Located at 117 Fifth Street, Ellwood City, Pennsylvania, in Beaver County, this Net Leased Rite Aid property consists of a 13,824 sq.ft building that sits on a 1.25-acre parcel of land and includes a full-service pharmacy drive-thru window and a Rite Aid Wellness Clinic within the store. The subject property is positioned at the signalized intersection of Spring Avenue and Fifth Street, which sees a traffic count of more than 11,000 vehicles per day. It is also immediately off Highway 65 and PA – 288, which sees a traffic count of more than 60,000 vehicles per day. The immediate area has a population of over 23,000 residents, having an average annual household income of over $57,000. The closest Walgreens is located 10.5 miles away in Zelienople, PA, which means there is no direct competition. The current 20-year lease has approximately 7.5 years remaining that includes no landlord responsibilities. The offering provides a flat initial term, including a one and a half percent hike in each of the two five-year option periods. The subject property is situated close to Elwood City Hospital and serves a substantial downtown Elwood City residential area. Several national retailers are also present in the immediate area, including 7 Eleven, McDonald’s, and CVS.

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 – 117, 5th Street, Ellwood City, Lawrence County, Pennsylvania, 16117, USA
• Year of Construction – N/A
• Lease Type – Absolute Net Lease
• Lease Expiration – 7 years 5 months
• Property Size – 13824 sq.ft.