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DOM: 788 Updated: 04.28.24 Posted: 03.08.23 Status: Active

Summary

Price $3,285,714
Built/Renov 1999
Tenant Rite Aid
Cap Rate 7.00%
Lease Type Abs NNN
Guarantor Corp Traded
Size/SF 11,114
Lease Start 10-01-2004
#Units 1,690
Price/SF $295.64
Expiration 09-30-2029
Tenant Type Pharmacy
NOI $230,000
R. Term 4.5
Ownership Fee Simple
Rent/SF $20.69
Increases 13.0%/6/yrs
Pop 5Mi 97,631
Lot/AC 1.60
Options 8/5yrs/13%
AHHI 5Mi $64,330

Lease Highlights

  • Rite Aid has a 20+ year operating history at this location
  • The tenant has over 6.5 years remaining on its current lease with 8 (5-year) options to extend
  • Absolute NNN lease | Zero management responsibilities
  • Rite Aid is ranked 148 out of 500 in Fortune 500 List of largest U.S. corporations by total revenue
  • Corporate guarantee by Rite Aid Corp. (NYSE: RAD)

Location Description

Rite Aid is strategically located at the hard corner, signalized intersection of Gratiot Road (Hwy 46) & N Center Road which sees a combined 35,494 vehicles passing by daily. Numerous apartment complexes surround the subject property including Township Court Apartments (143 units), Camelot Place Apartments (282 units), Birch Hill Apartments (120 units), The Poplars Apartments (105 units), The...

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  • 1 Mile
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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 : 6,923 55,156 92,675
2023 Total Population : 7,001 55,933 94,115
2023 Employed Civilian Pop : 3,326 25,089 40,729
2023 Total Businesses : 199 1,637 3,600
2023 Average Household Income : $ 89,798 $ 70,356 $ 69,581
2023 Total Consumer Spending : $ 236 M $ 1505 M $ 2486 M
2023 Median Age : 48 42 41
2023 Total Households : 3,045 24,485 40,863
2023 Pop Age 25+: Bachelor's Degree : 1,288 6,641 11,101
2023 Average Home Value : $ 164,966 $ 139,231 $ 145,566
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
M 46 N Center Rd 2021 17,243 0.05 mi
M 46 S Center Rd 2021 15,267 0.07 mi
Seidel Rd Seidel Rd 2021 17,398 0.40 mi
M 46 Clunie St 2021 8,401 0.53 mi
Gratiot Rd Davis Dr 2015 18,500 0.67 mi
Gratiot Rd Saint Andrews Rd 2015 21,100 0.78 mi
Coolidge Ave Coolidge Ave 2021 8,058 0.96 mi
M 46 Western Dr 2021 2,584 0.96 mi
M 46 Edgewood Rd 2021 14,131 1.02 mi
S Center Rd River Forest Dr 2021 2,584 1.13 mi

Listing Broker

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Gabriel Britti

Marcus & Millichap

Contact
  • 88 Listings
  • 19164 Views
  • 52 Sold
Ronnie Issenberg

Marcus & Millichap

Contact
  • 88 Listings
  • 19164 Views
  • 52 Sold

Gabriel Britti, Senior Managing Director of Investments, co-founded the Issenberg Britti Group in 2009 and is a Senior Director of the National Retail Group and Associate Director of the Net Leased Properties Group of Marcus & Millichap Real Estate Investment Services. Gabriel loves what he does, has a thirst for knowledge and takes great pleasure in sharing that knowledge to advance clients towards their investment goals. Gabriel has a long list of loyal clients including some of the na

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Ronnie S. Issenberg, Senior Managing Director Investments and Director National Retail Group, has been working in the Investment Real Estate Community since 1998 managing his personal portfolio of Multi Family properties and since 2005, been a member of the National Retail, Net Leased Properties and Land Divisions of Marcus & Millichap, specializing in brokerage of Single Tenant Retail and Fuel Service Assets. Mr. Issenberg earned a Bachelor of Arts and Sciences degree from the University o

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