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Views: 117 DOM: 348 Updated: 09.06.24 Posted: 09.26.23 Status: Active

Summary

Price $5,668,900
Built/Renov 2006
Tenant CVS
Cap Rate 6.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 15,058
Lease Start 01-09-2006
#Units 9,900
Price/SF $376.47
Expiration 01-31-2031
Tenant Type Pharmacy
NOI $368,478
R. Term 6.4
Ownership Fee Simple
Rent/SF $24.47
Increases 11.0%/8/yrs
Pop 5Mi 504,420
Lot/AC 1.55
Options 10/5yrs/11%
AHHI 5Mi $78,457

Lease Highlights

  • CVS has been operating in this location since 2006
  • Tenant currently has over 7 years remaining on the current lease term with 10 (5-year) options to extend
  • Lease features 11% rental increase during the first option and FMV for remaining options
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee by CVS Corporation (NYSE: CVS)

Location Description

This drive-thru equipped CVS is conveniently located at the busy, signalized intersection of NW 199th Street and NW 37 Ave., which see a combined 25,611 vehicles passing by daily. The property is surrounded by national retailers such as AutoZone, Family Dollar, Walmart, Burger King, and more, creating a strong consumer drive to the immediate trade area. It is also just 1.6 miles from the Hard...

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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 and...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 22,220 177,011 507,218
2023 Total Population : 22,187 178,030 504,420
2023 Employed Civilian Pop : 9,529 85,834 253,728
2023 Total Businesses : 257 5,175 22,054
2023 Average Household Income : $ 71,045 $ 75,243 $ 78,457
2023 Total Consumer Spending : $ 417 M $ 3615 M $ 11688 M
2023 Median Age : 36 36 37
2023 Total Households : 6,729 55,199 171,255
2023 Pop Age 25+: Bachelor's Degree : 1,331 15,237 55,708
2023 Average Home Value : $ 334,691 $ 367,374 $ 373,649
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
NW 199th St NW 37th Ave 2006 18,140 0.04 mi
Northwest 42nd Avenue NW 195th St 2021 8,300 0.51 mi
Northwest 199th Street NW 32nd Ave 2021 24,000 0.54 mi
Northwest 37th Avenue NW 205th St 2021 27,500 0.60 mi
Northwest 42nd Avenue NW 42nd Ave 2021 3,400 0.65 mi
Northwest 191st Street NW 32nd Ave 2021 5,500 0.71 mi
Northwest 199th Street NW 44th Ave 2021 18,800 0.73 mi
NW 183rd St NW 38th Ct 2009 29,000 0.97 mi
Northwest 37th Avenue NW 183rd St 2021 30,000 0.97 mi
Northwest 183rd Street NW 183rd St 2021 29,000 0.97 mi

Listing Broker

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