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Views: 153 DOM: 712 Updated: 09.27.24 Posted: 01.09.23 Status: Active

Summary

Price $11,323,630
Built/Renov 2008
Tenant CVS Pharmacy
Cap Rate 5.73%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 12,989
Lease Start 06-26-2009
#Units 9,395
Price/SF $871.79
Expiration 07-21-2034
Tenant Type Pharmacy
NOI $648,844
R. Term 9.7
Ownership Fee Simple
Rent/SF $49.95
Increases 0.0%/0/yrs
Pop 5Mi 6,397
Lot/AC 1.14
Options 10/5yrs
AHHI 5Mi $29,127

Lease Highlights

  • CVS has 9+ years remaining on their current term with 10 (5-year) options to extend
  • The last 36 months of rent in the initial term will be credited to buyer at closing
  • Buyer to receive credit in the amount of $1,946,532 at closing
  • Location offers extended hours, open until Midnight
  • Lease is corporately guaranteed by CVS Corporation (S&P: BBB)

Location Description

This build to suit, drive thru equipped CVS is positioned along Padre Blvd. which benefits from 17,600+ VPD. The property is the only pharmacy on South Padre Island, which is a captive trade area, and one of Texas’ most popular vacation destinations with over 1 million visitors annually. The site is surrounded by numerous national tenants, hotels and vacation rentals. South Padre Island is a...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

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
2027 Total Population : 948 3,237 7,654
2022 Total Population : 883 3,041 7,373
2022 Employed Civilian Pop : 454 1,472 3,220
2022 Total Businesses : 317 579 758
2022 Average Household Income : $ 110,950 $ 103,617 $ 86,808
2022 Total Consumer Spending : $ 44 M $ 120 M $ 229 M
2022 Median Age : 62 60 49
2022 Total Households : 472 1,363 3,052
2022 Pop Age 25+: Bachelor's Degree : 184 586 1,034
2022 Average Home Value : $ 383,231 $ 383,757 $ 339,413
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Padre Boulevard E Haas St 2020 16,522 0.12 mi
Padre Blvd E Haas St 2014 13,370 0.21 mi
Padre Blvd E Marlin St 2002 3,200 0.38 mi
Padre Blvd E Haas St 2014 3,180 0.39 mi
Padre Boulevard E Amberjack St 2020 13,419 0.53 mi
Padre Blvd E Amberjack St 2014 10,524 0.56 mi
Padre Blvd Queen Isabella Cswy 2014 6,207 0.70 mi
Gulf Boulevard E Dolphin St 2020 2,254 0.75 mi
2002 20,000 0.76 mi
Padre Blvd Queen Isabella Cswy 2014 1,813 0.86 mi

Listing Broker

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