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Rite Aid | San Diego, CA

$7,203,000

11845 Carmel Mountain Road, San Diego, CA 92128

Active
Last Updated: 01/08/2025

5.75

Cap Rate

414,183

NOI

Details:
Cap Rate:    5.75%
NOI:    $414,183
Building Size:    23,650 sqft
Lot Area:    2.18 acres
Lease Type:    Triple Net
Year Built:    2004
Tenancy:    Single
Parking Spots:    95
Lease Expire Year:    12/31/2029
Highlights:
  • This offering is a high-profile retail asset in Southern California with highly impressive foot traffic.
  • This infill property is located within the Carmel Mountain Ranch Town Center, a 172,272 SF neighborhood class A shopping center.
  • The lease structure is absolute triple net (NNN), with zero landlord responsibilities.
  • In June 2024, Rite Aid exercised their first 5-year option (commencing January 2025), demonstrating their commitment to the location.
  • There are five (5.0) years remaining on the lease term, plus seven (7), five (5) year options.
  • The lease provides for 10% rental increases every ten (10) years and a Fair Market Value (FMV) clause at options 5 – 8.
  • The FMV clause provides upside to an investor as Rite Aid is currently paying below market rent.
  • The lease is corporately guaranteed by Rite Aid Corporation (NYSE: RAD), the third largest drugstore chain in America.
  • There are 235,186 residents located in the five (5) mile demographic ring, and 490,530 residents located in the ten (10) mile demographic ring.
  • The average household income in the five (5) mile demographic ring is an affluent $198,720.
  • The subject property is located just 1 mile (4 minutes) from Junipers, a gated, master-planned community for buyers 55+ featuring resort-style living in 530+ brand-new quality homes. This development by Lennar is currently under construction.
  • Carmel Mountain Rd. & Stoney Peak Dr. report strong combined traffic counts of 52,317 cars per day. Additionally, the property is in close proximity to Interstate 15 reporting 250,000 cars per day.
  • Rite Aid is located in one of San Diego’s popular retail corridors with other national retailers including Ralph’s, Trader Joe’s, The Home Depot, Costco, In-N-Out, Sprouts, and Chick-fil-A among others.
  • Rite Aid is located just 2 miles (7 minutes) from Palomar Medical Center Poway, a 107-bed acute care facility which features the adjacent 129-bed Villa Pomerado Convalescent Care Center. This implies a built-in customer base.
Map:
Documents:
Title
Rite_Aid_-_San_Diego__CA.pdf
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Location
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