Located at 1396 West Chestnut Street, Washington, Pennsylvania, this Net-Leased Rite Aid property consists of a 13,813 sq.ft building that sits on a massive 2.5-acre parcel of land, and includes two full-service pharmacy drive-thru windows and a Rite Aid Wellness Clinic within the store. The subject property is situated in Washington County, which is only a 30-minute drive from the South of downtown Pittsburgh, PA. It is located at the signalized intersection of Chestnut Street and Franklin Farms Road and sees a traffic count of more than 20,000 vehicles per day. The immediate area has a population of more than 45,000 residents, having an average annual household income of over $67,000. No direct Walgreen’s competition is present in the area. The nearest Walgreen’s is located 1.4 miles away at the opposite end of Washington and also receives a significantly lower traffic count than this property. Exposure to Interstate 70, which sees a traffic count of over 100,000 vehicles per day, also helps this asset. The current 20 years lease has 6.2 years remaining that includes zero landlord responsibilities. The current lease agreement offers a flat initial term, including one and a half percent hike in rent in each of the two five-year option periods. Several national and regional retailers are also present in the surrounding, including Bob Evans, Denny’s, Wendy’s Auto Zone, 7 Eleven, McDonald’s, Taco Bell, and Pizza Hut.

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 – 1396, West Chestnut Street, Elwood Park, Canton Township, Washington County, Pennsylvania, 15301, USA
• Year of Construction – N/A
• Lease Type – Absolute Net Lease
• Lease Expiration – N/A
• Property Size – 13813 sq.ft.