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Rite Aid
1195 Boblett Street, Blaine, WA 98230
$7,803,131
Cap Rate 7.22%
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 10.1 | 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,...
...Features
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Signalized intersection
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Relocation store
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Major thoroughfare
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Income tax free state
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Long operation history
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Absolute NNN
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Limited competition
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Traded and rated company
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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 : | 5,206 | 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 |
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 |
