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Drug Store

Rite Aid

51341 W Huron River Dr, Belleville, MI 48111

Listing Price: $3,967,000

Cap Rate
7.79%
Tenant Name
Perry Drug Stores, Inc
Years Remaining On Lease
4.1
Gross SF
12,500
Guarantor
Corporate Guarantee
Rentable SF
12,500
Price/Gross SF
$317.36
Lease Type
Double Net
Rent Per Square Feet
$26.28

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to present for sale, Rite Aid in Belleville, Michigan. The subject property measures 12,500 square feet and is situated on 1.40 acres. Rite Aid was built-to-suit in 2005 and occupied a freestanding prototypical masonry building with a drive-thru. This asset holds a corporate guarantee from Rite Aid Corporation, who is listed on the NYSE under ticker symbol RAD, and is currently ranked 132 on the Fortune 500. Rite Aid is encumbered by a double-net lease wherein landlord is only responsible for roof and structure. Tenant is responsible for all other expenses including parking lot replacement. Accompanying the initial 20-year term are six, five-year options, all of which contain increases of $0.89 per square foot.

Rite Aid is located at the hard corner of West Huron Drive and Rawsonville Road which combine to see over 31,305 vehicles per day. Demographics are stable and mature with population counts of 33,317 within three-miles and 92,509 within five-miles. Average household income within one-mile is well above the national average at $87,783 and remains high at the three and five-mile radii at $71,673 and $70,382 respectively. The subject property shares ingress and egress with the neighboring shopping center which includes Marcos Pizza, Family Dollar, Cricket Wireless and The Lakes Dental Care. Other retailers and traffic drivers in the area include the adjacent 7-11, Joes Coney Island, Mr. Pizza and the Ford Rawsonville Plant. This asset is also less than 15-minutes from the Detroit Metropolitan Wayne County Airport.

Belleville is part of the Detroit Metropolitan Statistical Area, the 13th largest MSA in the United States. The metro is a nearly 4,000 square mile region composed of six counties: Wayne, Macomb, Lapeer, Oakland, St. Clair and Livingston. More than 4.3 million residents reside in the area and after years of declining population, the metro is adding residents again as employers and development expand. Wayne is the most populated county, followed by Oakland County. Detroit is the largest city with nearly 700,000 residents.

Investment Highlights

  • 12,500-Square-Foot Rite Aid in Belleville, Michigan
  • Extremely Strong Performing Store
  • Foot-traffic at Site Ranks 81st Percentile in Michigan per Placer.AI
  • Four Years Remaining with Six Five-Year Options
  • Average Household Income $87,783 and Population Counts of 333,117 Within Three-Miles
  • Corporate Guarantee from Rite Aid Corporation - NYSE Ticker Symbol (RAD)

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Financing By

Listing Price: $3,967,000

Cap Rate
7.79%
Tenant Name
Perry Drug Stores, Inc
Years Remaining On Lease
4.1
Gross SF
12,500
Guarantor
Corporate Guarantee
Rentable SF
12,500
Price/Gross SF
$317.36
Lease Type
Double Net
Rent Per Square Feet
$26.28

Investment Highlights

  • 12,500-Square-Foot Rite Aid in Belleville, Michigan
  • Extremely Strong Performing Store
  • Foot-traffic at Site Ranks 81st Percentile in Michigan per Placer.AI
  • Four Years Remaining with Six Five-Year Options
  • Average Household Income $87,783 and Population Counts of 333,117 Within Three-Miles
  • Corporate Guarantee from Rite Aid Corporation - NYSE Ticker Symbol (RAD)

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to present for sale, Rite Aid in Belleville, Michigan. The subject property measures 12,500 square feet and is situated on 1.40 acres. Rite Aid was built-to-suit in 2005 and occupied a freestanding prototypical masonry building with a drive-thru. This asset holds a corporate guarantee from Rite Aid Corporation, who is listed on the NYSE under ticker symbol RAD, and is currently ranked 132 on the Fortune 500. Rite Aid is encumbered by a double-net lease wherein landlord is only responsible for roof and structure. Tenant is responsible for all other expenses including parking lot replacement. Accompanying the initial 20-year term are six, five-year options, all of which contain increases of $0.89 per square foot.

Rite Aid is located at the hard corner of West Huron Drive and Rawsonville Road which combine to see over 31,305 vehicles per day. Demographics are stable and mature with population counts of 33,317 within three-miles and 92,509 within five-miles. Average household income within one-mile is well above the national average at $87,783 and remains high at the three and five-mile radii at $71,673 and $70,382 respectively. The subject property shares ingress and egress with the neighboring shopping center which includes Marcos Pizza, Family Dollar, Cricket Wireless and The Lakes Dental Care. Other retailers and traffic drivers in the area include the adjacent 7-11, Joes Coney Island, Mr. Pizza and the Ford Rawsonville Plant. This asset is also less than 15-minutes from the Detroit Metropolitan Wayne County Airport.

Belleville is part of the Detroit Metropolitan Statistical Area, the 13th largest MSA in the United States. The metro is a nearly 4,000 square mile region composed of six counties: Wayne, Macomb, Lapeer, Oakland, St. Clair and Livingston. More than 4.3 million residents reside in the area and after years of declining population, the metro is adding residents again as employers and development expand. Wayne is the most populated county, followed by Oakland County. Detroit is the largest city with nearly 700,000 residents.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

Financing By

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