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Rite Aid
2704 Belmont Avenue, Youngstown, OH 44505
$2,336,871
Cap Rate 8.50%
Summary
| Price $2,336,871 | Built/Renov 1996 | Tenant Rite Aid |
| Cap Rate 8.50% | Lease Type
NN+ | Guarantor Corp T and Rated |
| Size/SF
11,325
| Lease Start
11-01-1996
| #Units
2,309
|
| Price/SF $206.35 | Expiration
10-25-2026
| Tenant Type Pharmacy |
| NOI $198,634 | R. Term 2.10 | Ownership Fee Simple |
| Rent/SF
$17.54
| Increases 5.0%/3/yrs | Pop 5Mi 103,122 |
| Lot/AC 0.98 | Options 4/5yrs/5% | AHHI 5Mi $47,968 |
| | |
Lease Highlights
- Rite Aid has been operating in this location for over 25 years
- Tenant has over 3 years remaining in the current lease term with 4 (5-year) options to extend
- Lease features 5% rental increases every 5 years throughout the initial term and at each option
- Favorable NN+ lease with landlord responsible for roof and structure
- Corporate guarantee by Rite Aid Corp. (Rite Aid Corp.)
Location Description
This net leased Rite Aid property is strategically located at the signalized, hard corner location along Belmont Ave (17,189 VPD), which is a primary north-south thoroughfare. The property is positioned just off of and can be easily accessed from Interstate 80 (50,096 VPD) and Route 711 (24,979). The nearby trade area benefits from strong tenant synergy, with tenants including Walmart...
...Features
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Signalized intersection
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Major thoroughfare
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Near major nationals
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Dense 100M+ pop 5 mi
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Major MSA
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Long operation history
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Favorable NN+ lease
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Traded and rated company
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Over 2000 units backed
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Corporate Guarantee
...
Maps
Tenant
- Tenant: Rite Aid
- Guarantor:Corp T and Rated
- Company:Rite Aid Corp.
- # Units:2,309
- Tenant S&P: CCC+
- Moody’s: Caa2
- Stock:NYSE: RAD
About Tenant
Rite Aid Corporation is one of the leading drugstore chains in the United States. It was founded in 1962 in Scranton, PA under the name Thrift D Discount Center. Rite Aid adopted its current name...
...
Demographics
| 1 Miles | 3 Miles | 5 Miles | |
| 2028 Total Population : | 5,518 | 41,357 | 100,613 |
| 2023 Total Population : | 5,603 | 41,872 | 102,053 |
| 2023 Employed Civilian Pop : | 2,345 | 15,232 | 41,379 |
| 2023 Total Businesses : | 305 | 2,061 | 3,509 |
| 2023 Average Household Income : | $ 62,692 | $ 53,273 | $ 56,326 |
| 2023 Total Consumer Spending : | $ 139 M | $ 807 M | $ 2180 M |
| 2023 Median Age : | 44 | 40 | 42 |
| 2023 Total Households : | 2,522 | 17,185 | 43,947 |
| 2023 Pop Age 25+: Bachelor's Degree : | 631 | 3,798 | 9,513 |
| 2023 Average Home Value : | $ 144,974 | $ 134,501 | $ 135,761 |
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| Belmont Avenue | Crumrine St | 2021 | 16,314 | 0.04 mi |
| GYPSY LN | Northview Blvd | 2020 | 11,529 | 0.08 mi |
| Belmont Ave | Granada Ave | 2014 | 16,330 | 0.10 mi |
| E Gypsy Ln | 2019 | 13,133 | 0.10 mi | |
| Belmont Ave | Colonial Dr | 2018 | 19,899 | 0.19 mi |
| Gypsy Ln | Goleta Ave | 2019 | 12,450 | 0.19 mi |
| GYPSY LN | Crumrine St | 2020 | 11,846 | 0.19 mi |
| Roosevelt Dr | Northview Blvd | 2012 | 925 | 0.27 mi |
| Northview Blvd | Roosevelt Dr | 2012 | 849 | 0.31 mi |
| FREDERICK ST | Colonial Dr | 2020 | 4,316 | 0.32 mi |
