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DOM: 407 Updated: 05.29.24 Posted: 03.08.23 Status: Sold 04.19.24

Summary

Price $3,725,000 $5,617,664
Built/Renov 2000
Tenant CVS
Cap Rate 9.43% 6.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 12,070
Lease Start 07-25-2002
#Units 9,900
Price/SF $308.62 $465.42
Expiration 01-31-2028
Tenant Type Pharmacy
NOI $351,104
R. Term 2.9
Ownership Fee Simple
Rent/SF $29.09
Increases 0.0%/0/yrs
Pop 5Mi 219,644
Lot/AC 0.33
Options 10/5yrs
AHHI 5Mi $96,008

Lease Highlights

  • CVS has a 20+ year operating history at this location
  • The tenant has over 4.5 years remaining on its current lease with 10 (5-year) options to extend
  • Tenant has a free rent period at the end of their initial term (2024-2028), Seller to credit 100% of rent holiday at close of escrow
  • Absolute NNN | Presents zero landlord responsibilities
  • Corporate guarantee by CVS Corp. (NYSE: CVS)
  • CVS is an investment grade tenant (S&P: BBB)

Location Description

CVS is strategically located at the signalized, hard corner intersection of Conroy Windermere Road and Dr.Phillips Boulevard with access to a combined 55,362 vehicles per day. The site is located along a dense retail corridor home to many shopping centers including The Grove, Grand Oaks Village, Kirkman Shoppes and Kirkman Oaks with tenants including Publix, Walgreens, Starbucks, Chipotle,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: CVS
  • Guarantor:Corp T and Rated
  • Company:CVS Corporation
  • # Units:9,900
  • Tenant S&P: BBB
  • Moody’s: Baa1
  • 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 : 6,693 80,398 230,284
2023 Total Population : 6,815 80,666 224,898
2023 Employed Civilian Pop : 3,861 48,349 124,150
2023 Total Businesses : 453 5,926 14,115
2023 Average Household Income : $ 171,081 $ 111,641 $ 98,783
2023 Total Consumer Spending : $ 338 M $ 3046 M $ 7097 M
2023 Median Age : 43 37 35
2023 Total Households : 2,378 31,422 82,567
2023 Pop Age 25+: Bachelor's Degree : 2,026 18,544 38,147
2023 Average Home Value : $ 495,631 $ 494,202 $ 480,862
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Conroy Rd Winwood Way 2009 34,479 0.10 mi
Dr Phillips Blvd Running Brook Dr 2012 15,068 0.22 mi
Conroy Rd S Hiawassee Rd 2007 35,782 0.43 mi
Conroy Rd Woodlot Ct 2012 42,500 0.68 mi
S Hiawassee Rd PkSprings Dr 2009 31,963 0.68 mi
Dr Phillips Blvd Craindale Dr 2012 15,300 0.77 mi
Conroy Rd Harrow Gate Ln 2012 28,166 0.78 mi
Conroy Windermere Road Lansmere Ln 2021 32,000 0.85 mi
Florida's Turnpike Lasson Ct 2021 112,000 0.95 mi
Turkey Lake Rd Conroy Rd 2009 19,703 0.99 mi

Listing Broker

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