Address: 1125 Main Street, West Warwick, Rhode Island, United States 02893
Type: Discount Store
Cap Rate: 6.65%
Lease Type: Double-Net (NN)
Annual Rent: $120,233
Net Operating Income: $120,233
Lease Term Remaining: 8+ Years
Options: Three (3), Five (5)-Year
Year Built: 2017
Rentable Sq/Ft: 10,445 SF
Rent Sq/Ft: $11.51
Price Sq/Ft: $173
Lot Size: +/- 0.79
Marcus & Millichap is pleased to present the exclusive listing for a Dollar Tree located at 1125 Main Street in West Warwick, RI. The property consists of 10,455 square feet of building space and is situated on roughly 0.79 approximately acres of land.
The Dollar Tree opened in 2017 after an extensive remodel of a former all brick CVS store that relocated just a few blocks away as store performance warranted a larger footprint and drive through. Dollar Tree took possession of the premises and completed an interior build out and improvement plan at their own cost. The parking lot was also resealed and striped the same year. The property is subject to a 10-year absolute double-net (NN) lease with an initial annual rent of $120,233 that is scheduled to increase by $0.75 per square foot in each of the three, five-year renewal options.
The property boasts phenomenal population density and visibility as it is located on a four-way, signalized intersection on Main Street in West Warwick. There are 12,550 residents within a one-mile radius of the property, and over 55,000 within three miles of the site which are both far superior to the vast majority of Dollar Tree, Dollar General, and Family Dollar locations.
The Dollar Tree is situated on 1125 Main Street, which experiences an average
traffic count of over approximately 18,000 vehicles per day. There are approximately 56,000 people with a three-mile radius and 115,000 people within the five-mile radius, with an average income exceeding of $70,000 in a
three-mile radius. These are phenomenal demographics for a Dollar Tree as the population density is well beyond the average for the tenant.
The subject property is well-positioned as a prime retailer on Main street in West Warwick, surrounded by both national and regional tenants. Nationally recognized tenants in the area include CVS Pharmacy, Jerry’s Supermarket, Citizens Bank, NAPA Auto-Service as well as many others. The subject property also benefits from a strong academic presence, these schools include West Warwick High School, located opposite the subject property. There are another several schools within a three-mile radius, that have a combined enrollment exceeding 2,000 students. Theodore Francis Green Airport, voted third best airport in America with 8 million annual visitors on average, is within a five-mile radius of the site. Downtown Providence, the industrial and cultural hub of Rhode Island, is also within a nine-mile radius of the site as well as Coventry and Cranston, Rhode Island.
West Warwick is a town in Kent County, Rhode Island. The town is situated on the western bank of the Pawtuxet River, next to the industrial center of the larger town of Warwick. The town benefits from its proximity to Provenance, Rhode Island, located only nine miles north. Providence is the capital and most populous city of the state of Rhode Island, and one of the oldest cities in the United States. Providence was one of the first cities in the country to industrialize and become noted for its textile manufacturing and subsequent machine tool, jewelry and silverware industries. Today the city is home to eight hospitals and seven institutions of higher learning which have shifted the city’s economy into service industries, though it still retains some manufacturing activity. Prominent companies headquartered in Providence include Fortune 500, Textron, an advanced technologies industrial conglomerate and United Natural Foods, a distributor of natural and organic foods. The port of providence is the second largest deep-water seaport in New England, shipping cement, chemicals, heavy machinery and petroleum domestically and internationally.
Broker of Record: John Horowitz License #REC.0018863