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Views: 84 Updated: 11.28.23 Posted: 01.17.23 Status: Inactive

Summary

Price $5,511,111
Built/Renov 2000/2020
Tenant CVS
Cap Rate 4.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 11,360
Lease Start 10-01-2020
#Units 9,900
Price/SF $485.13
Expiration 11-30-2040
Tenant Type Pharmacy
NOI $248,000
R. Term 15.11
Ownership Fee Simple
Rent/SF $21.83
Increases 5.0%/17/yrs
Pop 5Mi 55,761
Lot/AC 1.89
Options 9/5yrs/5%
AHHI 5Mi $56,555

Lease Highlights

  • CVS has been operating in this location since 2000
  • New 2020 renovation
  • The tenant has over 17 years remaining on its current lease term with 9 (5-year) options to extend
  • Scheduled 5% rental escalations at each option
  • Absolute NNN with zero landlord responsibilities
  • Corporate guaranteed by CVS Corporation (NYSE: CVS) (S&P: BBB) with over 9900 units backed

Location Description

CVS is located on the signalized, hard corner intersection of Benvenue Road & Goldrock Road which sees a combined 26,397 vehicles per day. The property sits ideally within a strong retail corridor with surrounding tenants such as O’Reilly's, Sheetz, Food Lion, Walgreens, Wells Fargo, Walmart Supercenter, Dollar Tree, Golden East Crossings Mall, and many others. The 5-mile trade area is...

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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 : 4,269 23,611 54,554
2023 Total Population : 4,366 24,041 55,577
2023 Employed Civilian Pop : 2,179 10,433 22,138
2023 Total Businesses : 347 1,698 2,443
2023 Average Household Income : $ 76,615 $ 71,843 $ 73,000
2023 Total Consumer Spending : $ 135 M $ 670 M $ 1521 M
2023 Median Age : 40 42 42
2023 Total Households : 2,037 10,672 23,790
2023 Pop Age 25+: Bachelor's Degree : 640 3,126 6,813
2023 Average Home Value : $ 166,825 $ 171,960 $ 178,758
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Gold Rock Road Greyson Rd 2021 10,000 0.11 mi
Gold Rock Road Dare Ct 2019 12,000 0.11 mi
NC 43 Northern Blvd 2020 11,000 0.21 mi
Northern Boulevard Jasmine Dr 2021 1,200 0.22 mi
Northern Boulevard Goldrock Rd 2019 1,400 0.23 mi
Benvenue Road Cobb Corners Dr 2019 27,500 0.23 mi
Jeffreys Road Jeffreys Ct 2019 7,700 0.31 mi
Benvenue Rd Tiffany Blvd 2003 22,000 0.36 mi
Benvenue Road Tiffany Sq 2021 22,500 0.38 mi
Jeffreys Road N Wesleyan Blvd 2021 6,700 0.41 mi

Listing Broker

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