Rite Aid

Sandusky | Ohio

Offering Summary

  • Status: closed
  • Price: $2,198,000
  • CAP Rate: 7.41%
  • GLA: 11,325 SF
  • Net Operating Income: $162,967
  • Price/SF: $198
  • Year(s) Built: 1997
  • Lot Size (Acres): 1.09 Acres
  • Lease Type: Double Net
  • Rite Aid Double-Net Lease with 6.25 Years Remaining in Sandusky, Ohio
  • Top Rite Aid out of 9 Stores in a 30-Mile Radius Based on Customer Foot Traffic (Source: Placer.ai)
  • 12.4% Rent Increase in 2/2028 – 1/2033 Option (8.15% CAP); 30.3% Rent Increase in 2/2033 – 1/2038 Option (10.62% CAP)
  • Newly Recoated Roof – Summer 2020 GACO S2000 Top-Coat Application
  • High Traffic Counts of 30,800 VPD – Hard Corner Location at the Signalized Intersection of W Perkins Ave & Campbell St
    Right-Sized Rent of $163,000 Annually – Low Rent Factor of $14.39/SF
  • Located within the Perkins Ave Retail Corridor – Primary “Daily Needs” Retail Destination with Kroger, Tractor Supply, Big Lots, Michaels, Goodwill, Ollie’s, Verizon, Dollar General, Family Dollar, Advance Auto, O’Reilly, AutoZone, and a Dozen Fast Food Restaurants
  • Only Freestanding Pharmacy in the Perkins Ave Corridor – No Immediate Competition from CVS or Walgreens
  • Double-Net Lease with Minimal Landlord Responsibilities – Roof/Structure Only
  • 11,325 SF Footprint with Double-Drive Thru; High Visibility Site with Large Pylon Sign
  • Built-to-Suit in 1997 – Original 20-Year Lease Extended Twice Demonstrating Tenant’s Strong Commitment to the Site
  • Supportive Demographics with 32,341 Residents within Three Miles & 39,897 Residents within Five Miles; AHHI of $65k in a Five-Mile Radius
  • Sandusky Anchors the “Lake Erie Shores & Islands” Tourism Region with Sees Over 11 Million Visitors Annually / $2.1 Billion Economic Impact
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director