Rite Aid Absolute-Net NNN in Wellsboro, PA

  • $5,376,577
24, East Avenue, Wellsboro, Tioga County, Pennsylvania, 16901, United States of America

Rite Aid Absolute-Net NNN in Wellsboro, PA

24, East Avenue, Wellsboro, Tioga County, Pennsylvania, 16901, United States of America
  • $5,376,577

Overview

Property ID: 18574
  • Property Type
  • Pharmacy Properties
  • 13813
  • sqft

Description

Located at 24 East Avenue, Wellsboro, Pennsylvania, this Net-Leased Rite Aid property consists of a 13,813 sq.ft building that sits on a massive 1.46-acre parcel of land, including two full-service pharmacy drive-thru windows and a Rite Aid Wellness Clinic within the store. The subject property is situated in Tioga County, which is just a two hours drive North of Harrisburg, PA and a two hours drive south of Buffalo, NY. It is strategically positioned at the signalized intersection of East Avenue and Grant Street and sees a traffic count of more than 11,000 vehicles per day. The immediate area has a wealthy population, having an average annual household income of over $58,000. The closest Walgreens is 42 miles away in Corning, PA, which means there is no direct Walgreens competition at the location. The current 20-year absolute net lease has approximately 6.5 years remaining with no landlord responsibilities. The offering provides a flat initial term, including a two percent hike in each of the two five-year option periods. Apart from being positioned at a signalized intersection, the property also has three different ingresses and egresses. It is located close to the University of Pittsburgh Medical Center and Susquehanna Soldiers as well as Sailors Hospital.

Rite Aid is the third-largest drugstore business in the United States, second only to Walgreen’s and CVS. The company operates over 4,600 drugstores in more than 30 states and the District of Columbia. Out of total revenue, the company generates 70 percent of its sales through filling prescriptions, and the rest of the income comes from selling health and beauty aids, convenience foods, greeting cards, and more that also includes around 3,500 Rite Aid brand private-label products. More than 60 percent of Rite Aid stores are freestanding buildings, with half of them having drive-thru pharmacies. Founded in 1962, Rite Aid is currently in the negotiation terms with Walgreen’s Boots Alliance for the latter purchasing it.

This investment property is suitable for a 1031 exchange.

Property Details – 

  • Property Type – Pharmacy Property
  • Property Status – Available
  • Location – 24, East Avenue, Wellsboro, Tioga County, Pennsylvania, 16901, USA
  • Year of Construction – N/A
  • Lease Type – Absolute Net Lease
  • Lease Expiration – 6 years 5 months
  • Property Size – 13813 sq.ft.

Details

Updated on May 6, 2020 at 11:19 am
  • Price: $5,376,577
  • Property Size: 13813 sqft
  • Property Type: Pharmacy Properties
  • Property Status: Available
  • Cap Rate: 6.75%
  • Lease Expiration: N/A
  • NOI: $362,919
  • Tenant: East Ave
  • Address 24, East Avenue, Wellsboro, Tioga County, Pennsylvania, 16901, United States of America
  • City Wellsboro
  • State/county Tioga County
  • Zip/Postal Code 16901

Contact Information

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Ronnie Issenberg
  • Ronnie Issenberg

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