Rite Aid, Rocky Mount NC
824 West Raleigh Boulevard, Rocky Mount, NC 27803
Asking Price: $2,689,000
Details
Property Type Retail
Lease Type Absolute NNN
Tenant Credit Credit Rated
Tenancy Single
Lease Term 27.2 years
Lease Commencement 01/18/1999
Lease Expiration 03/31/2026
Square Footage 11,480
Price/Sq Ft $234.23
Cap Rate 7.00%
NOI $188,230
Year Built 1998
Lot Size (acres) 1.89
Ownership Fee Simple
This is a long term NNN leased Rite Aid opportunity. The property is subject to a long term lease which began in 1999 and runs through 2026. The lease is at in the initial term with a 15% bump in the first option, and 2.5% bumps in each subsequent option. There are four 5-year renewal options beyond the initial term. The property is well-situated on a major retail corridor surrounded by national retailers including Family Dollar, Piggly Wiggly, Dollar General, Hardees and Kangaroo Express.
INVESTMENT HIGHLIGHTS
Absolute NNN Lease
Established Tenancy at this Location
Located on a Major Commercial Thoroughfare
Recently Extended Lease
Zero Landlord Obligations