rent bumps with each renewal. The tenant, Honey Dew, a multi-unit operator, benefits from a corporate guarantee and has occupied the premises since 1990, ensuring consistent occupancy (currently 100%). The property is zoned General Business (GB) within the City of Warwick and offers ample parking with 38 spaces. This is a triple-net lease, meaning the landlord has zero operational responsibilities. The property's location on Warwick Avenue, a major north-south arterial, provides excellent visibility and accessibility, further enhanced by RIPTA bus service. This is a rare opportunity to acquire a stable, long-term net lease investment with a proven tenant and significant upside potential.

Location Insight

City

Warwick

County

Kent

State

Rhode Island

Latitude

41.7281

Longitude

-71.4059

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