500 Main Rd - Drug Store FOR SALE


Tiverton, RI 02878
$8,883,315 USD
781-776-4003
500 Main Rd, Tiverton, RI for Sale
$8,883,315 USD
Drug Store - FOR SALE
1/9
null | 6.71% Cap Rate

500 Main Rd
Tiverton, RI 02878


HIGHLIGHTS

  • Long-Term Leases
  • Scheduled Rent Increases
  • Net Leases
  • Investment Grade Anchor
  • Prime Retail Location
  • Strong Demographics

OVERVIEW

Horvath & Tremblay is pleased to present the exclusive opportunity to acquire a CVS and Sakonnet River Grille located at 500-524 Main Road in Tiverton, Rhode Island (the “Property”). The Property is comprised of two single-tenant buildings on a 3.34-acre corner parcel of land. CVS exercised their first renewal option 10 years early, demonstrating their commitment to the site and the market and has 14+ years remaining on their Lease with five (5), 5-year renewal options. Sakonnet River Grille has been at this location since 2022 and has 6+ years remaining on their Lease with one (1), 5-year renewal option. The CVS Lease calls for attractive rent increases every 5 years throughout the primary lease terms and in the renewal option periods, and Sakonnet River Grille has a rent increase at the start of their renewal option. CVS & Sakonnet River Grille are well located at the intersection of Briarwood Avenue and Main Road (RI Route 138), the area’s primary commercial and commuter corridor in the North End of Tiverton. The Property is adjacent to Tom’s Market (grocery store) and Dunkin’ and is surrounded by densely populated residential neighborhoods that provide a built-in customer base. The Property is 1.5 miles from the Fall River Expressway (RI Route 24) and 3.5 miles from Downtown Fall River and Bally’s Tiverton.

FOR SALE DETAILS

PRICE

$8,883,315 USD

PRICE/SF

$498 USD /SF

CAP RATE

6.71%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

CVS & Sakonnet River Grille

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

ADD'L SUBTYPES

Freestanding, Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1954

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

CROSS STREETS

Briarwood Ave

LAND ACRES

3.34 AC

LAND SF

145,490 SF

ZONING

GC

APN/PARCEL ID

TIVE-000112-000000-000396

ASK ABOUT THIS PROPERTY

Robert HorvathHorvath & TremblayMore Info
781-776-4003

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Robert HorvathHorvath & TremblayMore Info
781-776-4003

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