1097 Eddie Dowling Hwy

16,162 SF 100% Leased Industrial Building North Smithfield, RI 02896 $3,699,000 ($228.87/SF) 8.65% Cap Rate

INVESTMENT HIGHLIGHTS

  • New retaining walls
  • New epoxy floors
  • New heating and AC infrastructure
  • New roofs
  • New garage doors

EXECUTIVE SUMMARY

Great business opportunity directly on Route 146, includes 4 lots on ~5.25 acres with 3 structures totaling 16,162 sqft. The 4 tax lots, at 0, 1095, 1097, and 1117 Eddie Dowling Hwy, are together priced at $3,999,900. Owner user. Cap rate listed is proforma with all aspects of property leased, including open land. Currently, 2485sq' of the total is used as single family, residential space with 5brs and 2 baths. The remaining 13,734sq' of commercial space is used as truck customization, automotive repair, automotive parts retail and office space.
This property has extraordinary visibility, located directly on Route 146. Approximately 580 linear feet of frontage in BH zone (Business Highway). Traffic count shows 50,000+ vehicles driving by this property daily. Positioned next to the widely known Rustic Drive-in Theatre and Anchor Nissan & Subaru, also a stone's throw away from all the national tenants present at Eddie Dowling Village, this property could accommodate a very wide range of uses that will benefit from name-brand neighbors. Lowes, Texas Roadhouse, Walmart, Buffalo Wild Wings, Kohl's Verizon and ALDI to name a few.
The wide majority of the property here has young or recently improved infrastructure. Too much to list here but some standouts are new retaining walls, gravel ground cover, new roofs, new epoxy floors, new garage doors, new heating and AC infra, new oil tank, renovated kitchen & bath etc. The business, furniture, fixtures and equipment belonging to the owner/user of this property, RTE. 146 Auto Sales, are not made part of this offering or asking price but could be conveyed as well for the right price.

PROPERTY FACTS

Price $3,699,000
Price Per SF $228.87
Sale Type Investment
Cap Rate 8.65%
Property Type Industrial
Property Subtype
Showroom
  • General Retail Auto Dealership
  • General Retail Auto Repair
  • General Retail Storefront Retail/Residential
Building Class C
Lot Size 5.25 AC
Rentable Building Area 16,162 SF
No. Stories 1
Year Built/Renovated 1970/2013
Parking Ratio 6.19/1,000 SF
No. Drive In / Grade-Level Doors 10

AMENITIES

  • Security System
  • Yard
  • Reception
  • Air Conditioning

UTILITIES

  • Lighting
  • Water - Well
  • Heating - Oil (Fired)

PROPERTY TAXES

ZONING

Zoning Code BH (Business Highway zoning encompasses many uses. Please see attached Table of Use Regulations)
  • Listing ID: 32816899

  • Date on Market: 8/15/2024

  • Last Updated:

  • Address: 1097 Eddie Dowling Hwy, North Smithfield, RI 02896