Rite Aid Portfolio

Ohio, United States
$7,533,846 6.50% Cap 22,608 sq ft Representative Photo Print This Page


Ohio, United States

Sale Price: $7,533,846
CAP Rate: 6.50%
Net Operating Income: $489,900
Building Size: 22,608 SF Total
Market: Cleveland / Canton

Absolute NNN LeaseCorporate GuaranteeHigh Income DemographicsLocated on a Major Commercial ThoroughfareRecently Renovated

This is the opportunity to purchase a two (2) asset absolute bond net leased Rite Aid Drug Store portfolio. The lease is corporately guaranteed and there are nine years remaining on the initial 20 year term. The tenants have two 5-year options to renew. The rent is flat for the Rite Aid in Westlake, Ohio. The Rite Aid in Canton, Ohio has scheduled increases in rent at the second option. The 24 hour store in Canton, Ohio is one mile from Aultman Hospital and the Rite Aid in Westlake benefits from having a double drive thru.

These assets are located in Westlake and Canton, Ohio. Westlake, Ohio is a city in Cuyahoga County. The population was 32,729 at the 2010 census. It is an affluent suburb of Cleveland located 12 miles west of downtown Cleveland. Canton, Ohio is a city in and the county seat of Stark County. Founded in 1805 alongside the Middle and West Branches of Nimishillen Creek, Canton became a heavy manufacturing center because of its numerous railroad lines. Canton is chiefly notable for two reasons: the first is football, especially the Pro Football Hall of Fame and the formation in 1920 of what eventually became the National Football League. The second is William McKinley, who conducted from his home in Canton the famed front porch campaign which won him the presidency of the United States in the 1896 election.

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