Rite Aid | Wauseon, OH

1496 North Shoop Avenue, Wauseon, OH

$3,563,000

Price

8.75%

Cap Rate

$311,720

NOI

Overview
Cap Rate
8.75%
NOI
$311,720
Building Size
14,564 sqft
Lot Area
2.089 sqft
Occupancy
100%
Lease Type
Double Net
Year Built
2005
Price Per Sqft
$244.64
Tenancy
Single
Parking Spots
56
Lease Expire Year
1/31/2026
Description

The lease is corporately guaranteed by Rite Aid Corporation (NYSE: RAD), the third largest drugstore chain in America.

This Rite Aid is an Amazon Counter Location. Amazon shoppers can pick up their packages at designated counters inside more than 100 Rite Aid stores, a service that will be available at over 1,500 of the chain’s locations by the end of the year.

The lease structure is double net (NN), with minimal landlord responsibilities. Tenant is responsible for HVAC, maintaining CAM and parking, and payment of all taxes, utilities, and insurances.

There are six (6.2) years remaining on the lease term, plus six (6), five (5) year options.

The lease provides for $1.00/SF rental increases at each option period.

The average household income in the five (5) mile demographic ring is $64,721.

Rite Aid is situated in Wauseon’s popular retail corridor, and is surrounded by several national retailers including Walmart, Tractor Supply, Dollar Tree, Taco Bell, Burger King and McDonald’s, among others.

Rite Aid is located just 2 miles (7 minutes) from Fulton County Health Center & Nursing Home, implying a built-in customer base.

The next closest Rite Aid is 12 Miles away. This location is the only one serving the city of Wauseon.

Wauseon is the county seat of Fulton County. It is located just 32 miles (40 minutes) outside of Toledo, OH.

Wauseon has become the manufacturing hub of Fulton County and is home to over 300 businesses.
The Fulton County Fair is one of the top three fairs in the state of Ohio, with an attendance average of over 280,000 people. The Fair is located just 2 miles (5 minutes) from the subject property.

Documents
Title
Rite_Aid_-_Wauseon__OH.pdf
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Location
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