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Views: 55 DOM: 181 Updated: 06.28.24 Posted: 01.12.24 Status: Active 01.12.24

Summary

Price $4,658,000
Built/Renov 2006
Tenant CVS Pharmacy
Cap Rate 7.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 11,945
Lease Start 06-01-2007
#Units 9,395
Price/SF $389.95
Expiration 01-01-2033
Tenant Type Pharmacy
NOI $326,099
R. Term 8.5
Ownership Fee Simple
Rent/SF $27.30
Increases 5.0%/9/yrs
Pop 5Mi 23,047
Lot/AC 1.40
Options 6/5yrs/5%
AHHI 5Mi $79,060

Lease Highlights

  • CVS has a 17+ year operating history at this location
  • Tenant has 8+ years remaining on the current lease term with 6 (5-year) options to extend
  • Lease features 5% rental increases at the beginning of each option period
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guaranteed (NYSE: CVS)
  • Investment grade tenant (S&P: BBB)

Location Description

CVS is strategically located at signalized, hard corner intersection of West Main Street and South Lyon Street averaging 33,900 vehicles per day. The property is located 1 mile from Towne Center, a shopping mall with 390,000+ SF of rentable area anchored by big box retailers such as Target, Marshalls, DICK’s, and more. Other nearby national/credit tenants include Save A Lot, Wendy’s, Dunkin’,...

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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 : 8,780 18,306 22,804
2023 Total Population : 8,951 18,604 23,165
2023 Employed Civilian Pop : 4,159 8,876 11,262
2023 Total Businesses : 508 954 1,043
2023 Average Household Income : $ 73,945 $ 76,923 $ 79,066
2023 Total Consumer Spending : $ 248 M $ 564 M $ 707 M
2023 Median Age : 41 42 43
2023 Total Households : 3,812 8,356 10,195
2023 Pop Age 25+: Bachelor's Degree : 848 1,616 2,017
2023 Average Home Value : $ 188,411 $ 171,166 $ 172,660
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
S Main St 2021 1,484 0.06 mi
South Main Street 2018 2,708 0.16 mi
West Main Street Redfield Pkwy 2021 20,670 0.18 mi
South Main Street River St 2021 2,754 0.18 mi
Montclair Ave 2021 241 0.20 mi
NY 33; NY 98 W Main St 2021 10,246 0.22 mi
West Main Street Ellicott Ave 2018 33,926 0.23 mi
Union St West Ave 2019 913 0.26 mi
Mix Place Prospect Ave 2021 1,449 0.26 mi
NY 157 2018 4,393 0.26 mi

Listing Broker

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