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Views: 147 DOM: 558 Updated: 08.09.24 Posted: 03.08.23 Status: Active

Summary

Price $6,250,000
Built/Renov 2001
Tenant CVS Pharmacy
Cap Rate 6.79%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 12,474
Lease Start 07-25-2002
#Units 9,395
Price/SF $501.04
Expiration 01-31-2028
Tenant Type Pharmacy
NOI $424,230
R. Term 3.4
Ownership Fee Simple
Rent/SF $34.01
Increases 0.0%/0/yrs
Pop 5Mi 534,648
Lot/AC 2.17
Options 10/5yrs
AHHI 5Mi $67,282

Lease Highlights

  • CVS has a 20+ year operating history at this location
  • The tenant has 3+ years remaining on its current lease with 10 (5-year) options to extend
  • Tenant has a free rent period at the end of their initial term (2024-2028), Seller to credit 100% of rent holiday at close of escrow
  • Absolute NNN | Presents zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

CVS is strategically located at the highly trafficked hard corner, signalized intersection of NW 2nd Ave (Hwy 441), and NW 199th Street with clear visibility and access to more than 95,949 vehicles passing by daily. Numerous apartment complexes surround CVS including Cedar Grove Apartments (288 units), Solabella Apartments (92 units), Cottage Cove Apartments, Legacy Vista Palms, Parc Place,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: CVS Pharmacy
  • Guarantor:Corp T and Rated
  • Company:CVS 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 : 23,882 198,249 551,594
2023 Total Population : 24,169 198,990 545,342
2023 Employed Civilian Pop : 11,799 98,471 270,145
2023 Total Businesses : 1,109 10,238 32,006
2023 Average Household Income : $ 69,588 $ 75,734 $ 77,570
2023 Total Consumer Spending : $ 511 M $ 4364 M $ 12926 M
2023 Median Age : 39 37 38
2023 Total Households : 8,457 66,311 191,612
2023 Pop Age 25+: Bachelor's Degree : 2,799 21,427 60,140
2023 Average Home Value : $ 372,200 $ 390,987 $ 393,667
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
NW 2nd Ave NW 199th St 2009 59,000 0.17 mi
NW 199th St N Miami Ave 2006 35,400 0.35 mi
NW 2nd Ave NW 191st St 2009 56,500 0.44 mi
Northwest 191st Street NW 2nd Ave 2021 5,800 0.47 mi
Northwest 2nd Avenue NW 191st St 2021 53,500 0.48 mi
North Miami Avenue NE 191st St 2021 11,100 0.56 mi
Northwest 2nd Avenue NW 207th St 2021 60,000 0.57 mi
Northeast 2nd Avenue NE 203rd Ter 2021 8,800 0.61 mi
Northwest 199th Street NW 9th Ave 2021 25,000 0.67 mi
Ives Dairy Road Aventura Isles B 2021 37,500 0.75 mi

Listing Broker

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