26-28 Old Tower Hill Rd

Shopping Center for Sale
Catylist Listing ID: 30410941
Property Subtypes: Free-Standing Store, Neighborhood Center, Strip Center
Building Size (RSF): 5,540 SF
Gross Building Area: 5,690 SF
Gross Land Area: 15,681 SF
Sale Price: $975,000
Unit Price: $175.99 PSF
Property Use Type: Investment
Usable Size (USF): 5,540 SF
Core Factor: 5,540%
Sale Terms: Cash to Seller
Cap Rate: 6.21%
Average Occupancy Rate: 100
Last Updated: 6/21/2019

Overview / Comments

Excellent investment opportunity. 3 local tenants with great tenancy. Building has been maintained and located on Rt 1A in Wakefield with both heavy am/pm traffic. Property has potential upside/value add. Plenty of parking.
Tenants responsible: utilities/water/sewer
Landlord responsible: taxes/insurance/landscape/snow

Newer Roof - 50% flat; 50% A frame (3yrs/1yr)
Stucco/dryvit exterior
Gas
Separate utilities

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $13,969 (Annual)
Net Operating Income $32,469 (Annual)
Gross Operating Income $91,500 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Roba Rustica
Current Rent $27,000 PSF (Annual)
Tenant Business Name Filippou’s Twisted Pizza
Current Rent $44,100 PSF (Annual)
Tenant Business Name Wakefield Kitchen & Bath
Current Rent $20,400 PSF (Annual)

Additional Details

Nearest MSA: Providence-Warwick
County: Washington
Tax ID/APN: SK 57-2:73
Zoning: COMMERCIAL MU LG COM
Retail Clientele: General, Family, Business
Property Visibility: Excellent
Largest Nearby Street: Kingstown Rd
Feet of Frontage: 90
Traffic/Vehicle Count: 20,000
Site Description: 90 feet frontage Heavily traveled road Busy AM/PM traffic 15,682 sq ft lot Paved/Striped parking 25 parking spaces
Area Description: Shopping Strip National Tenants
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1950
Roof Type: Arched
Construction/Siding: Stucco
Parking Ratio: 4.2 (per 1000 SF)
Parking Description: Striped/Lined
Total Parking Spaces: 25
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Ceiling Units
Air Conditioning: Package Unit
Zoning Description: Large Commercial
Lot Frontage: 90
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,365 27,646 48,492
Median Age: 44.23 42.25 39.57
Households: 2,049 11,371 17,542

Contact

Photograph of Listing Agent

Derek D Brazeau

Greystone Realty ECCPN Member
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