Investment Highlights
Price: $6,500,000 - Cap Rate: 5.65%
Low Rent per Square Foot - Rite Aid’s rental rate—at less than $12.00 per square foot—represents one of the lowest rental rates among recently sold and on the market Rite Aid properties. California Rite Aid properties (both on the market and recently sold) had rental rates ranging from $13.45 to $25.19.
Quality Real Estate with Great Tenant Mix - The prime location within the Brickyard shopping center reduces the likelihood of an extended vacancy period if Rite Aid decides not to exercise its renewal option. The well-known tenant mix adds to shopping center traffic and will attract potential new tenants.
Low Price per Square Foot - A sale at a 5.75% cap rate represents a price per square foot of $203, which can be easily justified when compared to other Rite Aid properties on the market.
Strong Demographics & Growing Neighborhood- The high average household income ($81,000 +) in the 3 mile radius of the Property, combined with a population in the 3 mile radius approaching 100,000, create excellent demographics. In addition, 30,000 to 40,000 new homes are planned in the area, which could add 120,000 new residents to the city.
Additional Tags:
CVS, 1031 Exchange Properties, drug store, Triple Net Property, Walgreens, STNL investments, pharmacy, off market real estate investment properties, photo, Single tenant net leased
No comments:
Post a Comment