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Views: 65 DOM: 93 Updated: 08.24.24 Posted: 07.09.24 Status: Active

Summary

Price $4,341,000
Built/Renov 1998
Tenant CVS Pharmacy
Cap Rate 6.50%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 10,125
Lease Start 01-18-1999
#Units 9,395
Price/SF $428.74
Expiration 07-31-2034
Tenant Type Pharmacy
NOI $282,194
R. Term 9.9
Ownership Fee Simple
Rent/SF $27.87
Increases 5.0%/9/yrs
Pop 5Mi 72,899
Lot/AC 2.20
Options 3/5yrs/5%
AHHI 5Mi $153,340

Lease Highlights

  • CVS has been operating in this location for over 25 years
  • The tenant has 10 years remaining on the current lease term with 3 (5-year) options to extend
  • The lease features 5% rental escalations at the start of each option period

  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guarantee | Investment grade tenant

Location Description

CVS Pharmacy is strategically located at the signalized, hard corner intersection of Kingston Pike and Smith Road, with access to a combined daily traffic count of 26,962 vehicles. The property is conveniently situated near several medical facilities, including NHC Healthcare, Summit Medical Group at Farragut, and Farragut Medical Center. Key educational institutions in the vicinity include...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

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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Listing Broker

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