CVS Pharmacy

700 Northeast 7th Avenue, Delray Beach, FL 33446

$10,509,600

Cap Rate 6.25%

Views: 98 Updated: 10.01.24 Posted: 03.14.24 Status: Inactive 10.21.24

Summary

Price $10,509,600	Built/Renov 2009	Tenant CVS Pharmacy
Cap Rate 6.25%	Lease Type Double NN	Guarantor Corp T and Rated
Size/SF 13,224	Lease Start 09-14-2009	#Units 9,395
Price/SF $794.74	Expiration 01-31-2035	Tenant Type Pharmacy
NOI $656,849	R. Term 10.2	Ownership Fee Simple
Rent/SF $49.67	Increases 5.0%/11/yrs	Pop 5Mi 178,177
Lot/AC 0.98	Options 3/5yrs/5%	AHHI 5Mi $98,213

Connor Shell

STREAM Capital Partners

Contact

Lease Highlights

CVS has been operating in this location since 2009
The tenant has 10+ 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
NN lease | Minimal landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

CVS is strategically located at the signalized, hard corner intersection of NE 5th Avenue and 6th Avenue, with access to a combined daily traffic count of 26,500 vehicles. This prime location provides excellent access and benefits as the only pharmacy before crossing the inter-coastal. Additionally, Publix is two blocks south, enhancing the consumer draw in the immediate area. The 5-mile trade...

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Key Features

Signalized intersection
Hard corner intersection
In location for years
Dense retail corridor
Near major nationals
Top 100 MSA
Strong demographics
Income tax free state
Long 10+ yr lease
Traded and rated company

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Links

CVS Pharmacy Wikipedia CVS Pharmacy Wikipedia Delray Beach, Florida Zip Code 33483 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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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	9,663	67,678	183,555
2023 Total Population :	9,414	66,658	180,968
2023 Employed Civilian Pop :	5,186	34,359	87,764
2023 Total Businesses :	1,802	5,853	11,378
2023 Average Household Income :	$ 161,350	$ 118,832	$ 106,303
2023 Total Consumer Spending :	$ 648 M	$ 3183 M	$ 8016 M
2023 Median Age :	47	52	57
2023 Total Households :	4,719	30,903	87,024
2023 Pop Age 25+: Bachelor's Degree :	2,460	14,907	39,186
2023 Average Home Value :	$ 827,167	$ 554,108	$ 488,939

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
NE 7th Ave	NE 7th Ct	2004	1,890	0.00 mi
NE 8th St	NE 6th Ave	2012	5,020	0.05 mi
NE 6th Ave	NE 8th St	2016	14,000	0.06 mi
NE 8th St	NE 8th Ave	2013	7,020	0.09 mi
NE 7th Ave	NE 7th St	2004	1,907	0.09 mi
NE 8th St	NE 5th Ave	2012	3,980	0.10 mi
NE 5th Ave	NE 8th St	2016	16,000	0.11 mi
NE 5th Ave	NE 8th St	2016	12,500	0.12 mi
NE 6th Ave	NE 8th St	2018	14,500	0.12 mi
NE 8th St	NE 5th Ave	2009	4,970	0.12 mi

Listing Broker

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