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Rite Aid

$ 6,019,419
Port Orchard, Washington
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Address: 3282 Bethel Road, SE, Port Orchard, Washington, United States 98366

Type: Drug Store

Cap Rate: 6.50%

Lease Type: Double-Net (NN)

Annual Rent: $391,262

Net Operating Income: $391,262

Lease Term Remaining: 9.6 Years

Rental Increases: 4.2% in Option Periods

Options: Six, 5-Year Options

Year Built: 1998

Rentable Sq/Ft: 16,750 SF

Rent Sq/Ft: $23.36

Price Sq/Ft: $359

Lot Size: 2.00 Acres

Marcus & Millichap is pleased to present the exclusive listing for the Rite Aid located at 3282 Bethel Road SE, Port Orchard, Washington. The original 20-year lease commenced on 8/6/1998. Four years prior to the original lease expiration, Rite Aid voluntarily extended the lease for another 10 years, to 2029, showing strong commitment and success at this location. The current annual rent is$391,262.26 and will be subject to 4.2% rental escalations throughout each of the six, five-year tenant renewal option periods. The lease will have a corporate guarantee from Rite Aid Corporation.

This subject Rite Aid benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, shopping centers, and academic institutions,. Major national tenants in the area include Walmart, Walgreens, Staples, Big Lots, Starbucks, Wendy’s, UPS, and many more. The property is also within immediate proximity of several schools and hospitals. Harrison Medical Center, headquartered in Bremerton is a not-for-profit health system located less than 5-miles away from the subject property offering medical, surgical, and emergency services that is situated with 250 staffed beds. Most notable schools are Sidney Glen Elementary School and South Kitsap High School with 679 students and 2,290 students enrolled, respectively. Hospitality accommodations in the area include Days Inn by Wyndham and Comfort Inn On The Bay, both within a 2-miles distance of the subject Rite Aid.
This Rite Aid is situated at the intersection of Bethel Road South East and South East Lund Avenue. Bethel Road South East and South East Lund Avenue have average daily traffic counts of 13,989 and 15,381 vehicles, respectively. The population within a 10-miles radius is over 194,000.

Port Orchard is a city in and the county seat of Kitsap County, Washington, United States. It is located 13 miles west of West Seattle and is connected to Seattle and Vashon Island via the Washington State Ferries run to Southworth. It is named after Port Orchard, the strait that separates Bainbridge Island from the Kitsap Peninsula. The passenger-only ferry, known as the “”foot Ferry””, links the two cities. Marina Park, with its boardwalk and covered gazebo, offers beach access and is the site of the summer outdoor Farmer’s Market.

Today it’s a busy waterfront community and popular tourist destination for business and leisure travelers. Bay Street, located a short block from the waterfront park, marina and foot ferry, is lined with antique, repurposed-redeemed and gift shops. The economy of Port Orchard, WA employs 5,070 people. The largest industries in Port Orchard, WA are Retail Trade, Health Care & Social Assistance, and Manufacturing, and the highest paying industries are Wholesale Trade, Finance & Insurance, and Professional, Scientific, & Technical Services. The USS Turner Joy DD-951 is a 418 foot historic U.S. Navy destroyer. She is located just an hour outside of Seattle in Bremerton, Washington. She is one of the most complete naval museum ships in the US offering a unique historical naval adventure taking visitors back to the Vietnam war.

 

Broker of Record: Joel Deis  License #90758

 

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Glen Kunofsky

President, Founder
(212) 430-5115

Christopher Urban

Vice President, Investments
(212) 430-5123