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Views: 120 DOM: 203 Updated: 10.06.24 Posted: 05.13.24 Status: Active

Summary

Price $7,514,000
Built/Renov 1990
Tenant CVS Pharmacy
Cap Rate 5.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 31,324
Lease Start 08-31-2023
#Units 9,395
Price/SF $239.88
Expiration 09-01-2038
Tenant Type Pharmacy
NOI $394,500
R. Term 13.9
Ownership Fee Simple
Rent/SF $12.59
Increases 10.0%/14/yrs
Pop 5Mi 287,873
Lot/AC 3.02
Options 5/5yrs/10%
AHHI 5Mi $115,485

Lease Highlights

  • CVS Pharmacy has 13+ years remaining on the current lease term with 5 (5-year) options to extend
  • The lease features 10% rental increases in options 1 & 2 | FMV increases in remaining option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

CVS Pharmacy is strategically located at the signalized, hard corner intersection of Laguna Blvd and Franklin Blvd, with access to a substantial combined daily traffic count of 62,000 vehicles. Its prime location across from Safeway and adjacent to Bel Air grocery, owned by Raley’s Supermarket, enhances its visibility and accessibility. Additionally, it connects Interstate 5 with Highway 99...

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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
2029 Total Population : 18,897 135,137 292,905
2024 Total Population : 18,777 133,194 288,571
2024 Employed Civilian Pop : 9,154 62,146 128,606
2024 Total Businesses : 317 2,344 5,555
2024 Average Household Income : $ 139,592 $ 135,992 $ 120,816
2024 Total Consumer Spending : $ 739 M $ 4797 M $ 9115 M
2024 Median Age : 41 38 37
2024 Total Households : 6,220 41,131 87,337
2024 Pop Age 25+: Bachelor's Degree : 3,553 23,085 41,166
2024 Average Home Value : $ 607,329 $ 610,044 $ 576,310
*ESRI data is presented for informational purposes only

Listing Broker

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