Firestone | New 10yr Modified NNN 721 Reservoir Ave 10,900 SF Office Building Cranston, RI 02910 £2,631,566 (£241.43/SF) 6% Net Initial Yield
INVESTMENT HIGHLIGHTS
- New 10-Year, Modified NNN Lease | Scheduled Rental Increases | Corporate Guaranteed | Well-Known & Established Brand
- Direct Residential Consumer Base | Affluent Community |Strong Demographics in 5-Mile Trade Area
- Located Along Reservoir Avenue | Centralized Location |Dense Retail Trade Area with a Strong Tenant Presence
EXECUTIVE SUMMARY
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a modified NNN, freestanding, Firestone Auto Care investment property located in Cranston, RI (Providence MSA). The tenant, Bridgestone Retail Operations, LLC (dba Firestone), recently signed a brand new 10-year lease with 6 (5-year) option periods to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and options, growing NOI and hedging against inflation. The lease is guaranteed by the corporate entity and is modified NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Founded in 1926, Firestone delivers high quality automotive maintenance and repairs, making them among the leading chains within the automotive space with over 1,700 operating locations and 4,000 ASE certified technicians.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Building Size
10,900 SF
Building Class
C
Year Built
1931
Price
£2,631,566
Price Per SF
£241.43
Net Initial Yield
6%
NOI
£157,894
Tenancy
Single
Number of Floors
1
Typical Floor Size
10,900 SF
Slab to Slab
14 ft
Building FAR
0.34
Lot Size
0.74 AC
Zoning
C4 - Regional commercial center located outside of the central business districts
Parking
26 Spaces (2.39 Spaces per 1,000 SF Leased)
AMENITIES
- Signage
- High Ceilings
1 of 1
Walk Score®
Very Walkable (88)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £427,784 | |
| Land Assessment | £86,842 | Total Assessment | £514,626 |
