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Dollar Tree

Pawtucket, Rhode Island

Marcus & Millichap is pleased to present the exclusive listing for a Dollar Tree located at 342 Power Road in Pawtucket, RI. This was a former Rite Aid site that was acquired by Walgreens as part of their acquisition of Rite Aid properties in specific markets.

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Dollar Tree located at 342 Power Road in Pawtucket, RI. This was a former Rite Aid site that was acquired by Walgreens as part of their acquisition of Rite Aid properties in specific markets. This site was remodeled in 2013 as a part of Rite Aid’s Wellness Program, and features a large 1.3+ acre lot, a drive through, and two modes of ingress/egress. The site was subsequently subleased to Dollar Tree as there is another existing Walgreens 0.4 miles down the road. The population density in this area of Rhode Island is outstanding as there are over 19,000 residents within one mile of the site, and 166,000 residents within three miles of the property. This location serves the surrounding community as a neighborhood location, as it is surrounded by hundreds of multifamily homes. Aside from the population density and low rent at this location, the location offers a wide range of retenanting options given the large lot, four way signalized intersection, low rent, and drive through already on the site.

Location Overview

The subject property is well-positioned in a densely populated section of Pawtucket, Rhode Island. The drug store serves the 19,000+ residents residing in a one mile radius, as well as the 166,000+ residents in a three mile radius. Surround retail in the area consists of shopping centers, national and local tenants, medical centers, and hotels. Major national tenants in the immediate area include: Stop & Shop, Dunkin’ Donuts, Subway, Cumberland Farms and Papa John’s. This Walgreen’s property is located in the epicenter of higher education, with eight college and university campuses located in close proximity. Johnson & Wales University, RI School of Design, Providence College and Brown University, a leading Ivy League institution with a total enrollment exceeding 9,380 students, are just to name a few. Rhode Island Hospital, a level I trauma, 719 bed, general medical and surgical facility, is the state’s largest hospital and is located within a five-mile radius. There are an abundance of attractions in downtown Providence, including the Dunkin’ Donuts Center (DDC), New England’s premier multi-use entertainment arena. Home to the AHL Providence Bruins and the Big East Providence College Men’s Basketball team, the 14,000 seat DDC hosts a wide variety of sporting events, concerts, family shows, trade shows and more. This subject property is situated on Power Road, which experiences average daily traffic counts of 17,587 vehicles. Mineral Spring Avenue intersects with Power Road, which experiences average daily traffic counts exceeding 20,331 vehicles. Providence, Rhode Island mixes the urban sophistication of a big city with the graceful charm of a small town. Known for its thriving arts scene, Providence is also recognized as one of the nation’s hottest culinary destinations. As the capital of Rhode Island, Providence has a strong government service sector. The state of Rhode Island is one of the largest employers in the Providence metropolitan area, with nearly 15,000 employees. Other key industries include healthcare, education, logistics, manufacturing, and financial services. Providence is home to eight hospitals, eight institutions of higher learning, and second largest deep-water seaport in New England. 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, as well as Citizens Banks, the 15th largest bank in the country. In 2017, mayor Jorge Elorza announced major plans to transform Kennedy Plaza from a transportation hub to a public space that would serve as a "true civic heart" of Providence. B.O.R Tim Thompson License: REC.0018375  

Key Details

Price:
$3,037,614
Cap Rate:
7.00%
Annual Rent:
$212,633
Address:
342 Power Road, Pawtucket, Rhode Island 02860 United States
Lease Type:
Triple-Net (NNN)

Rental Increases:
10% Every 10 Years
Lot Size:
1.34 Acres
Building Size:
11 SF
Year Built:
2008
Tenant:
Dollar Tree

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