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Views: 33 DOM: 113 Updated: 05.05.24 Posted: 01.24.24 Status: Active 01.24.24

Summary

Price $2,081,967
Built/Renov 2007
Tenant CVS
Cap Rate 6.10%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 8,789
Lease Start 01-31-2023
#Units 9,900
Price/SF $236.88
Expiration 01-31-2034
Tenant Type Pharmacy
NOI $127,000
R. Term 9.8
Ownership Fee Simple
Rent/SF $14.45
Increases 10.0%/11/yrs
Pop 5Mi 3,949
Lot/AC 0.57
Options 6/5yrs/10%
AHHI 5Mi $52,413

Lease Highlights

  • CVS has been operating in this location since 2013
  • The tenant has 10 years remaining on its current lease with 6 (5-year) options to extend
  • Lease features 10% rental escalation in first option and 5% every option thereafter
  • Corporate guarantee by CVS Corporation (NYSE: CVS)
  • CVS is an investment grade tenant (S&P: BBB)

Location Description

CVS is located at the signalized, hard corner of Minnesota Ave S and 2 nd Street NE which sees a combined 19,900 vehicles per day. The property features limited competition in the area, as this is the only national drug store within 29 miles. Retailers in the area include Family Dollar, O’Reilly, Subway, Dairy Queen, McDonald’s, and several others. Other traffic draws through the corridor...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: CVS
  • Guarantor:Corp T and Rated
  • Company:CVS Health Corporation
  • # Units:9,900
  • 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 : 2,209 2,951 4,014
2023 Total Population : 2,224 2,965 4,015
2023 Employed Civilian Pop : 866 1,160 1,547
2023 Total Businesses : 243 282 302
2023 Average Household Income : $ 68,036 $ 69,702 $ 71,928
2023 Total Consumer Spending : $ 58 M $ 79 M $ 112 M
2023 Median Age : 48 49 52
2023 Total Households : 968 1,274 1,752
2023 Pop Age 25+: Bachelor's Degree : 304 404 517
2023 Average Home Value : $ 228,766 $ 240,153 $ 259,142
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Minnesota Ave N Minnesota Ave S 2016 8,300 0.08 mi
Minnesota Avenue North Air PkDr 2021 3,853 0.08 mi
Minnesota Ave N 3rd St NE 2016 4,150 0.10 mi
Minnesota Avenue South Pacific St SW 2018 8,300 0.13 mi
4th Street Northwest 4th Ave NW 2021 1,261 0.20 mi
4th St NW 1st Ave NW 2016 1,050 0.21 mi
Minnesota Ave N 4th St NW 2016 1,100 0.22 mi
Air Park Drive Grandview Rd 2021 731 0.30 mi
2nd St NW 4th Ave NW 2018 9,400 0.31 mi
Minnesota Ave S 2nd St SW 2006 11,000 0.31 mi

Listing Broker

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