Historical Retail Sale Listing - "Rite Aid" | 9.00% CAP | Bring All Offers

Retail For Sale

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"Rite Aid" | 9.00% CAP | Bring All Offers

419 W. Main St., Gaylord, MI 49735

N/A

9,095 SF | Retail

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Retail Property - Off Market

Price:
N/A
Building Size:
9,095 SF
Property Type:
Retail
Property Sub-type:
Free Standing Bldg
Additional Sub-types:
Street Retail
Retail (Other)
Property Use Type:
Net Lease Investment with
9 years left on lease
Cap Rate:
9%
Occupancy:
100%
Tenancy:
Single
Year Built:
1998
Lot Size:
1 AC
Listing ID
16344356
Last Updated
over 1 year ago

Highlights

  • Delivered Free and Clear of Debt at 9.00 Percent Cap
  • Priced to Reflect $214 Per Square Foot
  • Average Household Income Over $50,000
  • Minimal to Zero Management ( Landlord: Roof-Structure)
  • Rite Aid Corporation Guarantor
  • Adjacent to the I-75 Interstate Highway

Description

The subject property is a Rite Aid Drug Store located in Gaylord, Michigan. Situated on Main Street, the site offers tremendous exposure to the village's main retail thoroughfare. Comprised of 9,095 square feet on one acre of land, the property is under a 20 year corporate guaranteed NN lease (landlord: roof - structure) with 9.5 years remaining and six, five year options. This 1998 construction store built to prototype specification is offered at $214/square foot to reflect a very attractive 9.00 percent cap rate.

Adjacent to the subject property is I-75, a major north-south Interstate Highway in the midwest and Southeastern United States. National Retailers in the immediate area include Walmart, McDonald's, Fifth Third Bank. Gaylord is home to Treetops Resort. Five distinctly different courses by renowned designers Robert Trent Jones, Sr, Tom Fazio, and Rick Smith offer one of the best collections of golf anywhere. This collection is the reason Treetops has been named one of the nation's finest golf facilities.

Map of 419 W. Main St., Gaylord, MI 49735 (Otsego County)

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Created 8/5/2009