Rite Aid in Detroit - Livernois

Retail-Commercial for Sale
Catylist Listing ID: 30130848
Property Subtypes: Free-Standing Building
Building Size (RSF): 11,520 SF
Gross Land Area: 53,578 SF
Sale Price: $1,898,000
Unit Price: $164.76 PSF
Property Use Type: Net Leased Investment (NNN)
Building Name: Rite Aid
Usable Size (USF): 11,520 SF
Sale Terms: Cash to Seller
Cap Rate: 7.38%
Average Occupancy Rate: 100
Last Updated: 6/19/2017

Overview / Comments

Tenant in place since 1990 over 25 years which shows their commitment to staying in this location. The Nearest Rite Aid is approx. 3.04 mi away and Walgreens is approximately 3.07 miles away. Recently exercised 2 extensions early for total of 9.5 years remaining. High density Detroit MSA with population of 440,000 + within 5 miles. Signalized hard corner location with high traffic counts. Extra parking lot space is included in this offering which maybe buildable for another approximately 6000 sf building. Property is co-listed with LemRX as the primary contact. Please contact Dan Lem for additional information 925.263.2088 or direct@lemrx.com. NOTE: Property is net leased (NNN) with landlord responsible for structure.

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Wayne
Submarket/Township: Detroit W of Woodward
Taxing Authority: Detroit
Tax ID/APN: W16I018005S
Retail Clientele: Family
Property Located Between: Oakman Blvd and Ewald Circle
Property Visibility: Excellent
Largest Nearby Street: Davison West
Feet of Frontage: 263
Traffic/Vehicle Count: 25,200
Highway Access: I-96
Site Description: Approximately 1.23 acres, 11,500 sf building built in 1990. Lot might accommodate up to 6,000 sf additional retail building. Note: Tenant considering adding a drive thru pharmacy.
Area Description: High density Detroit MSA with population of 440,000 + within 5 miles. Located close to the University District.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Excellent
Year Built: 1990
Roof Type: Flat
Construction/Siding: Block, Brick, Concrete
Exterior Description: Well maintained building with approx. 1.23 acres with extra parking lot which could accommodate another retail building up 6,000 sf.
Parking Type: Surface
Parking Description: Contiguous
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Interior Description: Rite Aid Store
Zoning Description: Commercial
Lot Frontage: 263
Lot Depth: 224
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple
Legal Description: W LIVERNOIS 349 THRU 358 W 13.57 FT ON N LINE BG W 13.52 FT ON S LINE 359 W 21.42 FT ON N LINE BG W 21.37 FT ON S LINE 361 362 THRU 365 AND VAC ALLEY ADJ AMENDED PLAT OF R OAKMANS TURNER & FORD HWY SUB L44 P96 PLATS, W C R 16/313 262.91 IRREG.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 24,183 206,856 554,143
Median Age: 37.06 37.4 35.1
Households: 9,806 79,692 208,164


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