Skip to main content

Drug Store

Two Store Rite Aid Portfolio

1804 Golden Mile Hwy, Pittsburgh, PA 15239

Listing Price: $7,985,213

Cap Rate
6.35%
Tenant Name
Rite Aid
Years Remaining On Lease
11.7
Gross SF
21,816
Guarantor
Corporate Guarantee
Rentable SF
21,816
Price/Gross SF
$366.03
Lease Type
Absolute Net
Rent Per Square Feet
$23.24

Investment Overview

Marcus & Millichap is pleased to present for sale the fee simple purchase of two Rite Aid properties located in the Pittsburgh MSA. Both properties have had long term and proven success at their respective locations. Rite Aid recently committed to a 10 Year lease extension at the Irwin location demonstrating commitment to the site. The properties must be purchased as a portfolio. Below market rent along with strong store sales make this offering attractive for any passive investor.

Investment Highlights

  • Absolute Net Leases- Zero Landlord Responsibility
  • Corporate Guarantee From Rite Aid Corporation (NYSE: RAD)
  • Recent 10 Year Lease Extension at Irwin Location Providing a Blended Lease Term of ~9.5 Years Between Both Properties
  • 20+ Year Operating History at Both Locations
  • Immediate Rent Bump in 2024 | 10% Rental Increases in Option Periods
  • Strong Rent-To-Sales Ratio at Both Locations
  • Recently Upgraded Branding on Both Store Facades
  • Very Minimal Competition | Strong Real Estate Fundamentals

Exclusively Listed By

Financing By

Drug Store

Two Store Rite Aid Portfolio

Listing Price: $7,985,213

Cap Rate
6.35%
Tenant Name
Rite Aid
Years Remaining On Lease
11.7
Gross SF
21,816
Guarantor
Corporate Guarantee
Rentable SF
21,816
Price/Gross SF
$366.03
Lease Type
Absolute Net
Rent Per Square Feet
$23.24

Investment Highlights

  • Absolute Net Leases- Zero Landlord Responsibility
  • Corporate Guarantee From Rite Aid Corporation (NYSE: RAD)
  • Recent 10 Year Lease Extension at Irwin Location Providing a Blended Lease Term of ~9.5 Years Between Both Properties
  • 20+ Year Operating History at Both Locations
  • Immediate Rent Bump in 2024 | 10% Rental Increases in Option Periods
  • Strong Rent-To-Sales Ratio at Both Locations
  • Recently Upgraded Branding on Both Store Facades
  • Very Minimal Competition | Strong Real Estate Fundamentals

Investment Overview

Marcus & Millichap is pleased to present for sale the fee simple purchase of two Rite Aid properties located in the Pittsburgh MSA. Both properties have had long term and proven success at their respective locations. Rite Aid recently committed to a 10 Year lease extension at the Irwin location demonstrating commitment to the site. The properties must be purchased as a portfolio. Below market rent along with strong store sales make this offering attractive for any passive investor.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower