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Views: 121 DOM: 262 Updated: 10.14.24 Posted: 04.04.24 Status: Active

Summary

Price $15,500,000
Built/Renov 2006
Tenant CVS Pharmacy
Cap Rate 4.40%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 14,472
Lease Start 06-01-2006
#Units 9,395
Price/SF $1,071.03
Expiration 05-31-2031
Tenant Type Pharmacy
NOI $682,625
R. Term 6.5
Ownership Fee Simple
Rent/SF $47.17
Increases 7.5%/1/yrs
Pop 5Mi 210,911
Lot/AC 1.14
Options 6/5yrs/7.5%
AHHI 5Mi $92,260

Lease Highlights

  • CVS has been operating in this location since 2006
  • The tenant has 6+ years remaining on the current lease term with 6 (5-year) options to extend
  • The lease features 7.5% rental increases throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

CVS Pharmacy is strategically located at the signalized, hard corner intersection of Gaffey Street and 8th Street, with access to a combined daily traffic count of 72,000 vehicles. The property is surrounded by dense residential housing and well-known national tenants such as McDonald's, Jack in the Box, Starbucks, Vons Safeway, and more. Additionally, essential medical facilities such as...

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Maps

  • 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...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 44,096 103,191 210,082
2023 Total Population : 44,070 104,302 212,032
2023 Employed Civilian Pop : 20,749 48,289 96,698
2023 Total Businesses : 1,418 3,042 7,199
2023 Average Household Income : $ 92,791 $ 131,217 $ 123,792
2023 Total Consumer Spending : $ 1332 M $ 4366 M $ 7911 M
2023 Median Age : 35 39 38
2023 Total Households : 16,648 39,132 75,099
2023 Pop Age 25+: Bachelor's Degree : 5,067 16,596 30,970
2023 Average Home Value : $ 801,714 $ 984,517 $ 945,383
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
S Gaffey St W 6th St 2011 43,324 0.05 mi
S Gaffey St W 9th St 2013 22,840 0.08 mi
W 6th St S Grand Ave 2011 3,700 0.10 mi
W 6th St S Gaffey St 2011 2,708 0.11 mi
S Gaffey St W 6th St 2014 45,538 0.11 mi
W 9th St S Grand Ave 2013 6,350 0.12 mi
S Grand Ave W 7th St 2008 6,335 0.12 mi
W 9th St S Gaffey St 2013 7,845 0.13 mi
S Gaffey St W 10th St 2013 22,230 0.15 mi
W 5th St S Gaffey St 2014 5,853 0.15 mi

Listing Broker

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