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Views: 129 DOM: 332 Updated: 12.13.24 Posted: 08.18.23 Status: Sold 07.15.24

Summary

Price $5,500,000 $6,780,000
Built/Renov 1973
Tenant CVS (Dark)
Cap Rate 5.90% 4.78%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 25,500
Lease Start 05-15-1974
#Units 9,900
Price/SF $215.69 $265.88
Expiration 12-31-2024
Tenant Type Pharmacy
NOI $324,410
R. Term 0.0
Ownership Fee Simple
Rent/SF $12.72
Increases 10.0%/1/yrs
Pop 5Mi 609,990
Lot/AC 2.19
Options 1/3yrs/10%
AHHI 5Mi $128,005

Lease Highlights

  • CVS has been operating in this location since 1974
  • Currently a dark location for CVS with over 1 year remaining on the current lease term with 1 (3-year) option to extend
  • Lease features a 10% rental increase every 5 years throughout the initial term and at the start of each option
  • Abolute NNN | Zero landlord responsibilites
  • Corporate guarantee by CVS Corporation (NYSE: CVS)

Location Description

This 25,500 square foot CVS is strategically located at the signalized, hard corner intersection of Redondo Beach Boulevard and Hawthorne Boulevard with access to 73,600 vehicles per day. The location is apart of the Northpoint Center with neighboring tenants including Aldi, Chase Bank, 24 Fitness and Turner Outdoorsmen. National/credit tenants in the area include Target, Taco Bell, Sprouts...

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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 : 36,902 278,599 596,602
2023 Total Population : 37,536 282,489 603,536
2023 Employed Civilian Pop : 19,516 145,328 300,987
2023 Total Businesses : 1,136 14,262 32,359
2023 Average Household Income : $ 121,006 $ 143,890 $ 137,673
2023 Total Consumer Spending : $ 1358 M $ 12610 M $ 25269 M
2023 Median Age : 37 39 38
2023 Total Households : 13,240 103,667 216,800
2023 Pop Age 25+: Bachelor's Degree : 7,315 62,126 121,789
2023 Average Home Value : $ 901,965 $ 1,051,916 $ 1,040,463
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Redondo Beach Blvd Hawthorne Blvd 2008 20,240 0.08 mi
Artesia Blvd Hawthorne Blvd 2008 25,030 0.10 mi
Hawthorne Blvd Artesia Blvd 2013 52,000 0.12 mi
Redondo Beach Blvd Freeman Ave 2008 20,220 0.13 mi
CA 107 2021 43,000 0.13 mi
CA 107 2021 43,000 0.13 mi
Hawthorne Blvd 172nd St 2008 41,110 0.13 mi
Amie Ave 172nd St 2008 1,420 0.15 mi
Freeman Ave Redondo Beach Blvd 2008 2,770 0.16 mi
Redondo Beach Blvd Artesia Blvd 2008 12,600 0.18 mi

Listing Broker

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