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Views: 64 DOM: 129 Updated: 07.26.24 Posted: 07.26.24 Status: Active

Summary

Price $4,177,250
Built/Renov 2005
Tenant CVS Pharmacy
Cap Rate 5.75%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 10,125
Lease Start 12-01-2020
#Units 9,395
Price/SF $412.57
Expiration 11-30-2035
Tenant Type Pharmacy
NOI $240,188
R. Term 11.0
Ownership Fee Simple
Rent/SF $23.72
Increases 6.0%/14/yrs
Pop 5Mi 13,136
Lot/AC 1.19
Options 2/4yrs/6%
AHHI 5Mi $74,925

Lease Highlights

  • CVS has occupied the site since 2005 and recently extended the term of its lease for an additional 15 years
  • The lease features 1 (4-year) & 1 (3-year) renewal options | 6% rental increase in the second option period
  • Favorable NN+ lease with landlord responsible for roof & structure
  • Corporate guaranteed lease (NYSE: CVS)
  • Investment grade tenant (S&P: BBB)

Location Description

CVS Pharmacy is strategically located at the signalized, hard corner intersection of Bridge Street and Allegheny Street, with access to a combined daily traffic count of 16,800 vehicles. The property benefits from two points of access and is surrounded by well-known national tenants including Weis Market, Napa, Exxon, Domino's, and more. Additionally, it is situated just down the street from...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: CVS Pharmacy
  • Guarantor:Corp T and Rated
  • Company:CVS Health Corporation
  • # Units:9,395
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: NYSE: CVS

About Tenant

CVS Pharmacy, Inc. is an American retail corporation and is the largest pharmacy chain in the United States by number of locations and total prescription revenue. CVS sells prescription drugs and...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 4,454 9,009 12,965
2023 Total Population : 4,545 9,144 13,136
2023 Employed Civilian Pop : 1,886 4,004 5,757
2023 Total Businesses : 170 294 383
2023 Average Household Income : $ 69,725 $ 71,362 $ 74,925
2023 Total Consumer Spending : $ 115 M $ 239 M $ 353 M
2023 Median Age : 39 42 44
2023 Total Households : 1,862 3,788 5,357
2023 Pop Age 25+: Bachelor's Degree : 519 924 1,350
2023 Average Home Value : $ 163,789 $ 175,135 $ 189,828
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Oliver St Walnut St 2017 1,402 0.05 mi
Bridge St Allegheny St 2017 8,494 0.08 mi
Locust St 2022 701 0.14 mi
Allegheny St 2022 1,215 0.16 mi
Welker Ln 2022 956 0.18 mi
Thomas Street Plymouth Ave 2021 7,327 0.20 mi
Juniper Aly 2022 244 0.20 mi
Allegheny Street Spruce St 2022 1,178 0.21 mi
Oliver Street T351 2020 553 0.23 mi
Locust St Howard St 2016 834 0.25 mi

Listing Broker

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