loader
Join Free
Views: 70 Updated: 12.21.23 Posted: 06.29.23 Status: Inactive

Summary

Price $1,470,000
Built/Renov 1950/1996
Tenant Rite Aid
Cap Rate 8.50%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 11,680
Lease Start 01-01-1995
#Units 2,309
Price/SF $125.86
Expiration 12-31-2026
Tenant Type Pharmacy
NOI $125,000
R. Term 1.9
Ownership Fee Simple
Rent/SF $10.70
Increases 4.7%/3/yrs
Pop 5Mi 182,570
Lot/AC 0.76
Options 3/5yrs/4.7%
AHHI 5Mi $56,524

Lease Highlights

  • Rite Aid has been operating in this location since 1995
  • Tenant has 3+ years remaining on its current lease term with 3 (5-year) options to extend
  • Lease features 4.7% rental increases every 5 years throughout the initial term and at the start of each option
  • Favorable NN+ Lease | Minimal landlord responsibilities (roof & structure)
  • Corporate guarantee by Rite Aid Corporation 

Location Description

This 11,680 square foot Rite Aid is situated on a .76 acre parcel at the signalized, hard corner intersection of West Saginaw Street and North Martin Luther King Boulevard with access to 30,000 vehicles per day. The site is adjacent to Sparrow Hospital’s St Lawrence Campus as well as a large medical office building providing a direct consumer base from the site to draw from. National/credit...

...

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...


...

Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 14,226 79,466 182,047
2023 Total Population : 13,801 78,944 181,339
2023 Employed Civilian Pop : 6,981 39,977 90,214
2023 Total Businesses : 1,080 3,736 7,191
2023 Average Household Income : $ 57,816 $ 67,382 $ 70,090
2023 Total Consumer Spending : $ 325 M $ 2114 M $ 4717 M
2023 Median Age : 34 37 32
2023 Total Households : 6,391 35,851 76,769
2023 Pop Age 25+: Bachelor's Degree : 2,367 12,005 25,021
2023 Average Home Value : $ 125,637 $ 149,496 $ 173,525
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
M-43 SAGINAW (1-WAY) Princeton Ave 2020 10,072 0.03 mi
North Martin Luther King Jr Boulevard Kirby Dr 2018 19,846 0.04 mi
W Saginaw St Kirby Dr 2021 17,460 0.05 mi
M-43 SAGINAW (1-WAY) N Logan St 2020 14,055 0.07 mi
N Butler Blvd W Lapeer St 2006 1,550 0.10 mi
BETWEEN M-43 OAKLAND AND SAGINAW (IN LANSING) Church Ct 2021 18,793 0.11 mi
Bartlett St I- 69 Bus Lp 2003 252 0.11 mi
N Butler Blvd Bancroft Ct 2006 1,275 0.13 mi
W Lapeer St Leitram Ct 2006 775 0.16 mi
M-43 OAKLAND (1-WAY) N Logan St 2020 9,560 0.16 mi

Listing Broker

Loading...
Disclaimer & Confidentiality
All information, content, data, and other materials on this Platform (“Content”) is made available to you on an “AS IS” basis without warranties of any kind, express or implied. All such Content is made available for informational purposes only and should not be relied on by you for any purpose. Content may contain errors, may be inaccurate or incomplete and/or, due to changing circumstances or other causes, may change or ultimately prove to be inaccurate or incomplete. Other than as set forth in our Terms of Service we do not have any control over your use of our Services or any Content. You should not use any such Services or any Content without validating the results through independent research, obtaining up-to-date information, and considering all relevant facts and circumstances, including your specific situation (financial or otherwise). We do not recommend, guarantee, or represent that the Services or any Content will predict the future performance of real estate assets or other assets of any kind. Moreover, we do not warrant the performance or results that may be obtained by using any of the foregoing. WE ARE NOT ENGAGED IN RENDERING TAX, LEGAL, INVESTMENT, FINANCIAL OR RISK MANAGEMENT ADVICE, AND THE RESULTS OF USE OF OUR SERVICES AND ANY CONTENT MUST NOT BE REGARDED OR REPRESENTED AS CONSTITUTING SUCH ADVICE. WE DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES REGARDING THE ACCURACY OF ANY CONTENT AND/OR PROJECTIONS GENERATED BY THE SERVICES OR ANY CONTENT

GET IN TOUCH

my activity