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Drug Store

Bartell Drugs ( Rite Aid Guarantee )

1825 Broadway, Everett, WA 98201

Listing Price: $5,565,000

Cap Rate
5.75%
Tenant Name
Bartell Drugs (Rite Aid Corporation)
Years Remaining On Lease
4.6
Guarantor
Corporate Guarantee
Rentable SF
15,237
Lease Type
Absolute Net
Rent Per Square Feet
$21.00

Investment Overview

Marcus & Millichap is pleased to present the exclusive sale offering for the 15,237 SF freestanding Bartell Drugs store. The property is located on the signalized hard corner of Broadway and 19th street in Everett, Washington The single tenant building with a drive-thru features a completely passive absolute net lease structure that was recently renewed for 5-years. The lease is corporately guaranteed by Rite Aid Corporation (NYSE:RAD). Overall, this is a rare opportunity to purchase a very passive investment property, with a strong tenant in a high-growth area of an income tax free state.

Investment Highlights

  • RECENT LEASE EXTENSION The tenant has shown commitment to this strategic location by recently exercising their first 5-year option.
  • PASSIVE LEASE STRUCTURE The true absolute triple-net expense structure is the most passive lease structure with no landlord liabilities.
  • STRONG CORPORATE GUARANTEE The lease is guaranteed by Bartell Drugs, a wholly owned subsidiary of publicly traded Rite Aid Corporation (NYSE:RAD).
  • RARE RENTAL INCREASES IN OPTIONS The lease features very rare rental increases in each of the 5-year option periods.
  • HIGH TRAFFIC , HIGH VISIBILIT Y The property is located a signalized hard corner of Broadway and 19th street featuring over 33,000 VPD.
  • PROXIMIT Y TO HEALTHCARE PROVIDERS The property is the closest freestanding pharmacy to Providence Regional Medical Center and Seattle Children's North Clinic.
  • SIGNIFICANT RENTAL UPSIDE The below market rent provides for much lower renewal risk in subsequent option periods.
  • FUTURE DEVELOPMENT POTENTIAL The property is zoned Broadway Mixed Use 45' which would allow for the development of a broad range of mixed-use properties.

Exclusively Listed By

Drug Store

Bartell Drugs ( Rite Aid Guarantee )

Listing Price: $5,565,000

Cap Rate
5.75%
Tenant Name
Bartell Drugs (Rite Aid Corporation)
Years Remaining On Lease
4.6
Guarantor
Corporate Guarantee
Rentable SF
15,237
Lease Type
Absolute Net
Rent Per Square Feet
$21.00

Investment Highlights

  • RECENT LEASE EXTENSION The tenant has shown commitment to this strategic location by recently exercising their first 5-year option.
  • PASSIVE LEASE STRUCTURE The true absolute triple-net expense structure is the most passive lease structure with no landlord liabilities.
  • STRONG CORPORATE GUARANTEE The lease is guaranteed by Bartell Drugs, a wholly owned subsidiary of publicly traded Rite Aid Corporation (NYSE:RAD).
  • RARE RENTAL INCREASES IN OPTIONS The lease features very rare rental increases in each of the 5-year option periods.
  • HIGH TRAFFIC , HIGH VISIBILIT Y The property is located a signalized hard corner of Broadway and 19th street featuring over 33,000 VPD.
  • PROXIMIT Y TO HEALTHCARE PROVIDERS The property is the closest freestanding pharmacy to Providence Regional Medical Center and Seattle Children's North Clinic.
  • SIGNIFICANT RENTAL UPSIDE The below market rent provides for much lower renewal risk in subsequent option periods.
  • FUTURE DEVELOPMENT POTENTIAL The property is zoned Broadway Mixed Use 45' which would allow for the development of a broad range of mixed-use properties.

Investment Overview

Marcus & Millichap is pleased to present the exclusive sale offering for the 15,237 SF freestanding Bartell Drugs store. The property is located on the signalized hard corner of Broadway and 19th street in Everett, Washington The single tenant building with a drive-thru features a completely passive absolute net lease structure that was recently renewed for 5-years. The lease is corporately guaranteed by Rite Aid Corporation (NYSE:RAD). Overall, this is a rare opportunity to purchase a very passive investment property, with a strong tenant in a high-growth area of an income tax free state.

Exclusively Listed By

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