Rite Aid
14,500 SF | Retail Building | Lima, OH 45805 | $4,176,000 ($288/SF) | 7.50% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $4,176,000
- Property Type
-
Retail
- Square Feet
- 14,500 SF
- Price / Square Foot
- $288
Listing Contacts
Jereme Snyder
Verified Profile
Eric Carlton
Verified Profile
Christopher Seelig
Verified Profile
- Property Info
Property Overview
We are pleased to offer to qualified investors an opportunity to purchase a corporate guaranteed single tenant net leased investment that is fully occupied by Rite Aid with ~9 lease years remaining on the base term and 6, 5 year options providing ~4% rental increases each option period. Located in Lima, OH the subject property benefits from its hard corner signalized intersection positioning as well as its large 2.06 acre lot. Demonstrating the strength of this retail location; Rite Aid elected to extend out the lease 3 additional years to January 2032. This is an excellent opportunity to purchase a corporate guaranteed single tenant drive-thru drug store, with ~10 lease years remaining on the base term, and minimal landlord obligations.
Property Details
- Class
- B
- Year Built
- 2008
- Stories
- 1
- Property Subtype
- Drug Store
- Lot Size (sq. ft)
- 89,298 SF
Highlights
- Rite Aid (NYSE: RAD) – 9 Lease Years Remaining – Single Tenant Net Leased Asset
- Strong Store Performance – Top 33% in the State; #1 of 5 in the County (CreditIntel)
- Recent Early Lease Extension – Demonstrating Strength of the Location
- 20 Year Roof Warranty In-Place (~8 Years Remaining)
- 6, 5 Year Options with Fixed $14,564/Year Rental Increases Each Option (~4% Rental Increases)
- Passive Long Term Investment – Minimal Landlord Responsibilities - Ease of Management
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