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Views: 59 DOM: 423 Updated: 05.24.24 Posted: 04.05.23 Status: Active

Summary

Price $2,608,600
Built/Renov 1999
Tenant Rite Aid
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corp Traded
Size/SF 11,207
Lease Start 01-20-2023
#Units 1,690
Price/SF $232.77
Expiration 01-19-2038
Tenant Type Pharmacy
NOI $156,520
R. Term 13.7
Ownership Fee Simple
Rent/SF $13.97
Increases 5.0%/5/yrs
Pop 5Mi 159,443
Lot/AC 2.27
Options 9/5yrs/5%
AHHI 5Mi $87,264

Lease Highlights

  • Rite Aid has been operating in this location for 24+ years
  • Brand-new 15-year lease with 9 (5-year) options to extend
  • Lease features 5% rental increases every 5 years throughout the initial term and at each option period
  • Absolute NNN with zero landlord responsibilities
  • Corporate guarantee by Rite Aid Corp. (NYSE: RAD)

Location Description

This Rite Aid is strategically positioned at signalized intersections on two corners of the property and is easily accessible with multiple points of access along Martin Luther King Jr Boulevard, University Drive and Featherstone Street which see a combined 62,400 vehicles passing per day. The site is also directly off of State Highway 59 which sees 54,400 vehicles per day. Nearby major...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Rite Aid
  • Guarantor:Corp Traded
  • Company:Rite Aid Corporation
  • # Units:1,690
  • Stock: OTC: RADCQ

About Tenant

Rite Aid Corporation (OTC: RADCQ) is a leading American drugstore chain. Rite Aid stores offer an array of health products as well as basic healthcare services. It was founded in 1962 in...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 11,957 73,808 158,871
2023 Total Population : 12,026 73,916 158,154
2023 Employed Civilian Pop : 5,242 33,035 74,413
2023 Total Businesses : 188 2,692 6,608
2023 Average Household Income : $ 57,391 $ 65,381 $ 105,539
2023 Total Consumer Spending : $ 235 M $ 1679 M $ 5943 M
2023 Median Age : 35 36 40
2023 Total Households : 4,635 29,200 64,894
2023 Pop Age 25+: Bachelor's Degree : 820 7,035 23,762
2023 Average Home Value : $ 140,663 $ 201,073 $ 363,319
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Martin Luther King Jr Blvd N Featherstone St 2007 7,337 0.04 mi
BETWEEN EAST AND MAXWELL (IN PONTIAC) Martin Luther Ki 2021 6,614 0.04 mi
Martin Luther King Jr Blvd N Featherstone St 2015 23,801 0.04 mi
Martin Luther King Jr Blvd N University Dr 2015 43,713 0.05 mi
BETWEEN EAST AND VALENCIA (IN PONTIAC) Martin Luther Ki 2021 7,979 0.06 mi
Featherstone St Mlk Jr Blvd N 2015 5,672 0.06 mi
University Dr Spruce St 2015 22,984 0.07 mi
Martin Luther King Jr Blvd N University Dr 2015 42,588 0.08 mi
BETWEEN M-59 INT AND FEATHERSTONE (IN PONTIAC) Featherstone St 2021 22,459 0.17 mi
Martin Luther King Jr Blvd N Hwy 24 2008 20,490 0.24 mi

Listing Broker

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