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Views: 85 Updated: 12.27.23 Posted: 05.03.23 Status: Inactive

Summary

Price $6,740,286
Built/Renov 2009
Tenant Rite Aid
Cap Rate 8.75%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,873
Lease Start 03-06-2009
#Units 2,309
Price/SF $453.19
Expiration 03-31-2029
Tenant Type Pharmacy
NOI $589,775
R. Term 4.8
Ownership Fee Simple
Rent/SF $39.65
Increases 10.0%/6/yrs
Pop 5Mi 145,472
Lot/AC 1.73
Options 5/5yrs/10%
AHHI 5Mi $56,034

Lease Highlights

  • Rite Aid has been operating in this location since 2009
  • Tenant has 5+ years remaining on its current lease term with 5 (5-year) options to extend and 1 (3-year, 11 months)
  • Rental escalations throughout the renewal options
  • Absolute NNN lease with zero landlord responsibilities
  • Corporate guarantee from Rite Aid Corp.

Location Description

This single tenant net leased Rite Aid property is positioned at the signalized intersection along Hamilton Street, which is the area’s retail corridor and experiences more than 19,560 vehicles per day. There are a number of nationally recognized tenants that support the immediate retail area, those of which include Walmart Supercenter, Wegmans, Tractor Supply Company, Big Lots, McDonald’s and...

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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 : 6,997 16,194 19,853
2023 Total Population : 7,039 16,079 19,762
2023 Employed Civilian Pop : 3,325 7,931 9,813
2023 Total Businesses : 230 776 896
2023 Average Household Income : $ 86,265 $ 83,796 $ 86,891
2023 Total Consumer Spending : $ 191 M $ 483 M $ 616 M
2023 Median Age : 32 38 40
2023 Total Households : 2,546 6,610 8,131
2023 Pop Age 25+: Bachelor's Degree : 869 2,138 2,599
2023 Average Home Value : $ 203,508 $ 210,741 $ 212,532
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Cross St 2021 598 0.12 mi
Cross St 2021 1,662 0.24 mi
Washington St Norwood Ave 2019 4,164 0.26 mi
Washington Street Monroe St 2021 3,872 0.26 mi
Reed Street W Washington St 2021 1,366 0.33 mi
West Washington Street Pre Emption Rd 2021 2,737 0.39 mi
Pre Emption Rd Lenox Rd 2019 2,943 0.39 mi
Hamilton Street Reed St 2021 20,324 0.40 mi
Washington St 2021 156 0.42 mi
Division St 2021 148 0.50 mi

Listing Broker

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