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Views: 116 DOM: 165 Updated: 11.07.24 Posted: 07.09.24 Status: Active

Summary

Price $4,341,000
Built/Renov 1998
Tenant CVS Pharmacy
Cap Rate 6.50%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 10,125
Lease Start 01-18-1999
#Units 9,395
Price/SF $428.74
Expiration 07-31-2034
Tenant Type Pharmacy
NOI $282,194
R. Term 9.7
Ownership Fee Simple
Rent/SF $27.87
Increases 5.0%/9/yrs
Pop 5Mi 72,899
Lot/AC 2.20
Options 3/5yrs/5%
AHHI 5Mi $153,340

Lease Highlights

  • CVS has been operating in this location for over 25 years
  • The tenant has 9+ years remaining on the current lease term with 3 (5-year) options to extend
  • The lease features 5% rental increases 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 at the signalized, hard corner intersection of Kingston Pike and Smith Road, with access to a combined daily traffic count of 26,962 vehicles. The property is conveniently situated near several medical facilities, including NHC Healthcare, Summit Medical Group at Farragut, and Farragut Medical Center. Key educational institutions in the vicinity include...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

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 : 6,128 38,810 79,855
2024 Total Population : 5,641 36,524 74,778
2024 Employed Civilian Pop : 2,356 17,654 37,453
2024 Total Businesses : 123 1,270 3,156
2024 Average Household Income : $ 180,844 $ 179,548 $ 164,437
2024 Total Consumer Spending : $ 321 M $ 2046 M $ 3936 M
2024 Median Age : 50 45 44
2024 Total Households : 2,094 13,399 27,995
2024 Pop Age 25+: Bachelor's Degree : 1,780 10,116 19,018
2024 Average Home Value : $ 541,395 $ 528,475 $ 519,386
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Peterson Road Kingston Pike 2022 2,726 0.17 mi
PETERSON RD. Kingston Pike 2021 2,756 0.17 mi
Kingston Pike Fox Den Blvd 2005 19,530 0.70 mi
Virtue Road Broadwood Dr 2018 4,820 0.75 mi
Virtue Rd Broadwood Dr 2005 2,950 0.75 mi
East Kingsgate Road Midhurst Dr 2022 1,506 0.80 mi
Virtue Road Broadwood Dr 2022 5,059 0.80 mi
Midhurst Drive Foxford Dr 2022 308 0.89 mi
MIDHURST DR. E Kingsgate Rd 2021 314 0.89 mi
Kingston Pike Old Stage Rd 2022 24,520 0.97 mi

Listing Broker

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