300 Toll Gate Rd is an office property for lease in Warwick, RI.
300 Toll Gate Road is a 4-story, 40,000 SF medical office building located in the heart of the Medical Mile. The property sits in an excellent location, on Toll Gate Road between Route 117 and Route 2 in Warwick, Rhode Island .
The site is located 1/4 mile from the Kent Hospital Campus, RI's second largest hospital and 1/2 mile from access to Interstate 95. It is surrounded by other medical buildings, restaurants, coffee shops and other every day conveniences. The location makes for an easy commute for staff and patients alike.
The building is owned by a group of doctor partners who are offering to sell and lease back their office suites from the new owner. The building is currently 55% occupied and has just embarked on a new lease-up program. This is a value add medical office building.
The in-place NOI, based upon actual income, plus the owner lease backs is projected at $148,330. That NOI projects to a 5.2% cap rate, at the current occupancy. Additional lease up will enable the building to operate at a very high level of profitability. The asking price per square foot of $71.25 is well below replacement cost.
Financials are available for review upon our receipt of a signed Confidentiality Agreement.