Rite Aid

1664 West Grand River Road, Okemos, MI 48864

$2,566,000

Cap Rate 7.25%

Views: 209 DOM: 504 Updated: 05.20.24 Posted: 09.15.23 Status: Active

Summary

Price $2,566,000	Built/Renov 1998	Tenant Rite Aid
Cap Rate 7.25%	Lease Type Double NN	Guarantor Corp Traded
Size/SF 1,180	Lease Start 10-01-1998	#Units 1,690
Price/SF $2,174.58	Expiration 10-01-2023	Tenant Type Pharmacy
NOI $186,035	R. Term 1.4	Ownership Fee Simple
Rent/SF $157.66	Increases 0.0%/0/yrs	Pop 5Mi 93,933
Lot/AC 1.86	Options 5/5yrs	AHHI 5Mi $109,077

Lease Highlights

Rite Aid has a 25+ year operating history at this location
The lease contains 5 (5-year) option periods left to extend
The lease features $0.75 PSF rental increase at the beginning of each option
Landlord responsibilities include roof, structure, exterior utility lines, and taxes
Tenant reimburses landlord for all tax expenses
Corporate guaranteed lease (NYSE: RAD)

Location Description

Rite Aid is strategically located at the signalized, hard corner intersection of W. Grand River Road and Central Park Drive, averaging a combined 37,100 vehicles passing by daily. W. Grand River Road / State Highway 43 is a commonly used commuter route that provides direct access into Downtown Lansing. The freestanding building is complete with a drive-thru. Rite Aid is ideally situated within...

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Key Features

Signalized intersection
Hard corner intersection
Dense retail corridor
Highway location
Affluent AHHI $100K 5 Mi
Major MSA
Long operation history
Store sales reported
Traded and rated company
Corporate Guarantee

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Links

Rite Aid Wikipedia Rite Aid Wikipedia Okemos, Michigan Zip Code 48864 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Rite Aid
Guarantor:Corp Traded
Company:Rite Aid Corporation
# Units:1,690
Stock: OTC: RADCQ

About Tenant

Rite Aid Corporation (OTC: RADCQ) is a leading American drugstore chain. Rite Aid stores offer an array of health products as well as basic healthcare services. It was founded in 1962 in...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	6,316	46,796	94,272
2023 Total Population :	5,994	46,427	94,091
2023 Employed Civilian Pop :	3,460	24,173	48,107
2023 Total Businesses :	393	1,651	3,264
2023 Average Household Income :	$ 119,765	$ 116,195	$ 107,804
2023 Total Consumer Spending :	$ 249 M	$ 1782 M	$ 3188 M
2023 Median Age :	37	34	28
2023 Total Households :	2,453	17,812	34,145
2023 Pop Age 25+: Bachelor's Degree :	1,345	8,791	15,113
2023 Average Home Value :	$ 300,627	$ 304,474	$ 304,969

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
W Grand River Ave		2021	10,897	0.04 mi
M 43		2021	11,804	0.05 mi
M-43 GR. RIVER	Central Park Dr	2020	10,373	0.05 mi
100 FEET SOUTH OF M-43(GRAND RIVER)		2021	7,975	0.07 mi
DOBIE ROAD	W Grand River Ave	2020	6,999	0.07 mi
M 43		2021	11,877	0.12 mi
M-43 GRAND RIVER	Hamilton Rd	2020	10,437	0.12 mi
CENTRAL PARK DR	Dobie Rd	2020	9,564	0.12 mi
W Grand River Ave	Country WayE	2003	14,400	0.14 mi
DOBIE RD	Minoka Trl	2020	8,677	0.19 mi

Listing Broker

Frank Rogers

SRS National Net Lease Group

Contact

37 Listings
5567 Views
3 Sold

Michael Carter

SRS National Net Lease Group

Contact

36 Listings
5434 Views
3 Sold

Frank Rogers

Frank Rogers joined the National Net Lease Group as first vice president in the Detroit office in 2018. He specializes in the acquisition and disposition of single-tenant and multi-tenant net-leased investment properties. Frank joined SRS with more than five years of retail investment sales experience. At his previous firm, Frank was responsible for the management of his clients’ real estate portfolios across the nation, for which he advised them on the best course of action for their invest

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Michael Carter

Michael Carter joined the National Net Lease Group as first vice president in the Detroit office in 2018. He specializes in the acquisition and disposition of single-tenant and multi-tenant net-leased investment properties. Michael joined SRS with seven years of retail investment sales experience. Prior to joining SRS, he served as senior director with his previous firm. Michael’s deep understanding of the net lease industry and constantly growing market knowledge has earned him several oppo

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