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Rite Aid Absolute-Net NNN in Wellsboro, PA

24 East Ave, Wellsboro, PA 16901, USA
$5,376,577

Description

Marcus & Millichap is pleased to present for sale this Net-Leased Rite Aid located at 24 East Avenue, Wellsboro, Pennsylvania in Tioga County, just a two hours drive North of Harrisburg, PA and a two hours drive South of Buffalo, NY. The subject property consists of 13,813 square feet that is situated on a large 1.46 acre parcel of land with two, full service pharmacy drive-thru window and a Rite Aid Wellness Clinic within the store. This Rite Aid benefits from the strategic location at the signalized intersection of East Avenue and Grant Street with a traffic count over 11,000 vehicles per day and day time population with an average household income exceeding $58,000, annually. There is no direct Walgreen’s competition in the area; the closest Walgreen’s is 42 miles away in Corning, PA. There are 6.5 years remaining on an original 20-year,  Absolute Net Lease (NNN) where the landlord has no responsibilities to the property. The offering provides a flat initial term with two percent increases in each of the two five-year option periods. The property is situated at a signalized intersection and has excellent ingress and egress through three different access points. This Rite Aid is within a mile of the University of Pittsburgh Medical Center And Susquehanna Soldiers plus Sailors Hospital. Rite Aid ranks third (behind Walgreen’s 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-thru 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 6.5 YEARS REMAINING ON THE INITIAL TERM
■ RITE AID WELLNESS CLINIC WITHIN THE STORE
■ SIGNALIZED INTERSECTION
■ OVER 11,000 VEHICLES PER DAY

 

 

  • Address: 24 East Ave, Wellsboro
  • City: Wellsboro
  • State/county: Pennsylvania
  • Zip/Postal Code: 16901
  • Country: United States

Detail

  • Price: $5,376,577
  • Year Built: 2003

Additional details

  • CAP Rate: 6.75%
  • NOI: $362,919

Features