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Views: 200 DOM: 652 Updated: 09.19.24 Posted: 03.10.23 Status: Active

Summary

Price $5,414,648
Built/Renov 2002
Tenant CVS
Cap Rate 7.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 11,169
Lease Start 07-25-2002
#Units 9,900
Price/SF $484.79
Expiration 01-31-2028
Tenant Type Pharmacy
NOI $379,025
R. Term 3.1
Ownership Fee Simple
Rent/SF $33.94
Increases 0.0%/0/yrs
Pop 5Mi 433,927
Lot/AC 0.92
Options 10/5yrs
AHHI 5Mi $71,911

Lease Highlights

  • CVS has a 20+ year operating history at this location
  • The tenant has 5 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 by CVS Corp. (NYSE: CVS)
  • CVS is an investment grade tenant (S&P: BBB)

Location Description

CVS is located at the signalized, hard corner intersection of South State Road 7 and Southgate Boulevard with access to over 79,200 vehicles per day. The tenant is located along a dense retail corridor with national/credit tenants including Dollar Tree, Advance Auto Parts, Aldi, The Home Depot, Publix and more. Additionally, the site is within close proximity to multiple apartment complexes...

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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...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 19,746 176,957 466,219
2023 Total Population : 19,834 176,365 457,953
2023 Employed Civilian Pop : 10,977 96,859 246,282
2023 Total Businesses : 921 7,928 27,031
2023 Average Household Income : $ 73,049 $ 79,190 $ 81,322
2023 Total Consumer Spending : $ 402 M $ 4771 M $ 12438 M
2023 Median Age : 37 44 42
2023 Total Households : 6,319 69,263 176,003
2023 Pop Age 25+: Bachelor's Degree : 2,020 24,646 65,816
2023 Average Home Value : $ 323,609 $ 305,405 $ 328,590
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
US Hwy 441 Southgate Blvd 2009 45,500 0.07 mi
Southgate Blvd SW 63rd Ave 2008 17,600 0.19 mi
Southgate Boulevard SW 63rd Ave 2021 13,700 0.23 mi
Southgate Boulevard SW 69th Ter 2019 21,300 0.23 mi
State Road 7 Hwy 441 2021 53,500 0.30 mi
US Hwy 441 NW 3rd St 2008 61,500 0.33 mi
State Road 7 SW 7th St 2021 47,500 0.41 mi
W Atlantic Blvd NW 61st Ave 2008 50,000 0.55 mi
W Atlantic Blvd E Palm Dr 2008 49,000 0.58 mi
West Atlantic Boulevard NW 66th Ave 2021 49,000 0.71 mi

Listing Broker

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