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Views: 71 Updated: 11.01.23 Posted: 11.01.23 Status: Inactive

Summary

Price $3,500,000
Built/Renov 1998
Tenant Rite Aid
Cap Rate 8.00%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 11,180
Lease Start 09-01-1998
#Units 2,309
Price/SF $313.06
Expiration 08-31-2028
Tenant Type Pharmacy
NOI $280,000
R. Term 3.8
Ownership Fee Simple
Rent/SF $25.04
Increases 4.5%/1/yrs
Pop 5Mi 134,841
Lot/AC 1.29
Options 4/5yrs/4.5%
AHHI 5Mi $58,202

Lease Highlights

  • Rite Aid has been operating in this location for 25+ years
  • Rite Aid executed a new 5-year lease extension with 5 (5-year) options to extend
  • Lease features an increase of 4.5% at beginning of each option
  • Favorable NN+ Lease | Minimal landlord responsibilities (roof and structure)
  • Corporate guarantee by Rite Aid (NYSE: RAD)

Location Description

The subject property, equipped with a drive-thru, is strategically located at the signalized, hard corner intersection of Saginaw Road and East Bristol Road, which see a combined 32,836 vehicles passing by daily. It is also just one-half mile from I-475, which has a traffic count in excess of 30K vehicles per day. Nearby national tenants include Kroger, Wendy’s, Dairy Queen, Rocky’s, Boost...

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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 : 10,268 62,320 134,897
2023 Total Population : 10,383 63,185 136,855
2023 Employed Civilian Pop : 3,596 22,968 53,999
2023 Total Businesses : 330 2,732 5,544
2023 Average Household Income : $ 44,998 $ 53,278 $ 60,333
2023 Total Consumer Spending : $ 172 M $ 1249 M $ 3084 M
2023 Median Age : 36 38 38
2023 Total Households : 4,341 26,681 58,212
2023 Pop Age 25+: Bachelor's Degree : 379 4,736 11,568
2023 Average Home Value : $ 73,562 $ 126,384 $ 142,006
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
SAGINAW ST Whitman St 2020 8,951 0.08 mi
S Saginaw St Pengelly Rd 2000 15,544 0.10 mi
Whitman St 2022 8,361 0.11 mi
BETWEEN COLERIDGE AND WHITMAN (IN FLINT) 2021 10,199 0.11 mi
South Grand Traverse Street 2019 3,172 0.33 mi
I-475 W Atherton Rd 2020 32,852 0.35 mi
FROM W HEMPHILL RD VIA NB S GRAND TRAVERSE ST 2021 6,149 0.35 mi
Clinton St 2022 4,720 0.35 mi
E Hemphill Rd 2022 27,681 0.35 mi
I 475 2021 33,609 0.35 mi

Listing Broker

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