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- LoopNet Team
4350 Dixie Hwy
Waterford, MI 48329
Rite Aid l 9.3% CAP | Rental Inc | Detroit · Retail Property For Sale
Investment Highlights
- STABLE INCOME CORPORATE GUARANTEE - Rental income guaranteed by Rite Aid corporate (S&P B Stable) Fortune 500 Company with over 2,500 locations.
- RENT INCREASES BY 53% IN 2023 - Rite Aid has 5 options, rent will increase by 53% to $283,089 in 2023, the remaining 4 options have ±4% increases.
- PREFERRED RITE AID LOCATION WITH 20+ YRS OF OPERATING HISTORY - Rite Aid retained this location in its sale of 1,900 stores to Walgreens.
- DETROIT AREA LOCATION – Located ±35 miles NW of downtown Detroit, the 14th most populous MSA in the US with a population of ±4.3M residents.
- ±3.75 YS REMAINING BEFORE OPTIONS - Over 3 years of lease term remaining on a double net lease with landlord responsible for roof and stru
- STRATEGIC DRUGSTORE LOCATION - Across the street from this Rite Aid is a CVS which makes this a strategic location for both drugstore tenants.
Property Facts
Amenities
- Drive Thru
About 4350 DIXIE HWY , WATERFORD, MI 48329
Pharma Property Group has been exclusively retained by ownership to present for sale the opportunity to acquire the Rite Aid property located in Waterford, MI. The lease has 3+ years remaining before the five (5-year) options to follow with rent increasing by 53% to $283,089 in 2023, the first of five options. The remaining four (5-year options) have an approximate 4% increase at the beginning of each option. This Rite Aid operates on a double net lease basis. Income guaranteed by Rite Aid corporate (S&P B) Fortune 500 Company with ±2,500 locations. Rite Aid retained this location in its sale of 1,900+ locations to Walgreens in 2018 and store has a successful operating history of 20+ years at this location. Directly across the street from this Rite Aid is a CVS which makes this a strategic location for both drugstore tenants. The subject property is in ±35 miles northwest of downtown Detroit, the 14th most populous Metropolitan Statistical Areas in the United States with a population of ±4,300,000 residents. In a 5-mile radius, the average household income is $76,400 and the total population is 143,897 residents.
Property Taxes
| Parcel Number | 13-10-254-030 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $506,520 |
Property Taxes
