Rite Aid

Tenant

Rite Aid

Location

Elmira, New York

Price

$2,303,000

CAP Rate

7.95%

NOI

$183,090

Lease Term

8 Years Remaining

Occupancy

100%

Building Size

11,348 Sq. Ft.

Property Type

Single Tenant

Year Built

1997

Lot Size

1.04 acres

Status

Available

Property Contacts:

Karly Iacono

Vice President

(201) 742-6119 | Email

JC Corr

Associate

(201) 742-6181 | Email

  • NN Lease with Limited Landlord Responsibilities
  • Corporate Guarantee
  • Historical Occupancy | Occupied Since 1997
  • 10 Year Early Lease Extension Initiated by Tenant
  • $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 eight 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.  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. The Retail Pharmacy segment sells prescription drugs and an assortment of other merchandise, including over-the-counter medications, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise and other every day and convenience products. 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 107 on the Fortune 500 list.

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.