Rite Aid – Erie

Property Type: | Property Status: Sold

Rite Aid Pharmacy

Property Details

Price: $6,000,000

CAP Rate:

Square Feet:

Tenancy Type:

Lease Type:

Location Info

Address: 5440 Peach Street

City: Erie

State: PA

Zip: 16509

Property Description

Short Description:
• #1 Performing Store in Region! • Top 10% Store in Entire Chain by Sales Volume! • Single-Tenant Rite Aid: Ownership Approached by Tenant for Early Long-Term Lease Extension Giving More Than 10 Years of Term with NO Rental Decrease • Store Sales More Than Double Chain Average • Absolute NNN Lease Structure with NO MANAGEMENT RESPONSIBILITIES – Tenant Handles ALL Maintenance, Insurance and Taxes Direct

• Corporately Backed Lease and Recently Upgraded to “Prototype Look” Store Including 2 Drive-Thru Lanes, Updated Signage and Complete Interior Remodel (2020) • Directly Across the Street from Main Hospital Campus & Adjacent to Other Medical Providers: Millcreek Community Hospital, Part of LECOM Health, Teaching Hospital Affiliated with Lake Erie College of Osteopathic Medicine (LECOM, 1.3 Miles), Nation’s Largest Medical School in Terms of Enrolled Students (4,200 Students & 2,600 Employees) • High Traffic Counts on Main Corridor: Over 27,000 VPD Along Peach Street and Convenient Highway Access Just East of I-79 with 45,900 VPD • Strategically Positioned Between Residential Population and Highways I-90 and I-79 for Easy Access Along Daily Commute • Strong Demographics with Average Household Incomes of Approximately $71,000 and Extremely High Population Density Near 145,000 People Within a 5-Mile Radius • Signalized Corner Location and Positioned Directly Adjacent to One of Erie’s Most Well-Known Attractions: 2,600,000 S.F. Millcreek Mall, One of the Largest Shopping Malls in the United States (Shoppers Frequent the Millcreek Mall and Peach Street Stores and Attractions as a Result of Pennsylvania’s Tax Exemption on Clothing) • Tourist Destination Bringing Heavy Traffic Year-Round Including: Presque Isle State Park (4.2 Million Visitors, 5 Miles), Erie Zoo (455,000 Visitors, 2 Miles), Waldameer Amusement & Waterpark (5 Miles), Presque Isle Downs Racetrack & Casino (2 Million Visitors, 4 Miles)