CVS Pharmacy

Viera Blvd., and Lake Andrew Drive, Melbourne, FL 32940

$12,183,000

Cap Rate 5.25%

DOM: 230 Updated: 07.09.24 Posted: 02.15.24 Status: Sold 10.02.24

Summary

Price $12,183,000	Built/Renov 2024	Tenant CVS Pharmacy
Cap Rate 5.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 14,871	Lease Start 05-01-2024	#Units 9,395
Price/SF $819.25	Expiration 04-30-2044	Tenant Type Pharmacy
NOI $639,585	R. Term 19.0	Ownership Fee Simple
Rent/SF $43.01	Increases 10.0%/20/yrs	Pop 5Mi 81,950
Lot/AC 1.81	Options 6/5yrs/10%	AHHI 5Mi $119,989

Lease Highlights

Brand-new 2024 construction
CVS will be executing a brand-new 20-year lease with 6 (5-year) options to extend
The lease features 10% rental increases at the start of each option period
Absolute NNN | Zero landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

CVS Pharmacy is strategically located at the hard corner intersection of Viera Boulevard and Lake Andrew Drive, with access to a combined daily traffic count of 17,800 vehicles. The property is situated directly off Interstate 95 (88,000 VPD), providing direct access to Disney World and Universal Resort. The site benefits from excellent visibility and cross-access to its surrounding national...

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Key Features

New construction
Near major nationals
Strategically located
Freeway visibility
Strong demographics
Income tax free state
Brand new lease
Long 20+ yr lease
Traded and rated company
Investment grade tenant

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Links

CVS Pharmacy Wikipedia CVS Pharmacy Wikipedia Melbourne, Florida Zip Code 32940 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...

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Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
	Viera Blvd	2022	4,400	0.22 mi
	Viera Blvd	2022	5,000	0.24 mi
	I- 95	2022	4,600	0.29 mi
	I- 95	2022	4,400	0.32 mi
Stadium Parkway	Veterans Way	2022	13,700	0.75 mi
Murrell Rd	Viera Blvd	2009	18,750	0.92 mi
I- 95	Fiske Blvd	2009	80,000	0.93 mi
Viera Blvd	Murrell Rd	2009	10,520	0.93 mi
Sawmill Grade	Veterans Way	2009	15,070	0.93 mi
Murrell Road	Clubhouse Dr	2022	17,500	0.95 mi

Listing Broker

Patrick Nutt

SRS National Net Lease Group

Contact

262 Listings
46691 Views
116 Sold

William Wamble

SRS National Net Lease Group

Contact

186 Listings
37127 Views
68 Sold

Patrick Nutt

Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

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William Wamble

Will Wamble joined SRS in early 2019 and specializes in the advisory and sale of net leased properties, specifically in the Southeast. With more than $350M worth of transactional experience in his career, Will prides himself on valuing hard work and dedication to his clients. Will emphasizes collaboration and putting the best team together to find creative solutions to getting transactions completed. He started his commercial real estate career in 2013 with Marcus & Millichap where he focus

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