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Rite Aid
1565 East Pierson Road, Flushing, MI 48433
$3,682,824
Cap Rate 8.50%
Summary
| Price $3,682,824 | Built/Renov 2003 | Tenant Rite Aid |
| Cap Rate 8.50% | Lease Type
NN+ | Guarantor Corp T and Rated |
| Size/SF
11,180
| Lease Start
01-01-2018
| #Units
2,309
|
| Price/SF $329.41 | Expiration
01-31-2029
| Tenant Type Pharmacy |
| NOI $313,040 | R. Term 5.1 | Ownership Fee Simple |
| Rent/SF
$28.00
| Increases 7.0%/6/yrs | Pop 5Mi 62,522 |
| Lot/AC 1.04 | Options 4/5yrs/7% | AHHI 5Mi $72,262 |
| | |
Lease Highlights
- Rite Aid has a 20+ year operating history at this location
- Rite Aid signed a lease extension in 2018 that expires in January 2029
- Lease contains 4 (5-year) renewal options
- The subject property features a drive-thru
- Corporate guarantee from Rite Aid Corp.
Location Description
This single tenant net leased Rite Aid has been operating at the subject property since 2003. It benefits from its position at the signalized hard corner of North Elms Road (10,702 VPD) and West Pierson Road (19,448 VPD). The subject property is also within proximity to Interstate 75 (78,294 VPD) and 15 minutes northwest of Flint, Michigan. The nearby trade area is supported by nearby major...
...Features
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Signalized intersection
-
Hard corner intersection
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Near major nationals
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Strategically located
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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 : | 4,050 | 23,327 | 61,596 |
| 2023 Total Population : | 4,107 | 23,743 | 62,587 |
| 2023 Employed Civilian Pop : | 1,781 | 10,692 | 26,049 |
| 2023 Total Businesses : | 174 | 655 | 1,734 |
| 2023 Average Household Income : | $ 79,556 | $ 90,897 | $ 72,210 |
| 2023 Total Consumer Spending : | $ 118 M | $ 770 M | $ 1632 M |
| 2023 Median Age : | 49 | 47 | 44 |
| 2023 Total Households : | 1,705 | 9,821 | 25,945 |
| 2023 Pop Age 25+: Bachelor's Degree : | 528 | 3,368 | 6,094 |
| 2023 Average Home Value : | $ 193,955 | $ 213,203 | $ 182,124 |
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| BETWEEN ELMS AND BEACON PT (IN FLUSHING) | Beacon Point Pkw | 2021 | 8,499 | 0.18 mi |
| North Elms Road | Kelly Rd | 2019 | 10,702 | 0.22 mi |
| Coutant St AND Cedarwood Dr | Kelly Rd | 2021 | 10,317 | 0.22 mi |
| PIERSON RD | Beacon Point Pkwy | 2020 | 7,687 | 0.26 mi |
| ELMS RD | Suzanne Ct | 2020 | 11,783 | 0.27 mi |
| BETWEEN PIERSON AND FLUSHING (IN FLUSHING) | E Pierson Rd | 2021 | 13,027 | 0.27 mi |
| E Pierson Rd | Riverview Blvd | 2021 | 5,843 | 0.33 mi |
| Flushing Rd | Fairway Ln | 2000 | 8,242 | 0.35 mi |
| W Pierson Rd | Commerce Dr | 2000 | 19,448 | 0.39 mi |
| Elms Rd | Woodvalley Dr | 2021 | 4,509 | 0.62 mi |
