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Rite Aid NNN in Bridgeville, PA

417 Chartiers St, Bridgeville, PA 15017, USA
$7,397,307

Description

Marcus & Millichap is pleased to present for sale this Net Leased Rite Aid located at 417 Chartiers Street, Bridgeville, Pennsylvania in Allegheny County, just a short fifteen minute drive South East of downtown Pittsburgh, PA. The subject property consists of 13,813 square feet that is situated on a 1.72 acre parcel of land with a 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 very busy signalized intersection of Washington Street and Charles Street, just off Interstate 79 (over 70,000 vehicles per day) at the entrance to Bridgeville. There is no direct Walgreen’s competition in the area; the closest Walgreen’s is four miles away Carnegie, PA. There are over 7.6 years remaining on the original 21 year, Absolute Net-Lease (NNN) where the landlord has no responsibilities to the property. The offering provides a flat initial term with One and a half percent increases in each of the two five-year option periods. This property caters to a strong residential area and Interstate 79 traffic that is home to many national retailers including; ALDI, McDonalds, Brentwood Bank, Starbucks, Chipotle, Jimmy Johns and Midas Automotive to name a few. There are over 155,000 full time residents in the immediate, market area with an impressive, affluent average household income exceeding $109,000, annually. 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
■ 7.6 YEARS REMAINING ON THE INITIAL TERM
■ RITE AID WELLNESS CLINIC WITHIN THE STORE
■ AFFLUENT PITTSBURGH SUBURB – AVERAGE HOUSEHOLD INCOME
EXCEEDING $109,000
■ OVER 70,000 VEHICLES PER DAY – INTERSTATE 79

  • Address: 417 Chartiers St
  • City: Bridgeville
  • State/county: Pennsylvania
  • Zip/Postal Code: 15017
  • Country: United States

Detail

  • Price: $7,397,307
  • Year Built: 2004

Additional details

  • CAP Rate: 6.50%
  • NOI: $480,825

Features