• An Award Winning Net Lease & Retail Commercial Real Estate Group

Rite-Aid Double-Net NN

1820 Franklin St, Toronto, OH 43964, USA
$2,270,246

Description

Marcus & Millichap is pleased to present for sale, this Net Leased Rite Aid located at 1820 Franklin Street, Toronto, Ohio in Jefferson County; just a short 30 minute drive due West of downtown Pittsburgh, PA. The subject property consists of 11,335 square feet that is situated on a large 1.76 acre parcel of land with two, full service pharmacy drive-thru windows and a Rite Aid Wellness Clinic within the store. This Rite Aid benefits from the strategic location fronting Franklin Street, the major thoroughfare leading from the Ohio River Scenic Byway, with an average household income exceeding $56,000, annually. There is no direct Walgreen’s competition in the area; the closest Walgreen’s is 8.6 miles away in Steubenville, 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 and structure. The new ten year extension reiterates the Tenants strong commitment to this location. The offering provides a flat initial term with 3 percent increases in each of the six five-year option periods. This is a unique opportunity to own the real estate that is home to the only pharmacy within 7 miles and with with prime location just off of Route 7. This pharmacy caters to many doctors offices which are located on the same corridor as well as many national retailers including; McDonalds, Family Dollar, Riesbecks grocery store and Family Dollar to name a few. 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-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 9.5 YEARS REMAINING ON A NEWLY EXTENDED 10-YEAR LEASE
■ NO DIRECT WALGREENS COMPETITION – CLOSEST WALGREENS IS 8.6
MILES AWAY
■ TENANT RECENTLY EXTENDED 10-YEAR LEASE
■ ABOVE AVERAGE HOUSE HOLD INCOME EXCEEDING $56,000, ANNUALLY
■ RITE AID WELLNESS CLINIC WITHIN THE STORE

  • Address: 1820 Franklin St
  • City: Toronto
  • State/county: Ohio
  • Zip/Postal Code: 43964
  • Country: United States

Detail

  • Price: $2,270,246
  • Year Built: 1996

Additional details

  • CAP Rate: 6.50%
  • NOI: $147,566

Features