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

Rite Aid NNN in Kittanning, PA

159 Butler Rd, Kittanning, PA 16201, USA
$6,220,092

Description

Marcus & Millichap is pleased to present for sale this Net-Leased Rite Aid located at 159 Butler Road, Kittanning, Pennsylvania in Armstrong County, just a short 40 minute drive North East of downtown Pittsburgh, PA. The subject property consists of 13,813 square feet that is situated on a 1.24 acre parcel of land with full service pharmacy drive-thru window and a Rite Aid Wellness Clinic within the store. This Rite Aid benefits from the strategic location fronting Butler Road the main thoroughfare through Kittanning with many national retailers including SUNOCO, 84 Lumber, BP, Auto Zone and McDonald’s to name a few. There are over 21,000 full time residents in the market area with an average household income exceeding $53,000, annually. There are over 7.6 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 two five-year option periods. This property is the only major pharmacy in two miles and it caters to a strong residential area. There is no direct Walgreen’s competition in the area; the closest Walgreen’s is 23 miles away in New Kensington, PA. 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 7.6 YEARS REMAINING ON THE INITIAL TERM
■ THE CLOSEST WALGREENS IS 23 MILES AWAY
■ CLOSE PROXIMITY TO ACMH HOSPITAL
■ RITE AID WELLNESS CLINIC WITHIN THE STORE

 

 

 

  • Address: 159 Butler Rd
  • City: Kittanning
  • State/county: Pennsylvania
  • Zip/Postal Code: 16201
  • Country: United States

Detail

  • Price: $6,220,092
  • Year Built: 2005

Additional details

  • CAP Rate: 6.50%
  • NOI: $404,306

Features