10 Putnam PikeJohnston, RI 02919

Property Details for 10 Putnam Pike

Year built

1992

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.59 AC

Property size (Sq ft)

5,920 SF

Zone code

B2

Property type

Other commercial real estate

Property subtype

Showrooms

APN

JOHN M:0038 L:157

APU

JOHNM0038L157

Description

This exceptional investment opportunity presents the chance to acquire a fee-simple interest (land and building) in a 5,920-square-foot Advance Auto Parts retail property located at 10 Putnam Pike, Johnston, Rhode Island (Providence MSA), ZIP code 02919. The property, built in 1992 and situated on a 0.59-acre lot, boasts 30 parking spaces and benefits from a highly visible location at a signalized intersection of Putnam Pike and George Waterman Road (combined 36,000 vehicles per day). Convenient access to Interstate 295 (70,000+ VPD) further enhances its accessibility. The current lease, with a corporate guarantee (S&P: BBB), runs through December 31, 2033, with three 5-year renewal options. The lease includes rental increases of 5% in March 2028 and 10% at the start of each option period, providing built-in inflation protection and NOI growth. Landlord responsibilities are limited to roof and structure (NNN lease). The property is zoned B2 - General Business and enjoys a strong retail environment with nearby national tenants including Walgreens, CVS, Dollar Tree, and fast-food chains. Its proximity to North Providence High School and Our Lady of Fatima Hospital contributes to high traffic volume. The 5-mile trade area encompasses over 275,000 residents and 149,000 employees, with a 3-mile radius average household income of $92,875. The asking price is $1,600,000, representing a 7.42% cap rate and a price per square foot of $270.27. The property currently enjoys 100% occupancy and a net operating income (NOI) of $118,800. The APN is JOHN M:0038 L:157.

Location Insight

City

Johnston

County

Providence

State

Rhode Island

Latitude

41.8592

Longitude

-71.4885

CBSA code

39300

CBSA name

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

Property Tax & Assessments

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