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Rite Aid NNN Corning, NY

100 Conhocton St, Corning, NY 14830, USA
$5,034,816

Description

Marcus & Millichap is pleased to present for sale this Net Leased Rite Aid located at 100 Conhocton Street, Corning, New York in Steuben County, just a short drive South of Ithaca, NY and an hour and a half South East of Rochester, NY with an average household income exceeding $52,000, annually. The subject property consists of 13,813 square feet that is situated on a very large 2.10 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 with a traffic count over 18,000 vehicles per day.

There are 7.4 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 2 percent increases in each of the four five-year option periods. This property has access to a signalized intersection and a non-signalized intersection of Conhocton Street and Denison Parkway which runs through Corning, headquarters to the Fortune 500 Corning Incorporated, previously Corning Glass . This Rite Aid is the first accessible commercial property when entering downtown Corning from Interstate 86.

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.

■ Signalized Intersection of Conhocton St and Denison Parkway
■ Over 18,000 Vehicles per Day
■ Corporately Guaranteed by Rite Aid (NYSE: RAD)
■ S&P B Credit Rating
■ Close Proximity to Guthrie Corning Hospital & Headquarters of Corning Incorporated
■ Over 7 Years Remaining on Initial Lease
■ Rite Aid Wellness Clinic Within the Store

  • Address: 100 Conhocton St
  • City: Corning
  • State/county: New York
  • Zip/Postal Code: 14830
  • Country: United States

Detail

  • Price: $5,034,816
  • Year Built: 2004

Additional details

  • CAP Rate: 6.50%
  • NOI: $327,263

Features