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Views: 77 Updated: 11.09.23 Posted: 10.10.23 Status: Inactive

Summary

Price $5,158,912
Built/Renov 2017
Tenant Rite Aid
Cap Rate 8.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 11,085
Lease Start 06-14-2017
#Units 2,309
Price/SF $465.40
Expiration 06-30-2037
Tenant Type Pharmacy
NOI $412,713
R. Term 12.7
Ownership Fee Simple
Rent/SF $37.23
Increases 10.0%/14/yrs
Pop 5Mi 48,369
Lot/AC 3.45
Options 6/5yrs/10%
AHHI 5Mi $165,173

Lease Highlights

  • Relocation store with heavy foot traffic
  • Rite Aid has 13+ years remaining on the current lease term with 6 (5-year) options to extend
  • The lease features 10% rental increases at the beginning of each option period
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Rite Aid is located on Easton Road/Route 611, with a daily traffic count of 16,266 vehicles. The subject property benefits from excellent accessibility, frontage, and visibility, featuring two points of ingress/egress. Furthermore, a nearby residential community called Lantern Ridge, comprising over 100 townhomes, is currently being constructed within a mile of the property. The surrounding...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Thrift Drug, Inc.
  • 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 : 2,573 17,879 49,092
2023 Total Population : 2,553 17,774 48,831
2023 Employed Civilian Pop : 1,393 9,538 25,582
2023 Total Businesses : 152 562 2,396
2023 Average Household Income : $ 165,182 $ 175,236 $ 168,956
2023 Total Consumer Spending : $ 117 M $ 903 M $ 2655 M
2023 Median Age : 39 40 44
2023 Total Households : 863 6,173 18,735
2023 Pop Age 25+: Bachelor's Degree : 663 4,435 12,356
2023 Average Home Value : $ 527,930 $ 549,502 $ 572,273
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Easton Rd Old Easton Rd 2017 16,226 0.14 mi
Easton Road Haring Rd 2021 14,174 0.15 mi
Stump Rd Cabin Run Rd 2017 3,317 0.39 mi
Creamery Rd Easton Rd 2017 16,226 0.54 mi
Curly Hill Rd Valley PkRd 2017 1,610 0.58 mi
Curly Hill Road Haverhill Ln 2021 1,028 0.81 mi
Easton Rd Haring Rd 2017 16,226 0.83 mi
N Easton Rd Curly Hill Rd 2017 18,294 0.99 mi
Stump Rd Potters Ln 2017 4,520 1.08 mi
Stump Road Haring Rd 2021 3,333 1.11 mi

Listing Broker

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