500 Main Rd, Tiverton, RI 02878 For Sale

LONG-TERM LEASES: CVS has been at this location since 2009 and exercised their first renewal option 10 years early, demonstrating their commitment to the site and the market. CVS has 13+ years remaining on their Lease with five (5), 5-year renewal options. Sakonnet River Grille has been at this location since 2022 and has 6+ years remaining on their Lease with one (1), 5-year renewal option.

SCHEDULED RENT INCREASES: The CVS lease calls for attractive rent increases every five years throughout the primary lease term and at the start of each option period, and Sakonnet River Grille’s lease calls for an attractive 9.1% rent increase at the start of its option period, providing the investor with an attractive increase in revenue and hedge against inflation.

NET LEASES: CVS has a Triple Net (NNN) Lease and reimburses its pro-rata share of all operating expenses, repairs and maintenance, and is responsible for its roof and structural replacements. Sakonnet River Grill has a double net lease and reimburses its pro-rata share of all operating expenses, repairs and maintenance making this an attractive investment for the passive real estate investor.

INVESTMENT GRADE ANCHOR: CVS Health (NYSE: CVS) is a publicly traded company and the largest retail pharmacy in the country with over 9,160 locations. The company holds an investment grade credit rating of BBB (S&P) and Baa3 (Moody’s) and reported 2024 revenues of over $372.8 billion, a 4.2% increase over 2023 revenues.

PRIME RETAIL LOCATION: The Property is situated along Main Road (RI Route 138), the area’s primary commercial and commuter corridor in the North End of Tiverton. The Property enjoys excellent frontage and visibility with four (4) points of access. The well-maintained Property is adjacent to Tom’s Market (grocery store) and Dunkin’ and is 1.5 miles from the Fall River Expressway (RI Route 24). The Property offers easy access to Downtown Fall River and is convenient to national and local retailers and restaurants and Bally’s Tiverton, all of which drive traffic to the area. The Property is surrounded by densely populated residential neighborhoods and area schools that provide a built-in customer base.

ECONOMIC DRIVERS: The Property is 3.5 miles from Bally’s Tiverton, which has brought a modern entertainment and hospitality element to the town, contributing to local tax revenues and job opportunities. Bally’s Tiverton offers a gaming floor with 1,000 slot machines and 32 live table games, an on-site, full-service Sportsbook, as well as an 83-room hotel, dining options, and live entertainment. The property includes a fitness center and meeting space and offers a variety of amenities.

RETAIL TRADE AREA: Notable tenants and attractions drawing consumers to the trade area include Tom’s Market (grocery store), Market Basket, Aldi, Ocean State Job Lot, TJ Maxx, Five Below, Staples, Crunch Fitness, Walgreens, Dollar General, 110 Grill, Starbucks, McDonald’s, Chick-fil-A, Raising Cane’s, Chipotle, Burger King, and Jersey Mike’s.

TRAFFIC COUNTS: Over 8,500 vehicles pass the Property every day at the intersection of Briarwood Avenue and Main Road (RI Route 138).

DEMOGRAPHICS: Approximately 52,700 people live within 3-miles of the Property with an average household income of $89,480. More than 134,100 people live within 5-miles of the Property with an average household income of $96,605. Additionally, there are more than 44,200 employees within 5-miles of the Property.