CVS

1323 Copley Road, Akron, OH 44320

$1,760,000

Cap Rate 7.50%

Views: 94 Updated: 12.04.23 Posted: 10.21.23 Status: Inactive

Summary

Price $1,760,000	Built/Renov 1979	Tenant CVS
Cap Rate 7.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 6,021	Lease Start 03-08-2019	#Units 9,900
Price/SF $292.31	Expiration 03-31-2029	Tenant Type Pharmacy
NOI $132,000	R. Term 4.6	Ownership Fee Simple
Rent/SF $21.92	Increases 10.0%/6/yrs	Pop 5Mi 185,649
Lot/AC 0.77	Options 2/5yrs/10%	AHHI 5Mi $67,515

Lease Highlights

CVS has approximately 5.5 years remaining on base term of the NNN lease with 2 (5-year) options
Lease features 10% rental increase throughout the initial term and at the start of each option
Landlord is reimbursed for out-of-pocket costs for roof, structure, foundation, & HVAC (see OM for details)
Corporate guarantee by CVS Corporation (NYSE: CVS)

Location Description

CVS is positioned at the signalized, hard corner intersection of Copley Rd. & Hawkins Ave., offering excellent access and visibility, along with a combined daily traffic count of 31,950 vehicles. The property is conveniently located just a few blocks from I-77, where a significant 92,000 vehicles pass by each day. It is also within a short 2-mile radius of Cleveland Clinic Akron...

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Key Features

Signalized intersection
Hard corner intersection
Major thoroughfare
Strategically located
Freeway close
Top 100 MSA
Affluent AHHI $100K 5 Mi
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

CVS Pharmacy Wikipedia CVS Pharmacy Wikipedia Akron, Ohio Zip Code 44320 Broker Site Page

Maps

Local Information

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 and...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	12,133	71,192	184,123
2023 Total Population :	12,273	71,780	185,546
2023 Employed Civilian Pop :	5,268	32,977	87,309
2023 Total Businesses :	172	2,878	6,824
2023 Average Household Income :	$ 60,190	$ 67,305	$ 69,473
2023 Total Consumer Spending :	$ 288 M	$ 1945 M	$ 4932 M
2023 Median Age :	44	41	39
2023 Total Households :	5,459	32,980	80,997
2023 Pop Age 25+: Bachelor's Degree :	1,256	9,523	23,417
2023 Average Home Value :	$ 131,224	$ 184,951	$ 179,341

*ESRI data is presented for informational purposes only

Listing Broker

Aron Cline

Berkeley Capital Advisors

Contact

171 Listings
19300 Views
20 Sold

Calvin Short

Berkeley Capital Advisors

Contact

178 Listings
19952 Views
22 Sold

Aron Cline

Specializing in Single Tenant Net Lease and Shopping Centers, Aron Cline leads Berkeley Capital Advisors’ West Coast Office. Since 2011, Aron has been actively engaged in the commercial real estate space. Over the last decade, he and his team have been regarded as one of the most active brokerage teams in the country - having brokered over 1,300 transactions totaling $3.5 billion. His dedication and success have earned him the trust of some of the country’s top institutions, developers, high ne

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Calvin Short

Calvin Short joined Berkeley Capital Advisors in 2021 and leads the West Coast capital markets group. Since joining Berkeley, Calvin has been a part of closing 1,400 separate transactions with $4 billion in sales volume. Prior to Berkeley, Calvin served as Senior Vice President at Matthews REIS where he was consistently ranked within Matthews’ top five producing agents. In 2012, he graduated from The University of San Diego with a B.A. in Real Estate Finance. Calvin has spent the past 10 years

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