CVS Pharmacy

49581 U.S. 27, Davenport, FL 33897

$7,668,000

Cap Rate 5.25%

Views: 199 DOM: 759 Updated: 09.27.24 Posted: 10.18.22 Status: Active

Summary

Price $7,668,000	Built/Renov 2010	Tenant CVS Pharmacy
Cap Rate 5.25%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 13,802	Lease Start 12-21-2011	#Units 9,395
Price/SF $555.57	Expiration 01-31-2037	Tenant Type Pharmacy
NOI $402,551	R. Term 12.2	Ownership Fee Simple
Rent/SF $29.17	Increases 0.0%/5/yrs	Pop 5Mi 48,673
Lot/AC 1.80	Options 10/5yrs	AHHI 5Mi $72,402

Lease Highlights

The tenant has 12+ years remaining in their initial term with 10 (5-year) options to extend
Options 1 and 2 will feature 90% of the current NOI - Fair Market Value rent at the beginning of each subsequent option
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 U.S. Highway 27 and Sand Mine Road, averaging a combined 38,500 vehicles passing by daily. The asset is adjacent to a Dollar General store and across from a Publix anchored center, significantly increasing consumer draw to the immediate trade area. Other nearby/national credit tenants include Circle K, Dollar...

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Key Features

Signalized intersection
Hard corner intersection
Near major nationals
Highway location
New development zone
Income tax free state
Absolute NNN
Long 10+ yr lease
Traded and rated company
Investment grade tenant

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Links

CVS Wkipedia CVS Wikipedia Davenport, Florida Zip Code 33897 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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Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
San Salvador Pl		2012	3,085	0.94 mi
US Hwy 27	International Bass Blvd	2008	38,300	1.02 mi
US 31	Ridgemont Ln	2020	38,500	1.09 mi
N Goodman Rd	Roccella Ct	2001	518	1.53 mi
	Hwy 27	2020	9,300	2.06 mi
	Co Rd 530	2020	8,900	2.06 mi
	Co Rd 530	2020	17,000	2.08 mi
Funie Steed Rd	Picadilly Cir	2012	4,212	2.09 mi
North Goodman Road	N Goodman Rd	2020	2,500	2.09 mi
US 31	Town Center Blvd	2020	45,500	2.12 mi

Listing Broker

Matthew Mousavi

SRS National Net Lease Group

Contact

369 Listings
39582 Views
137 Sold

Patrick Luther

SRS National Net Lease Group

Contact

420 Listings
43601 Views
165 Sold

Matthew Mousavi

Matthew is the managing principal and co-founder of the SRS National Net Lease Group, based in Newport Beach, California. SRS’ is the exclusive net lease investment advisory platform across more than 25 offices nationally. SRS is the largest retail estate firm in North America exclusively focused on retail services, of which Matthew is a member of the board. The firm has a track record spanning over 30 years and billions in transaction volume, and represents over 400 retailers throughout the co

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Patrick Luther

Patrick joined SRS in 2016 with more than 10 years of transactional brokerage experience in the commercial real estate industry and over $1 billion in closed transactions, representing over 300 individual properties. Along with Matthew Mousavi, Patrick co-founded and leads the National Net Lease Group at SRS, the exclusive net lease capital markets platform within SRS, comprised of more than 75 professionals handling all net lease transactions for the firm nationally. He focuses on all types of

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