Drug Store
Rite Aid
973 Washington Ave, Holland, MI 49423
Listing Price: $1,624,704
Investment Overview
Marcus & Millichap is pleased to offer for sale the fee simple interest in a 11,160-square-foot single tenant pharmacy (the Property) in Holland, MI, in which Rite Aid has just over nine years remaining on their absolute triple net lease. The tenant has operated at this location since its construction in 1998 and previously extended their lease term in 2020 for an additional 10 years, showing strong commitment to the site. The lease features 5% rent increases in the firm term and each of the six, five-year renewal options. The Property is strategically located in one of Holland’s main retail corridors at the signalized intersection of West 40th Street and Washington Avenue, with visibility to over 20,000 vehicles per day. Neighboring retail tenants include O’Reilly Auto Parts, Dollar General, Pizza Hut, Subway, Jet’s Pizza, Advance Auto Parts, Goodwill, McDonald’s, Taco Bell, and numerous others. Additionally, the Property is located less than a mile north of the entrances to both Interstate 196 and U.S. Route 31, and just over one mile north of the West Michigan Regional Airport.
Rite Aid
Investment Highlights
- Over Nine Years Remaining on Absolute NNN Lease — Zero Landlord Responsibilities
- Long-Term Occupancy — Tenant Has Operated at Site for Over 24 Years
- Previously Extended Lease With Six, Five-Year Renewal Options Remaining
- Five Percent Rent Increases Every Five Years in Firm Term and Renewal Options — Upcoming Rent Increase in 2026 Pushes Cap Rate to 6.56%
- Prime Retail Location on Hard Corner of West 40th Street & Washington Avenue — McDonald's, O'Reilly Auto Parts, Dollar General, Taco Bell, Advance Auto Parts and More
Exclusively Listed By
Broker of Record
-
Steven Chaben
Senior Vice President / Regional Manager
Listing Price: $1,624,704
Investment Highlights
- Over Nine Years Remaining on Absolute NNN Lease — Zero Landlord Responsibilities
- Long-Term Occupancy — Tenant Has Operated at Site for Over 24 Years
- Previously Extended Lease With Six, Five-Year Renewal Options Remaining
- Five Percent Rent Increases Every Five Years in Firm Term and Renewal Options — Upcoming Rent Increase in 2026 Pushes Cap Rate to 6.56%
- Prime Retail Location on Hard Corner of West 40th Street & Washington Avenue — McDonald's, O'Reilly Auto Parts, Dollar General, Taco Bell, Advance Auto Parts and More
Investment Overview
Marcus & Millichap is pleased to offer for sale the fee simple interest in a 11,160-square-foot single tenant pharmacy (the Property) in Holland, MI, in which Rite Aid has just over nine years remaining on their absolute triple net lease. The tenant has operated at this location since its construction in 1998 and previously extended their lease term in 2020 for an additional 10 years, showing strong commitment to the site. The lease features 5% rent increases in the firm term and each of the six, five-year renewal options. The Property is strategically located in one of Holland’s main retail corridors at the signalized intersection of West 40th Street and Washington Avenue, with visibility to over 20,000 vehicles per day. Neighboring retail tenants include O’Reilly Auto Parts, Dollar General, Pizza Hut, Subway, Jet’s Pizza, Advance Auto Parts, Goodwill, McDonald’s, Taco Bell, and numerous others. Additionally, the Property is located less than a mile north of the entrances to both Interstate 196 and U.S. Route 31, and just over one mile north of the West Michigan Regional Airport.
Exclusively Listed By
Broker of Record
-
Steven Chaben
Senior Vice President / Regional Manager
