Rite Aid

Tenant

Rite Aid

Location

Elmira, New York

Price

$2,288,000

CAP Rate

8%

NOI

$183,090

Lease Term

7.2 Years Remaining

Occupancy

100%

Building Size

11,348 Sq. Ft.

Property Type

Single Tenant

Year Built

1997

Lot Size

1.04 acres

Status

Under Contract

Property Contacts:

Karly Iacono

First Vice President Investments

(201) 742-6119 | Email

  • 2020 Full Reimaging of Subject Property at Tenant’s Expense
  • NN Lease with Limited Landlord Responsibilities
  • Corporate Guarantee
  • Low Drug Store Rent in the Market
  • $1 Per Square Foot Increases in each Option
  • Great Demographics | Over 50,000 People in 5 Miles
  • Located Approximately 2.5 Miles from St. Joseph’s Hospital | 176 Beds
  • Numerous Schools and Colleges Nearby | 2,770+ Students
  • National Retailers Nearby Include Dunkin Donuts, KFC, Pizza Hut, Dollar General and more

The Iacono Team at Marcus and Millichap is pleased to exclusively present a fee simple Rite Aid in Elmira, New York. The property is subject to a NN lease with 7.2 years remaining on the base term. Rite Aid has been operating at this location since 1997. In 2018, Rite Aid initiated an early lease extension demonstrating a strong commitment to the site. Additionally in 2020, Rite Aid underwent a full reimaging and rebranding at their sole expense. The lease calls for rental increases of $1 per square foot in each of the remaining three option periods.

Rite Aid operates a chain of 2,500 retail drugstores across 19 US states. The company operates through two segments, Retail Pharmacy and Pharmacy Services. Retail Pharmacy and Pharmacy Services. It also operates retail clinics that provide treatment for common conditions; and provides preventative services, such as screenings, medical tests, immunizations and basic physical exams. Rite Aid is currently ranked number 150 on the Fortune 500 list. In October 2020 Rite Aid acquired Bartell Drugs for $95 million dollars. The Bartell Drug chain has 67 stores across King, Snohomish, and Pierce counties in Washington state. Bartell Drugs generates over $550 million in revenues and fills nearly 5.5 million prescriptions annually.

The subject property is located on a hard corner with excellent visibility. There are many national and local retailers nearby. National tenants nearby include Dollar General, Pizza Hut, KFC, Dunkin Donuts, and more. There are numerous schools and colleges located in the immediate area with more than 2,770 students. Additionally, St. Joseph’s Hospital is located approximately 2.5 miles away and staffs more than 176 beds. The area is densely populated with more than 50,000 people residing within five miles of the subject property.