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Rite-Aid Absolute-Net NNN

1001 Elida Ave, Delphos, OH 45833, USA
$2,347,230

Description

Marcus & Millichap is pleased to present for sale this Net Leased Rite Aid located at 1001 Elida Ave, Delphos, Ohio in Allen County, just a short drive South of Toledo, OH. The subject property consists of 11,180 square feet that is situated on a large 1.78 Acre parcel of land with full service pharmacy drive-thru window. This Rite Aid benefits from the strategic location at the corner of Elida Avenue and Summers Lane with an above average household income exceeding $60,000, annually. There is no direct Walgreen’s competition in the area; the closest Walgreen’s is 12 miles away in Lima, OH. There are 9.5 years remaining on the recent ten – year extension to the original 20-year, double net (NN) lease where the landlord is responsible for roof, structure and minimal City tax which was $1,705 in 2016. The new ten – year extension reiterates the Tenant’s strong commitment to this location. The offering provides a flat initial term with three percent increases in each of the six five-year option periods. This property is located in a strong retail corridor that is home to many national retailers including; McDonald’s, O’Reilly’s Auto Parts, US Bank, Family Dollar, Auto Zone and Perkin’s Restaurant to name a few. St Rita’s Medical Center is within one mile of the store and adds to the continued success of this Rite Aid. Rite Aid ranks third (behind Walgreen and CVS) in the US retail drugstore business, with more than 4,600 drugstores in more than 30 states and the District of Columbia. Rite Aid stores generate roughly 70 percent of their sales from filling prescriptions, while the rest comes from selling health and beauty aids, convenience foods, greeting cards, and more, including some 3,500 Rite Aid brand private-label products. More than 60 percent of all Rite Aid stores are freestanding and over half have drive-drive pharmacies. The company was founded in 1962 and is in negotiations of being purchased by pharmacy leader Walgreen’s Boots Alliance.

 

■ CORPORATELY GUARANTEED BY RITE AID (NYSE: RAD)
■ S&P B CREDIT RATING
■ OVER 9.5 YEARS REMAINING ON A NEWLY EXTENDED 10 – YEAR LEASE
■ SURROUNDED BY MAJOR RETAILERS
■ NO DIRECT WALGREENS COMPETITION – CLOSEST WALGREENS IS 12
MILES AWAY
■ TENANT RECENTLY EXTENDED 10 YEAR LEASE
■ ABOVE AVERAGE HOUSE HOLD INCOME EXCEEDING $60,000, ANNUALLY

  • Address: 1001 Elida Ave
  • City: Delphos
  • State/county: Ohio
  • Zip/Postal Code: 45833
  • Country: United States

Detail

  • Price: $2,347,230
  • Year Built: 1998

Additional details

  • CAP Rate: 6.50%
  • NOI: $152,571

Features