Rite Aid
45 East Ave, Tallmadge, Ohio 44278
$5,169,758
Cap Rate 8.25%
Summary
| Price $5,169,758 | Built/Renov 2007 | Tenant Rite Aid |
| Cap Rate 8.25% | Lease Type
Double NN | Guarantor Corp T and Rated |
| Size/SF
14,564
| Lease Start
02-01-2007
| #Units
2,309
|
| Price/SF $354.97 | Expiration
01-31-2028
| Tenant Type Pharmacy |
| NOI $426,505 | R. Term 4.1 | Ownership Fee Simple |
| Rent/SF
$29.28
| Increases 3.0%/4/yrs | Pop 5Mi 184,917 |
| Lot/AC 2.23 | Options 6/5yrs/3% | AHHI 5Mi $51,109 |
| | |
Lease Highlights
- Rite Aid has been operating in this location since 2007
- Tenant has over 4 years remaining in the current lease term with 6 (5-year) options to extend
- Lease features 3% rental increases every 5 years throughout the initial term and at each option
- Corporate guarantee by Rite Aid Corp. (Rite Aid Corp.)
Location Description
This single tenant net leased Rite Aid property benefits from its position along East Avenue, which leads to the center of Tallmadge and experiences more than 112,722 vehicles per day, and its close proximity to Interstate 76 (69,952 VPD). The local trade area is supported by a number of nationally recognized tenants that neighbor the Rite Aid property, including ALDI, Giant Eagle, Save-A-Lot,...
...Features
-
In location for years
-
Near major nationals
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Freeway close
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Strong tenant synergy
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Dense 100M+ pop 5 mi
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Top 100 MSA
-
Long operation history
-
Traded and rated company
-
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 : | 5,136 | 59,465 | 182,345 |
| 2023 Total Population : | 5,243 | 60,267 | 184,600 |
| 2023 Employed Civilian Pop : | 2,635 | 29,598 | 88,462 |
| 2023 Total Businesses : | 332 | 1,789 | 6,409 |
| 2023 Average Household Income : | $ 96,903 | $ 77,042 | $ 73,928 |
| 2023 Total Consumer Spending : | $ 206 M | $ 1766 M | $ 5171 M |
| 2023 Median Age : | 49 | 43 | 40 |
| 2023 Total Households : | 2,458 | 26,284 | 80,158 |
| 2023 Pop Age 25+: Bachelor's Degree : | 923 | 7,854 | 23,824 |
| 2023 Average Home Value : | $ 224,881 | $ 188,574 | $ 180,641 |
