For Sale
$4,246,000

801 Grow AveMontrose, PA 18801

High-yield, NNN leased pharmacy

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 12,533 square foot Rite Aid, located at 801 Grow Ave, Montrose, PA 18801. The property sits on a 1.93-acre lot and boasts a strong 8.00% cap rate, generating a substantial NOI of $339,708. The absolute NNN lease, featuring a credit-rated corporate guarantee, provides a passive investment with minimal landlord responsibilities. With a remaining lease term of 5.5 years and six 5-year renewal options, this investment offers long-term stability. The property benefits from a prime location on a signalized corner with excellent ingress/egress, and a drive-thru lane. Built in 2000, the Class A building enjoys 100% occupancy since May 3, 2010. Rare 3.5% rent increases every five years further enhance the investment's return. The asking price is $4,246,000, translating to $338.79 per square foot. Seller financing is available. This property is fee simple ownership and is suitable for a 1031 exchange. The absence of competing pharmacies in the immediate area contributes to the property's strong market position. The property's proximity to national retailers such as McDonald's and Advance Auto Parts further enhances its desirability.

Highlights

  • 12,533 SF Rite Aid on a 1.93-acre lot with an 8.00% cap rate and $339,708 NOI.
  • Absolute NNN lease with a credit-rated corporate guarantee and over 6.5 years remaining, plus six 5-year options.
  • Signalized corner location with excellent ingress/egress and a drive-thru.
  • Large 1.93-acre lot.
  • No competing pharmacies.
  • Established tenant with a long operational history.

Property Details for 801 Grow Ave

Property type
Retail properties, Drug stores
Square Feet
12,533 SF
Class
A
Year Built
2000
Lot Size (sq. ft)
84,071 SF

Location Insight

City
Montrose
County
Susquehanna
State
Pennsylvania
Latitude
41.839605673538
Longitude
-75.861124349815
801 Grow Ave, Montrose, Pennsylvania

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801 Grow Ave
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