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Views: 131 Updated: 05.21.24 Posted: 10.13.23 Status: Sold

Summary

Price $1,134,000 $1,512,065
Built/Renov 2005
Tenant CVS Pharmacy
Cap Rate 9.60% 7.20%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 10,093
Lease Start 04-01-2005
#Units 9,395
Price/SF $112.36 $149.81
Expiration 01-31-2030
Tenant Type Pharmacy
NOI $108,869
R. Term 5.2
Ownership Fee Simple
Rent/SF $10.79
Increases 33.0%/7/yrs
Pop 5Mi 8,382
Lot/AC 1.03
Options 10/5yrs/33%
AHHI 5Mi $73,018

Lease Highlights

  • CVS has been operating in this location since 2005
  • Tenant has 5+ years remaining on the current lease term with 10 (5-year) options to extend
  • Lease features a 33% rental increase at the start of the first and second option and 101% of FMV at the start of the remaining options
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee by CVS Corporation (NYSE: CVS)

Location Description

CVS is strategically positioned at the hard corner intersection of State Street & State Route 1, which has a combined daily traffic count of 16,800 vehicles. The area benefits from limited competition, with the nearest Walgreens situated over 10 miles east of the property. The vicinity is surrounded by prominent national retailers, including Walmart Supercenter, McDonald's, Ace Hardware,...

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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 : 3,808 5,426 8,092
2023 Total Population : 3,979 5,629 8,382
2023 Employed Civilian Pop : 1,738 2,449 3,694
2023 Total Businesses : 220 272 343
2023 Average Household Income : $ 64,930 $ 70,878 $ 73,018
2023 Total Consumer Spending : $ 98 M $ 150 M $ 229 M
2023 Median Age : 45 47 45
2023 Total Households : 1,704 2,394 3,544
2023 Pop Age 25+: Bachelor's Degree : 335 501 665
2023 Average Home Value : $ 119,603 $ 143,881 $ 138,635
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
IL 1 State St 2021 3,900 0.03 mi
State St State Rte1 2005 9,600 0.03 mi
State St State Rte1 2005 8,900 0.07 mi
IL 1 State St 2021 4,900 0.07 mi
US 50 Business 13th St 2021 6,550 0.09 mi
14th St 2022 700 0.10 mi
State Route 1 Water St 2005 4,700 0.11 mi
US 50 Business 16th St 2021 7,300 0.13 mi
IL 1 Jefferson St 2021 4,850 0.15 mi
State Route 1 15th St 2005 4,050 0.16 mi

Listing Broker

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