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Rite-Aid NNN in Jamestown, NY

811 N Main St, Jamestown, NY 14701, USA
$4,735,240

Description

Marcus & Millichap is pleased to present for sale this Net Leased Rite Aid located at 811 North Main Street, Jamestown, New York in Chautauqua County, less than a hours drive due East of Erie, PA and one hour drive South from Buffalo with an average household income exceeding $51,000, annually. The subject property consists of 13,813 square feet that is situated on a large 1.54 acre parcel of land with full service pharmacy drive-thru window and a Rite Aid Wellness Clinic within the store. This Rite benefits from the strategic location at the signalized intersection of North Main Street and West 8th Street. There is another Rite Aid across town at 50 S Main Street which is directly across the street from a Walgreen’s (10 Prospect Street) and a CVS (195 Main Street). There are 6.7 years remaining on the 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. There are also three access points and a drive-thru to make for a smooth customer experience with a traffic count over 17,000 vehicle per day. Other local retailers include; 7 Eleven, Friendly’s, CVS, Tim Horton’s, Cricket Wireless, TOPS Friendly’s Grocery Market and Aaron’s Rents 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
■ 6.7 YEARS REMAINING ON THE INITIAL TERM
■ WELLNESS CLINIC WITHIN THE STORE
■ SIGNALIZED INTERSECTION
■ OVER 13 THOUSAND VEHICLES PER DAY
■ AVERAGE HOUSEHOLD INCOME EXCEEDS $51,000, ANNUALLY

  • Address: 811 NORTH MAIN STREET
  • City: Jamestown
  • State/county: New York
  • Zip/Postal Code: 14701
  • Country: United States

Detail

  • Price: $4,735,240

Additional details

  • CAP Rate: 6.85%
  • NOI: $324,364

Features