126 Prospect St - Medical FOR SALE


Pawtucket, RI 02860- The Plains
$1,650,000 USD
703-554-3764
126 Prospect St, Pawtucket, RI for Sale
$1,650,000 USD
Medical - FOR SALE
1/15
null | 8.08% Cap Rate

126 Prospect St
Pawtucket, RI 02860
The Plains


HIGHLIGHTS

  • 0.2 miles, a 3 minute drive, from I-95. 1.5 miles from the Pawtucket/ Central Falls MBTA Commuter Rail Station. 5 miles from downtown Providence.
  • Greater than 90% occupied for past 2 years. Currently 100% occupied.
  • New solar panels on roof.
  • Prospect Street sees more than 15,000 VPD, with the closest intersection with Division Street seeing 117,000 VPD
  • Upside with largest suite rents or converting leases from MG to NN or NNN
  • Ample parking for medical use

OVERVIEW

Half the population of Rhode Island can access the Pawtucket Medical Center in less than 20-30 minutes via I-95. The property is located only 3-minutes off I-95, has excellent visibility, high traffic counts on Prospect Street and closest intersections, and ample parking. The convenience and accessibility of this asset are unmatched. Medical service-providing tenants benefit from the presence of regional and national healthcare tenants within a 1 mile radius, a Fresenius Dialysis center across the street, and Care New England's Ambulatory Surgery Centers located less than a quarter mile away. The large medical tenants and daycare have operated successfully for more than 10 years at this location. Supply constraints in the immediate vicinity for small suites suitable for client-facing, sole-proprietors contributes to this asset's strong occupancy record. Providence and Pawtucket vacancy rates have been below 7% over the past 8 years. The center has been more than 90% occupied for the past 2 years, with small-suite vacancies filled in less than 60 days. The small suites in particular have historically been advertised only on Craigslist, do not require a leasing broker, and need little to no tenant improvements or move-in concessions.

FOR SALE DETAILS

PRICE

$1,650,000 USD

PRICE/SF

$141 USD /SF

CAP RATE

8.08%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Pawtucket Medical Center

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

ADD'L SUBTYPES

Day Care Center

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1977

SPRINKLERS

-

PARKING SPACES

60

LAND DETAILS

LAND ACRES

0.78 AC

LAND SF

33,977 SF

ZONING

Commercial Building

APN/PARCEL ID

23 0687

ASK ABOUT THIS PROPERTY

Selene SobertMarcus & MillichapMore Info
703-554-3764

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Selene SobertMarcus & MillichapMore Info
703-554-3764

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