Drug Store

RITE AID I 24-HOUR STORE I NEXT TO HOSPITAL

163 W 26th St, Erie, PA 16508

Listing Price: $2,482,510

Cap Rate
7.25%
Tenant Name
RITE AID
Years Remaining On Lease
9.4
Gross SF
11,367
Guarantor
Corporate Guarantee
Rentable SF
11,367
Price/Gross SF
$218.40
Lease Type
Double Net
Rent Per Square Feet
$15.83

Investment Overview

Marcus and Millichap is pleased to present this NN leased Rite Aid asset with over 9 years remaining on the base term. Situated one block south of Saint Vincent Hospital, within walking distance to three educational facilities and in an area with a population exceeding 156,000 people within a 5-mile radius, this corporately guaranteed asset provides investors long-term security.

Investment Highlights

  • Strong Traffic Counts - Positioned at the Heavily Trafficked Intersection of West 26th Street and Sassafras Street with a Combined Traffic Count Exceeding 18,000 Vehicles Per Day.
  • Active Surroundings - Located Within Walking Distance from Erie High School, Northwest Pennsylvania Collegiate Academy and Mercyhurst University, with a Combined Student Enrollment in Excess of 6,500.
  • Strong Demographics - Over 20,000 People Living Within a One-Mile Radius, 108,000 Within a Three-Mile Radius and Nearly 156,000 Within a 5-Mile Radius.
  • Corporate Guarantee - Lease Corporately Guaranteed by Rite Aid, the 3rd Largest Retail Pharmacy, Health and Daily Living Destination in the U.S.
  • Passive Income - 24-Hour Store with Over 9 Years Remaining on this Double Net (NN) Lease with Minimal Landlord Responsibilities.
  • Strategic Location- Situated One Block South of Saint Vincent Hospital, a 428-Bed Facility that is One of the Largest Employers in the Erie Region and Currently Undergoing a $110 Million Renovation

Broker of Record

  • Sean Beuche

    Regional Manager

    License(s): PA: RM424190

    Pennsylvania

Drug Store

RITE AID I 24-HOUR STORE I NEXT TO HOSPITAL

Listing Price: $2,482,510

Cap Rate
7.25%
Tenant Name
RITE AID
Years Remaining On Lease
9.4
Gross SF
11,367
Guarantor
Corporate Guarantee
Rentable SF
11,367
Price/Gross SF
$218.40
Lease Type
Double Net
Rent Per Square Feet
$15.83

Investment Highlights

  • Strong Traffic Counts - Positioned at the Heavily Trafficked Intersection of West 26th Street and Sassafras Street with a Combined Traffic Count Exceeding 18,000 Vehicles Per Day.
  • Active Surroundings - Located Within Walking Distance from Erie High School, Northwest Pennsylvania Collegiate Academy and Mercyhurst University, with a Combined Student Enrollment in Excess of 6,500.
  • Strong Demographics - Over 20,000 People Living Within a One-Mile Radius, 108,000 Within a Three-Mile Radius and Nearly 156,000 Within a 5-Mile Radius.
  • Corporate Guarantee - Lease Corporately Guaranteed by Rite Aid, the 3rd Largest Retail Pharmacy, Health and Daily Living Destination in the U.S.
  • Passive Income - 24-Hour Store with Over 9 Years Remaining on this Double Net (NN) Lease with Minimal Landlord Responsibilities.
  • Strategic Location- Situated One Block South of Saint Vincent Hospital, a 428-Bed Facility that is One of the Largest Employers in the Erie Region and Currently Undergoing a $110 Million Renovation

Investment Overview

Marcus and Millichap is pleased to present this NN leased Rite Aid asset with over 9 years remaining on the base term. Situated one block south of Saint Vincent Hospital, within walking distance to three educational facilities and in an area with a population exceeding 156,000 people within a 5-mile radius, this corporately guaranteed asset provides investors long-term security.

Broker of Record

  • Sean Beuche

    Regional Manager

    License(s): PA: RM424190

    Pennsylvania

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