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Tesla 77 Reservoir Ave 77,985 SF 100% Leased Retail Building Providence, RI 02907 $20,790,971 CAD ($266.60 CAD/SF) 6.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Corporate Guarantee from Tesla, Inc
- Continued Growth in the Electric Vehicle Sector
- Recent Lease Execution with Strong Rental Increases
- Heavy Traffic in the Immediate Area
EXECUTIVE SUMMARY
Surmount is pleased to present the exclusive listing for a Tesla Sales, Service, & Delivery Center located at 77 Reservoir Ave, Providence, RI 02907. The site consists of roughly 77,985 rentable square feet of building space on an estimated 12.24-acre parcel of land. This Tesla Sales, Service, & Delivery Center is subject to a 10-year Double Net (NN) lease, which commenced 6/25/2024. The current annual rent is $968,616 and has scheduled increases of 10.00% every 5 years.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Auto Dealership
Building Size
77,985 SF
Building Class
C
Year Built
2023
Price
$20,790,971 CAD
Price Per SF
$266.60 CAD
Cap Rate
6.50%
NOI
$1,351,413 CAD
Percent Leased
100%
Building Height
1 Story
Building FAR
0.15
Lot Size
12.24 AC
Zoning
C-3
Frontage
290’ on Adelaide Ave
AMENITIES
- Freeway Visibility
- Signage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | PROV-510326-000000-000000 | Improvements Assessment | $10,703,398 CAD |
| Land Assessment | $2,542,164 CAD | Total Assessment | $13,245,562 CAD |
PROPERTY TAXES
Parcel Number
PROV-510326-000000-000000
Land Assessment
$2,542,164 CAD
Improvements Assessment
$10,703,398 CAD
Total Assessment
$13,245,562 CAD
CONTACTS
-
Anthony D'Ambrosia -
Josh Kanter -
Stewart Hickey -
Glen Kunofsky -
Christopher Marks -
Surmount
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Tesla | 77 Reservoir Ave
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