Cumberland Farms & CVS Pharmacy
Retail | 6.00% CAP | 5,784 SqFt
Marketing description
NNN Pro is pleased to present the exclusive listing for a CVS Pharmacy and a Cumberland Farms located at 650& 652 South St, Wrentham, MA 02093. The CVS consists of roughly 13,111 rentable square feet of building space on an estimated 2.83-acre parcel of land. This CVS Pharmacy is subject to a 20-year Double Net (NN) lease, which commenced 3/25/2019. The current annual rent is $411,750 and has scheduled increases of 5.00% in options 2 through 5. The Cumberland Farms consists of roughly 5,784 square feet on an estimated 1.14-acre parcel of land. This Cumberland Farms is subject to a 20-year Triple Net (NNN) Ground lease with commenced on 8/7/2019. The current annual rent is $149,600 and has scheduled increases of 10% every 5 years.
Investment highlights
Long Term Net Leases | CVS has over 14.5 years of lease term remaining with five, five-year options. Cumberland Farms has approximately 14 years of term remaining with four, five year options.
Attractive Rental Increases | Cumberland Farms has 10% rental increases every five years, and CVS has rare 5% rental increases at the beginning of its option periods providing a strong hedge against inflation.
Ideal Corporate Guarantees | The leases features corporate guarantees from CVS, the 6th company on Forbes' Fortune 500 (S&P: BBB), and Cumberland Farms with over 1,500 retail locations across Connecticut, Florida, Massachusetts, Maine, New York, New Hampshire, Rhode Island, and Vermont.
Incredibly Attractive Assumable Mortgage | This property has assumable financing available at a very attractive 3.10% interest rate. The current loan matures in January 2031 offering a strong return for multiple years.
Large Lot with Excellent Visibility | The two buildings sit on a large 3.97-acre lot with three points of egress and ingress, ample parking, and excellent visibility on South Street with approximately 15,500 daily vehicles passing the site daily.
Minimal Landlord Responsibilities | Cumberland Farms is an absolute NNN ground lease with zero responsibilities, while the landlord's responsibilities on the CVS are limited to roof, structure, slab and loading docks. Overall, this investment is incredibly passive.
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