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Views: 71 Updated: 12.27.23 Posted: 05.03.23 Status: Inactive

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 4.7
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...

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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 : 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
*ESRI data is presented for informational purposes only

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

Listing Broker

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