CVS Pharmacy

14025 Puritas Avenue, Cleveland, OH 44135

$2,499,000

Cap Rate 6.00%

Views: 43 Updated: 09.12.24 Posted: 08.12.24 Status: Inactive 10.08.24

Summary

Price $2,499,000	Built/Renov 1963	Tenant CVS Pharmacy
Cap Rate 6.00%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 10,125	Lease Start 05-01-1999	#Units 9,395
Price/SF $246.81	Expiration 01-31-2033	Tenant Type Pharmacy
NOI $150,000	R. Term 8.1	Ownership Fee Simple
Rent/SF $14.81	Increases 5.0%/8/yrs	Pop 5Mi 347,421
Lot/AC 0.00	Options 6/5yrs/5%	AHHI 5Mi $77,079

Lease Highlights

CVS Pharmacy has been operating in this location since 1999
The tenant has 8+ year remaining on the current lease term with 6 (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 on Puritas Avenue, with access to 12,509 vehicles passing by daily. The property is an outparcel within a Save A Lot grocery-anchored shopping center and is surrounded by well-known national tenants such as Pizza Hut, Save A Lot, AutoZone, Burger King, McDonald’s, Walgreens, and more. The 5-mile trade area supports a population of 347,421 residents with an...

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Key Features

In location for years
Dense retail corridor
Near major nationals
Shopping Ctr out-parcel
Top 100 MSA
Strong demographics
Long operation history
Favorable NN+ lease
Traded and rated company
Investment grade tenant

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Links

CVS Pharmacy Wikipedia CVS Pharmacy Wikipedia Cleveland, Ohio Zip Code 44135 Broker Site Page

Maps

Local Information

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 and...

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Demographics

	1 Miles	3 Miles	5 Miles
2029 Total Population :	14,096	109,743	332,579
2024 Total Population :	14,452	112,854	341,113
2024 Employed Civilian Pop :	7,055	59,891	182,448
2024 Total Businesses :	439	3,568	10,888
2024 Average Household Income :	$ 63,027	$ 77,170	$ 82,949
2024 Total Consumer Spending :	$ 339 M	$ 3461 M	$ 11426 M
2024 Median Age :	40	40	39
2024 Total Households :	5,980	50,380	155,512
2024 Pop Age 25+: Bachelor's Degree :	780	13,277	50,126
2024 Average Home Value :	$ 187,642	$ 210,637	$ 230,271

*ESRI data is presented for informational purposes only

Listing Broker

Alex Wenzel

Sands Investment Group

Contact

2 Listings
304 Views
0 Sold

Scott Reid

ParaSell, Inc

Contact

35 Listings
2695 Views
5 Sold

Alex Wenzel

Our team specializes in Medical & Healthcare Real Estate. We work with Real Estate Owners & Owner Users around the country to assist with their growth, expansion and management of their portfolio. From a Single Property Owner to Developers and REITS, we can provide tools to maximize your return. - https://signnn.com/product_type/medical/

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Scott Reid

ParaSell, Inc. is a national real estate services and consulting firm that specializes in commercial leasing and investment sales. We work with principals across the nation and have a proven process, proprietary time-saving technology, dedicated support staff and a relentless commitment to customer service.

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