Listing Contacts
Kenneth Yanni
License: PA RS323884
Bart Delfiner
License: PA RS223488L
Edward Ginn
License: PA RM050201A
Asking Price
$8,297,051
Address
7401 Ogontz Ave
Philadelphia, PA
Property Details
Asking Price
$8,297,051
Property Type
Retail
Cap Rate
6.75%
Ownership
Fee Simple
Property Description
Equity Retail Brokers is pleased to offer for sale a portfolio of Rite Aid Pharmacies located in Pennsylvania. All subject properties are 100% leased to Rite Aid and are operating under recently extended NNN leases. The portfolio is being sold as package, with the in-place financing.
Property Highlights
  • Portfolio includes four Rite Aid locations in Eastern Pennsylvania, including Philadelphia and Harrisburg.
  • Each location has an absolute NNN lease which expires on January 31, 2029.
  • Fifteen year lease extensions were signed for all locations on 1/1/2014.
  • Average rent per square foot is $12.97, which is significantly lower than comparable drug store locations.
  • Recent remodels were made to updates stores to Rite Aid’s “Wellness” format.
  • Ideal for 1031 exchange buyers looking to leverage proceeds into multiple proven performing assets.