721 Reservoir Ave - Medical FOR SALE


Cranston, RI 02910
$3,400,000 USD
929-229-2614
721 Reservoir Ave, Cranston, RI for Sale
$3,400,000 USD
Medical - FOR SALE
1/9
null | 6% Cap Rate

721 Reservoir Ave
Cranston, RI 02910


HIGHLIGHTS

  • New 10-Year, Modified NNN Lease | Scheduled Rental Increases | Corporate Guaranteed | Well-Known & Established Brand
  • Located Along Reservoir Avenue | Centralized Location |Dense Retail Trade Area with a Strong Tenant Presence
  • Direct Residential Consumer Base | Affluent Community |Strong Demographics in 5-Mile Trade Area

OVERVIEW

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a modified NNN, freestanding, Firestone Auto Care investment property located in Cranston, RI (Providence MSA). The tenant, Bridgestone Retail Operations, LLC (dba Firestone), recently signed a brand new 10-year lease with 6 (5-year) option periods to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and options, growing NOI and hedging against inflation. The lease is guaranteed by the corporate entity and is modified NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Founded in 1926, Firestone delivers high quality automotive maintenance and repairs, making them among the leading chains within the automotive space with over 1,700 operating locations and 4,000 ASE certified technicians.

FOR SALE DETAILS

PRICE

$3,400,000 USD

PRICE/SF

$312 USD /SF

CAP RATE

6%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Firestone | New 10yr Modified NNN

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

ADD'L SUBTYPES

Auto Repair

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

C

YEAR BUILT

1931

SPRINKLERS

-

PARKING SPACES

26

LAND DETAILS

LAND ACRES

0.74 AC

LAND SF

32,234 SF

ZONING

C4

APN/PARCEL ID

CRAN-000009-000005-003093

ASK ABOUT THIS PROPERTY

Britt RaymondSRS Real Estate PartnersMore Info
929-229-2614

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Britt RaymondSRS Real Estate PartnersMore Info
929-229-2614

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.