OFFERING MEMORANDUM 42481 West 13 Mile Road | Novi, MI Rite Aid REPRESENTATIVE PHOTO ™ REPRESENTATIVE PHOTO EXCLUSIVELY LISTED BY BILL PEDERSEN KYLE B MATTHEWS, CCIM KYLE MATTHEWS Associate Chairman & CEO BROKER OF RECORD
[email protected] [email protected] DIR (949) 432-4501 DIR (310) 919-5757 MOB (831) 246-0646 MOB (310) 622-3161 LIC # 01975700 LIC # 01469842 LIC # 65053994 ™ CONTENTS 4 EXECUTIVE SUMMARY Investment Highlights 6 FINANCIAL OVERVIEW Executive Summary Cash Flow Debt Quote Annualized Operating Data Tenant Summary 8 TENANT OVERVIEW Rite Aid 10 PROPERTY DESCRIPTION The Offering Site Description Parcel Map Tenant Map 14 AREA OVERVIEW Novi, MI Detroit, MI Demographics REPRESENTATIVE PHOTO MATTHEWS RETAIL ADVISORS | 3 EXECUTIVE SUMMARY REPRESENTATIVE PHOTO 4 | Rite Aid, NOVI, MI Investment Highlights LIMITED COMPETITION • Closest Walgreens is three and a half miles away EXCELLENT RETURN • Listed at a 7.25% cap with the ability to achieve nearly 10% cash-on-cash return LONG TERM LEASE • Over 10 years remaining on lease • NN+ lease with minimal landlord responsibilities PROTOTYPE STORE FORMAT • Prototype Rite Aid format with double drive-thru pharmacy • Located on a hard corner and a signalized intersection IDEAL LOCATION • High average household incomes - 1-mile: $105.496; 3-mile: $97,108; 5-mile: $112,649 • Strong population growth – over 5% over the last five years and projected to grow by another 5% over the next five years • Less than a mile from the Twelve Oaks Mall and Novi Town Center which include Walmart