16 Dowling Village Blvd
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16 Dowling Village Blvd
17,450 SF Retail Building North Smithfield, RI 02896 $3,490,000 ($200/SF) 6.50% Cap Rate
Executive Summary
Atlantic Capital Partners has been exclusively engaged to solicit
offers for the sale of Planet Fitness in North Smithfield, RI. This
freestanding 17,450 SF single-tenant building is leased to Planet
Fitness on a 15-year lease that commenced 6/1/2019. The property
is a top-performing location in the state of Rhode Island and is
also ranked in the 85th percentile of gyms across the country. The
property sits within the Dowling Village Shopping Center, home to
national retailers such as Walmart, Lowe’s, PetSmart, Kohl’s, and Aldi.
Situated at 16 Dowling Village Boulevard, the property is positioned
amongst the main retail node of North Smithfield, which sits just 12
miles north of Providence. Planet Fitness is currently paying $226,850
annually, and the lease includes two, five (5) year options with $1 PSF
increases every five years. The property sits along Route 146A (Eddie
Dowling Highway) which sees 23,439 VPD and is the main highway
connecting Providence with its northern suburbs.
offers for the sale of Planet Fitness in North Smithfield, RI. This
freestanding 17,450 SF single-tenant building is leased to Planet
Fitness on a 15-year lease that commenced 6/1/2019. The property
is a top-performing location in the state of Rhode Island and is
also ranked in the 85th percentile of gyms across the country. The
property sits within the Dowling Village Shopping Center, home to
national retailers such as Walmart, Lowe’s, PetSmart, Kohl’s, and Aldi.
Situated at 16 Dowling Village Boulevard, the property is positioned
amongst the main retail node of North Smithfield, which sits just 12
miles north of Providence. Planet Fitness is currently paying $226,850
annually, and the lease includes two, five (5) year options with $1 PSF
increases every five years. The property sits along Route 146A (Eddie
Dowling Highway) which sees 23,439 VPD and is the main highway
connecting Providence with its northern suburbs.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Health Club
Building Size
17,450 SF
Building Class
B
Year Built
2018
Price
$3,490,000
Price Per SF
$200
Cap Rate
6.50%
NOI
$226,850
Tenancy
Single
Building Height
1 Story
Building FAR
0.32
Lot Size
1.27 AC
Zoning
BH
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | NSMI-000013-000000-000408 | Improvements Assessment | $885,700 |
| Land Assessment | $504,300 | Total Assessment | $1,390,000 |
PROPERTY TAXES
Parcel Number
NSMI-000013-000000-000408
Land Assessment
$504,300
Improvements Assessment
$885,700
Total Assessment
$1,390,000
Contacts
-
Eric Suffoletto -
Danny Griffin -
Matt Austin -
David Hoppe -
Atlantic Capital Partners
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16 Dowling Village Blvd
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