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- LoopNet Team
936 E Ludington Ave
Ludington, MI 49431
Rite Aid | NNN | 8.68% CAP | $2.4M · Retail Property For Sale
PROPERTY FACTS
AMENITIES
- Corner Lot
- Pylon Sign
- Drive Thru
ABOUT 936 E LUDINGTON AVE , LUDINGTON, MI 49431
Pharma Property Group has been exclusively retained by ownership to present for sale the opportunity to acquire the Rite Aid property located in Ludington, MI. The lease has approximately 2 years remaining before the two (5-year) options to follow and operates on an absolute net lease basis with no landlord responsibilities. Income guaranteed by Rite Aid corporate (S&P B) Fortune 500 Company with over 2,500 locations. Rite Aid retained this location in its sale of 1,900 locations to Walgreens in 2018 showing commitment to the site. The store has a successful operating history of 20+ years at this location. The subject property benefits from limited competition with the next nearest Rite Aid location over 19 miles away. There is only one Walgreens in Ludington located three quarters of a mile to the east along Ludington Avenue making this a strategic location for both Rite Aid and Walgreens. Rite Aid is located on East Ludington Avenue which is the main thoroughfare in the city of Ludington. The store benefits from traffic counts of 23,300 vehicles per day. East Ludington is the main retail corridor leading to the Downtown District. There are numerous national retailers in the immediate area including Pizza Hut, Jimmy John’s, Fifth Third Bank, Walgreens, AutoZone, McDonald’s, Walmart Supercenter, Lowe’s and Stop-N-Save. The property is located in a qualified IRS designated opportunity zone, providing potential tax benefits to investors. Ludington is a city in and the county seat of Mason County in Western Michigan. Located at the mouth of the Pere Marquette River on Lake Michigan, Ludington Harbor is about 51 nautical miles north of Muskegon and about 86 nautical miles northeast of Milwaukee, Wisconsin. With several inland lakes in addition to Lake Michigan, Ludington is a popular vacation destination throughout the year. Ludington is the fifth most popular tourist City in Michigan with approximately one million visitors annually.
PROPERTY TAXES
| Parcel Number | 051-292-001-00 | Improvements Assessment | $1,520,841 |
| Land Assessment | $79,181 | Total Assessment | $1,600,022 |
PROPERTY TAXES
