Rite Aid (Walgreens) - Southern Pines, NC

1690 US Highway 1 S Southern Pines , NC 28387-7037

Rite Aid (Walgreens) - Southern Pines, NC - Retail for sale

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Overview



Stand-alone Rite Aid property featuring a Walgreens-operated pharmacy for sale at the busy intersection of U.S. Highway 1 and Pinehurst Avenue. The exterior is still branded as a Rite Aid, though will eventually be converted to a Walgreens as they absorb Rite Aids across the country.

Investment Highlights


  • Assigned to Walgreens corporate with an NNN lease structure that has 4.4 years remaining, as well as four 5-year option periods with rental increases
  • National tenant with strong brand recognition
  • Highly desirable location
General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 1690 US Highway 1 S, Southern Pines, NC 28387-7037
Land In Acres 1.77
Building Size 12,739  ft2
Year Built 2003
Financial
Price $4,313,000
Cap Rate 7.85%
Current NOI $338,542.00
Lease
Tenant's Name RITE AID Corporation
Guarantor Walgreens Company
Lease Type NNN
Lease Expiration Date 10/20/2022
Remaining Term 3.2Yrs

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