Listed by MG Commercial
$810,000
306 Broad Street
Details
APN Plat 5; Lots 1 & 2,Plat 44; Lot 0450
Property Type Retail
Sub Type Shopping Center
Square Footage 5,144
Cap Rate 7.00%
NOI $56,684
Occupancy 100%
Tenancy Single
Brand/Tenant On-The-Go Laundromat, Fiesta Tex-Mex
Lease Type NNN
Rent Bumps Yes
Pro-Forma Cap Rate 8.10%
Pro-Forma NOI $65,586
Lot Size (SqFt) 10,639
Zoning C-2
Parking Spaces 10 spaces
Parking per 1,000 SqFt 1.94
Investment Type Net Lease
306 Broad Street, Central Falls, RI 02863
Marketing description
For Sale: fully leased 5,144 SF retail strip center with On-The-Go Laundromat and Fiesta Tex-Mex restaurant. The laundromat was recently updated with new flooring, lighting, interior paint, HVAC & duct work. In addition, the restaurant space was recently renovated and is in like-new condition. On-The-Go Laundromat leases the entire building and sub-leases to the restaurant. There are 7 years and 10 months remaining on the 10-year lease and parking for 10 cars.
The Subject property is located on Broad Street in Central Falls (and Pawtucket). It is directly across from CVS Pharmacy and near Bank of America, Dollar General, and in close proximity to Route 95 on/off ramps.
Investment highlights
- Current NOI $56,684 = 7% Cap
- Average NOI $65,586 = 8.1% Cap (throughout the initial term)
- Healthy yearly increases that average 3.8% throughout the term
- Triple Net Lease
- Sufficient on-site parking
- Corner lot at Nickerson and Broad Street
Listing Contacts
Listed by MG Commercial
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$56,684.00
$4,723.67/mo
Valuation Metrics
0
DSCR
7%
Cap Rate
7%
ROI
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