CVS Pharmacy

3403 Rainbow Drive, Rainbow City, AL 35906

$1,865,585

Cap Rate 6.75%

Views: 150 DOM: 570 Updated: 11.02.24 Posted: 06.01.23 Status: Active

Summary

Price $1,865,585	Built/Renov 2005	Tenant CVS Pharmacy
Cap Rate 6.75%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 13,200	Lease Start 12-17-2004	#Units 9,395
Price/SF $141.33	Expiration 01-31-2030	Tenant Type Pharmacy
NOI $125,927	R. Term 5.1	Ownership Fee Simple
Rent/SF $9.54	Increases 33.0%/7/yrs	Pop 5Mi 45,102
Lot/AC 1.65	Options 10/5yrs/33%	AHHI 5Mi $43,162

Jimmy Goodman

The Boulder Group (HQ)

Contact

Lease Highlights

CVS has been operating in this location for 18+ years
The tenant has 5+ years remaining on their primary lease term with 10 (5-year) options to extend
The lease features a rare and significant 33% rental escalation in the first renewal option
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed lease by CVS Corporation
CVS is an investment grade tenant (S&P: BBB)

Location Description

The 13,200 square-foot building, equipped with a drive-thru, is located near the intersection of Rainbow Drive and East Grand Avenue which experiences a combined traffic count of 54,849 vehicles per day. Both are primary thoroughfares for the area with Rainbow Drive connecting to downtown Gadsden, Alabama which is less than a 10-minute drive north. Tenants occupying the corridor include...

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Key Features

In location for years
High traffic 50M+ VPD
Dense retail corridor
Near major nationals
Long operation history
Low rent to sales ratio
Absolute NNN
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

CVS Wikipedia CVS Wikipedia Rainbow City, Alabama Zip Code 35906 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: CVS Pharmacy
Guarantor:Corp T and Rated
Company:CVS Health 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 and...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	4,503	15,455	44,838
2023 Total Population :	4,515	15,441	44,929
2023 Employed Civilian Pop :	2,080	6,869	19,050
2023 Total Businesses :	297	741	2,220
2023 Average Household Income :	$ 70,091	$ 80,247	$ 65,086
2023 Total Consumer Spending :	$ 125 M	$ 443 M	$ 1044 M
2023 Median Age :	41	45	43
2023 Total Households :	2,075	6,439	18,384
2023 Pop Age 25+: Bachelor's Degree :	582	2,026	3,732
2023 Average Home Value :	$ 252,979	$ 248,104	$ 186,049

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Rainbow Drive	Morgan St	2021	25,374	0.12 mi
Rainbow Drive	W Grand Ave	2019	28,326	0.12 mi
Church Street	W Hartwood Dr	2021	3,747	0.13 mi
West Grand Avenue	Lake St	2021	18,075	0.19 mi
Rainbow Parkway	W Grand Ave	2014	15,960	0.32 mi
W Grand Ave	Cahaba Ct	2002	16,210	0.36 mi
Rainbow Drive	Mountain Lake Cir	2020	11,632	0.53 mi
E Grand Ave	Baptist Health Center Dr	2002	23,260	0.54 mi
East Grand Avenue	Baptist Health Center Dr	2021	26,523	0.54 mi
Brown Avenue	Wren Dr	2020	1,849	0.80 mi

Listing Broker

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