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Views: 55 DOM: 120 Updated: 05.20.24 Posted: 03.14.24 Status: Active

Summary

Price $4,887,500
Built/Renov 2008
Tenant CVS Pharmacy
Cap Rate 6.90%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 13,225
Lease Start 01-01-2024
#Units 9,395
Price/SF $369.57
Expiration 01-31-2034
Tenant Type Pharmacy
NOI $337,238
R. Term 9.6
Ownership Fee Simple
Rent/SF $25.50
Increases 5.0%/10/yrs
Pop 5Mi 28,358
Lot/AC 1.77
Options 6/5yrs/5%
AHHI 5Mi $99,668

Lease Highlights

  • CVS has 9+ years remaining on the current lease term with 6 (5-year) options to extend
  • The lease features 5% rental escalations at the start of each option period
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

CVS is strategically located at the signalized, hard corner intersection of Highway 231 and Patterson Lane, with access to a combined daily traffic count of 32,250 vehicles. The property is adjacent to Urgent Medicare and in close proximity to Leo at Flint Crossing, a 266-unit luxury development. The surrounding area features well-known national tenants, including Circle K, Publix, Dollar...

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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...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 2,218 12,608 28,117
2023 Total Population : 2,159 12,334 27,435
2023 Employed Civilian Pop : 1,079 6,105 13,569
2023 Total Businesses : 46 226 449
2023 Average Household Income : $ 122,338 $ 118,161 $ 107,707
2023 Total Consumer Spending : $ 83 M $ 470 M $ 978 M
2023 Median Age : 42 41 41
2023 Total Households : 796 4,634 10,531
2023 Pop Age 25+: Bachelor's Degree : 549 2,546 4,630
2023 Average Home Value : $ 285,417 $ 293,892 $ 277,020
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Steger Rd 2014 31,250 0.11 mi
US Hwy 231 Monroe Rd 2020 30,471 0.74 mi
US 231;US 431 Hwy 231 2021 30,471 0.74 mi
US Hwy 231 Jacob Landing Dr 2017 28,070 1.10 mi
Jacob Landing Dr Clear Springs Cir 2004 7,470 1.14 mi
Monroe Road Piper Ln 2021 2,926 1.24 mi
Monroe Road Beaconsfield Dr 2020 2,926 1.24 mi
Meridianville Bottom Road Hwy 231 431 N 2018 3,339 1.32 mi
Meridianville Bottom Road Strong Mill Rd 2020 3,389 1.35 mi
Meridianville Bottom Road McCollum Rd 2021 3,389 1.35 mi

Listing Broker

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