Retail Commercial For Sale

Retail-Commercial for Sale
Catylist Listing ID: 30628250
Property Subtypes: Restaurant, Street Retail
Building Size (RSF): 5,925 SF
Gross Land Area: 22,215 SF
Sale Price: $1,200,000
Unit Price: $202.53 PSF
Property Use Type: Net Leased Investment (NNN)
Usable Size (USF): 5,925 SF
Sale Terms: Cash to Seller
Cap Rate: 5.0%
Average Occupancy Rate: 100
Last Updated: 8/28/2020

Overview / Comments

There are two free standing buildings on site. One is a small restaurant at 1,675 SF built in 1970 and a larger 4,275 SF retail store built in 1984. Both are net leased to long term tenants. This is a busy location at a controlled intersection right in the middle of Wakefield's commercial district. Surrounding uses include the US Post Office, several retail centers like Quo Vadis and Belmont Plaza. High traffic counts at low speeds provide good visibility. Plenty of onsite parking. Drive through possible.

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Additional Details

Nearest MSA: Providence-Warwick
County: Washington
Taxing Authority: South Kingstown
Tax ID/APN: SK 57-3:80
Zoning: CH-COMMERCIAL HIGHWAY
Retail Clientele: General, Family, Business, Tourist
Property Located Between: US Post Office and Maine's Plaza
Property Visibility: Good
Largest Nearby Street: Main Street
Feet of Frontage: 75
Traffic/Vehicle Count: 10,500
Highway Access: Property located on State Route 108 between URI and South County beaches. Route 1 access is less than half mile south. Route 4 and Route 95 accessible from Route 1 north.
Airports: T.F. Green Airport 20 miles to north. Newport and Westerly regional airports nearby.
Site Description: Site is relatively flat with slight rise to rear embankment. Site is paved with room to drive around the buildings. There is signage at the frontage.
Area Description: This is a regional commercial/retail/office center serving South County residents, tourists and students from URI. Regional tenants include Ocean State Job Lot, Shaws, Stop & Shop. National tenants include CVS, Marshalls, West Marine and several national banks. A good mix of small retail stores, offices and good restaurants round out the area. Area demographics include a growing population base with rising income.
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 1
Typical SF / Floor: 3,000 SF
Property Condition: Good
Year Built: 1970
Year Renovated: 1984
Roof Type: Gable
Construction/Siding: Metal Siding, Steel Frame, Wood Frame, Wood Siding, Wood Shingle
Exterior Description: Breakfast Nook is a steel frame/steel panel building with steel roof, built on a concrete foundation with a small basement and storage area. The much larger retail building is a standard wood frame structure with wood siding and asphalt shingled roof. It also has a full basement that offers full utility including additional retail space. Breakfast Nook built in 1970; SOS built in 1984.
Total Parking Spaces: 32
Parking Type: Surface
Parking Description: Surface parking in clearly striped spaces. Additional parking in US Post Office parking lot.
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Evaporative Cooler, Other
Internet Access: Cable, DSL, Gigabit
Interior Description: Breakfast Nook is a typical breakfast & lunch restaurant with counter service and booths along the walls and middle of the room. There are two gender specific restrooms and a typical small restaurant kitchen. Storage is in the lower level. The retail building is all clear span at 30' X 100' and can be configured any way at all. Typical finishes include drywall and acoustic ceilings. Basement access is open for more retail space and storage.
Zoning Description: CH-Commercial Highway. Heavy zoning that allows all commercial uses from small retail shops to regional shopping centers, banks, gas stations, etc. Drive through is allowed.
Lot Frontage: 75
Lot Depth: 280
Water Service: Municipal
Sewer Type: Municipal
Easements Description: Paper street, Arnold Road, abuts property to the south. It is paved and provides good access to the subject buildings at a controlled intersection.
Land Ownership: Fee Simple
Legal Description: Found at Book 662, page 35 in the Land Evidence Records.

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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

The Daglieri Team

RE/MAX FLAGSHIP, INC. ECCPN Member
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