Drug Store

Rite Aid

Listing Price: $1,850,000

Cap Rate
7.67%
Tenant Name
Rite Aid
Years Remaining On Lease
6.40
Gross SF
11,180
Guarantor
Corporate Guarantee
Rentable SF
11,180
Price/Gross SF
$165.47
Lease Type
Double Net
Rent Per Square Feet
$12.70

Investment Overview

Marcus & Millichap is the exclusive agent for the sale of a free standing Rite Aid pharmacy located at 195 M-66, Charlevoix, Michigan. The 10,279 square foot drugstore was built in 1979 on the pad of Captains Corner shopping center, an 87,500 square foot shopping center anchored by a 40,000 square foot Family Fare supermarket (parent company: Nash-Finch) and Dollar General, built in 1978. The drugstore opened as Perry Drug Store before being acquired by Rite Aid as part of a 224 store portfolio in 1995. The lease is double-net with landlord responsible for roof and structure. The current base rental rate is $12.70 per square foot, triple-net.

Investment Highlights

  • Rental Rate Under $13 per Square Foot
  • 30% Sales Increase Since 2017
  • Pad Site of Grocery Anchored Plaza
  • Upscale Tourist Destination of Michigan
  • 40 Year Operating History as a Drug Store
  • Major Interior Remodel in 2018

Exclusively Listed By

Listing Price: $1,850,000

Cap Rate
7.67%
Tenant Name
Rite Aid
Years Remaining On Lease
6.40
Gross SF
11,180
Guarantor
Corporate Guarantee
Rentable SF
11,180
Price/Gross SF
$165.47
Lease Type
Double Net
Rent Per Square Feet
$12.70

Investment Highlights

  • Rental Rate Under $13 per Square Foot
  • 30% Sales Increase Since 2017
  • Pad Site of Grocery Anchored Plaza
  • Upscale Tourist Destination of Michigan
  • 40 Year Operating History as a Drug Store
  • Major Interior Remodel in 2018

Investment Overview

Marcus & Millichap is the exclusive agent for the sale of a free standing Rite Aid pharmacy located at 195 M-66, Charlevoix, Michigan. The 10,279 square foot drugstore was built in 1979 on the pad of Captains Corner shopping center, an 87,500 square foot shopping center anchored by a 40,000 square foot Family Fare supermarket (parent company: Nash-Finch) and Dollar General, built in 1978. The drugstore opened as Perry Drug Store before being acquired by Rite Aid as part of a 224 store portfolio in 1995. The lease is double-net with landlord responsible for roof and structure. The current base rental rate is $12.70 per square foot, triple-net.

Exclusively Listed By

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