"Opportunity Zone" Industrial/Warehouse Building

Industrial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30420690
Property Subtypes: Flex Space, Free-Standing, Manufacturing, Light Industrial, Self Storage, Warehouse/Distribution
Status: Pending/Contingent
Building Size (RSF): 27,576 SF
Gross Building Area: 27,756 SF
Gross Land Area: 1.34 Acres
Sale Price: $399,900
Unit Price: $14.50 PSF
Docks/Doors: 3 Docks, 1 Door
Property Use Type: Investment, Vacant/Owner-User
Building Name: 60 Industrial Circle
Usable Size (USF): 27,756 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/26/2020

Overview / Comments

Multi use industrial building ideal for a multitude of uses. An owner/user could occupy all of the building or benefit from lease revenue from a smaller attached portion of the building. Multiple loading docks allow for easy off loading at either end of the building. Floor is partial concrete and partial wood. There is a partial basement area for additional storage.

NOTE: Qualified Opportunity Zone (QOZ): Buyer can realize a temporary deferral or a permanent exclusion of capital gains that are reinvested in an opportunity zone.

LOCATION:
Distance to Airport: 16.0 mi
Distance to Seaport: 19.1 mi
Population 500 Mile Radius: 72,810,118
Population 250 Mile Radius: 40,667,646
Population 50 Mile Radius: 6,484,886
Distance to Rail Terminal: 11.3 mi

Providence Market Summary/Providence Industrial
Industrial fundamentals remain remarkably healthy in Providence. Vacancies have been halved since 2014 and are among the lowest in the region. Rent growth has performed well and has even begun to surpass the national average for an extended period of time. Much of the success for the Providence industrial market is less to do with the health of the City of Providence but more to do with Boston’s growth. Boston’s economy is many magnitudes larger than Providence and has been growing at a faster rate, driving out sized demand for logistics to support the local economy. As land has become expensive closer to the city of Boston industrial development has pushed into the Providence market, particularly in Massachusetts Bristol County, which falls in the Providence MSA. Here, more than 2.3 million SF of net supply has been added since 2016, including a massive million-SF facility for Amazon in Fall River. That total amount of net supply is more than the entire Boston MSA during that same time (Boston has demolished a record amount of industrial supply). As a result of healthy fundamentals, sales volume has taken off, and 2018 was a record year as more than $300 million traded hands.

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $8,744 (Annual)
Tax Value Land $78,100
Tax Value Improvements $242,200
Assessed Value - Total($) $320,300 (Annual)

Additional Details

Nearest MSA: Providence-Warwick
County: Providence
Taxing Authority: Town of Lincoln
Tax ID/APN: LI 02-074.0
Zoning: MG-05
Airports: PVD
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Fair
Year Built: 1900
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Structure
Sprinklers: Wet
X-Phase: 3 Phase
Heat Type: Oil
Heat Source: Ceiling Units
Lighting: Fluorescent, Mercury Vapor
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 20,624 152,165 321,016
Median Age: 32.61 37.43 36.91
Households: 7,476 60,634 126,108

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