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Views: 74 Updated: 12.27.23 Posted: 05.04.23 Status: Inactive

Summary

Price $7,803,131
Built/Renov 2014
Tenant Rite Aid
Cap Rate 7.22%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 17,340
Lease Start 02-01-2014
#Units 2,309
Price/SF $450.01
Expiration 01-31-2034
Tenant Type Pharmacy
NOI $563,727
R. Term 9.7
Ownership Fee Simple
Rent/SF $32.51
Increases 10.0%/1/yrs
Pop 5Mi 14,911
Lot/AC 1.94
Options 6/5yrs/10%
AHHI 5Mi $90,070

Lease Highlights

  • Rite Aid has over 10 years remaining on the current lease term with 6 (5-year) options to extend
  • Lease features 10% rental increases in year 11 of the initial term and every 10 years during each option
  • NOI of $563,727 is based on Feb 2024 escalation
  • Absolute NNN lease with zero landlord responsibilities
  • Corporate guarantee from Rite Aid Corp.

Location Description

The single tenant net leased Rite Aid property benefits from its location at the hard corner of a signalized intersection along Truck Route 543 which is a primary north-south thoroughfare. The property is positioned immediately off of Interstate 5 and is just south of the United State/Canadian border. Visibility is also supported by the Rite Aid property’s proximity to Blaine Primary,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

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...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 5,206 9,007 17,185
2023 Total Population : 4,964 8,714 16,663
2023 Employed Civilian Pop : 2,130 3,735 6,892
2023 Total Businesses : 296 380 558
2023 Average Household Income : $ 89,031 $ 113,545 $ 121,115
2023 Total Consumer Spending : $ 150 M $ 341 M $ 738 M
2023 Median Age : 42 45 49
2023 Total Households : 1,982 3,520 7,080
2023 Pop Age 25+: Bachelor's Degree : 708 1,255 2,522
2023 Average Home Value : $ 429,532 $ 555,241 $ 574,342
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Boblett St Hwy 543 2013 4,222 0.04 mi
State Hwy 543 Boblett St 2012 10,000 0.04 mi
Fir Ave Fir St 2019 11,000 0.07 mi
WA 543 Pipeline Rd 2021 4,524 0.07 mi
Boblett St Yew Ave 2017 1,727 0.09 mi
Yew Ave Boblett St 2009 1,338 0.10 mi
I- 5 Cedar St 2017 9,400 0.14 mi
State Hwy 543 H St 2015 12,000 0.25 mi
Mitchell Ave Cherry St 2007 3,001 0.26 mi
WA 543 Boblett St 2021 5,443 0.27 mi

Listing Broker

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