Investment Offering
Tonawanda NY - Rite Aid
47 Niagara Street | Tonawanda, NY 14150
$3,625,000
Price7.5%
Cap Rate$271,873
NOI12,738
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, corporate signed, drive-thru equipped, Rite Aid investment property located in Buffalo, New York. The tenant, Eckerd Corporation, has over 7.5 years remaining in their initial lease term with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 14% rental increase at the beginning of the first (5-year) option and a 2.5% rental increase at the beginning of each subsequent option, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is NNN with landlord responsibilities limited to roof and structure, making it an ideal, low-management investment opportunity for a passive investor. Headquartered in Camp Hill, Pennsylvania, Rite Aid operates more than 2,400 locations across 17 states, and is recognized as the largest drugstore chain on the East Coast and the third largest in the United States.
Location
The subject property is strategically located at the signalized, hard corner intersection of Niagara Street and Seymour Street, averaging a combined 26,600 vehicles passing by daily. The property is equipped with two large pylon signs, creating excellent visibility along both cross-streets. Additionally, the building is complete with a drive-thru pharmacy, providing ease and convenience for customers. The site benefits from nearby direct on/off ramp access to State Highway 425 (27,300 VPD), a highway that connects with Interstate 290, a major commuter thoroughfare averaging 92,900 vehicles passing by daily. State Highway 425 is one of the primary retail corridors traveling through Tonawanda, featuring a variety of national/credit tenants including Walmart Supercenter, Macy’s, T.J. Maxx, Burlington, Family Dollar, Big Lots, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Moreover, the University at Buffalo (32,000 students) is positioned just 6 miles east of the asset, providing a direct consumer base from which to draw. The 5-mile trade area is supported by nearly 203,000 residents and 92,000 daytime employees with an average household income of $74,324.
Documents & Links
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 Offering Memorandum |  |  |
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215