Rite Aid NNN Property For Sale — Greece, NY
2950 West Ridge Road, Greece, NY 14626
This offering presents a 13,604-square-foot, single-tenant Rite Aid property, strategically built in 2008. Situated on 1.82 acres at a signalized hard corner in Greece, New York, the property benefits from excellent visibility and accessibility. The lease features 17 years of remaining term with attractive rental increases, including a 10% increase in 2018 and similar increases at the start of each of the five, five-year renewal options. The property is offered free and clear of debt, providing an opportunity for a stable investment with a strong cap rate. The surrounding area boasts a dense population of over 170,000 residents within a five-mile radius and is a major retail hub, home to prominent national retailers and one of the region's largest shopping centers.
- Address: 2950 West Ridge Road, Greece, NY 14626
- Asking price $6.31M
- 8.75% cap rate
- NOI $551,970
- 17 years remaining
- NNN lease
- Year built: 2008
- Building size: 13,604 SF
- Lot size: 1.82 acres
- Rent increases: 10% rental increase in 2018; additional five, five-year options to renew with 10% increases at the start of each option
- Guarantor: Corporate
Location
This Rite Aid property is at 2950 West Ridge Road in Greece, New York.
Asset type: Shopping Center / Retail