502 E 502 E Laburnum Avenue Ave
Richmond, VA 23222
Retail Property For Sale

Property tours are available by appointment ONLY. Please contact Nathan Shor to schedule at nshor@slnusbaum.com or (804) 539-7404. Investment Highlights: 10,106 SF, free-standing, net-leased Rite Aid Irreplaceable location across from the main entrance to Richmond International Raceway Rite Aid operating at this location for 22+ years and has 5 years remaining on current lease with three 5-year options remaining Rental income of ñ$124,243 with increases at option years Tenant responsible for HVAC, insurance, some maintenance and reimburses LL for RE Taxes New roof in 2013 with a 20 year warranty Pylon Signage on Laburnum Avenue with exposure to ñ21,000 VPD Long-standing pharmacy location with limited nearby competition Convenient Location in Raceway Plaza near high traffic intersection within close proximity to established neighborhoods Investment Overview: The Raceway Plaza Rite Aid Building is a free-standing net leased retail building located at 502 E Laburnum Avenue, across from the Richmond Raceway Complex, in Richmond, VA. The Property is 100% net-leased to Rite Aid and offers investors the opportunity to own a well-located retail asset that offers long te The Property is 100% net-leased to Rite Aid and offers investors the opportunity to own a well-located retail asset that offers long term stable tenancy. Built in 1997, the Property is located in the Raceway Plaza Shopping Center and consists of a free-standing, single-story, ñ10,106 SF building on a ñ1.52 AC parcel of land with 52 parking spaces. The site has been a long-standing pharmacy location and in 1997 the Old Drug Fair (built 1974) was demolished and this new Rite Aid was built. Rite Aid has been operating at this location on a net lease for 20+ years and has 5 years remaining on current lease with three 5-yr options remaining. The current rental income is $124,243 and the Tenant pays all maintenance on exterior including insurance, HVAC, and reimburses Landlord for RE Taxes. The LL is responsible for structural components, sprinkler system, and roof (a new roof was in 2013 and comes equipped with a 20 year warranty). Rite Aid is the largest drugstore chain on the East Coast and the third largest in the U.S. With ñ4,600 stores in 31 states and the District of Columbia, Rite Aid has a strong presence on both the East and West Coasts. Rite Aid is the largest drugstore c