CVS Pharmacy | Charlottesville, VA
Absolute Net (GL) | Nearby to University of Virginia | +17 Years Remaining
Investment highlights
Premier Location — positioned at the signalized intersection across from Fashion Square Mall & Albemarle Square Shopping Center seeing over 70,000 VPD.
Absolute Net (Abs.NNN) Ground Lease — Zero landlord responsibilities.
Long Term Lease — 17 years remaining in the initial term with additional 25 years worth of renewal periods.
Attractive Rental Increases in Base Term & Options — this lease has a scheduled 15% rental increase in 2036, with 10% rental increases with each renewal period.
Investment Grade Credit — this lease is backed by CVS, with $372.8 billion in total revenues. This is a 4.2% increase from the prior year.
College Town — Home to the 3rd ranked public institution in the country, the University of Virginia holds a student population of over 22,000 students.
High Growth Market — The Charlottesville population has increased by 3.2% since 2020 & the median age in Charlottesville is younger than the national average.
Large Building & Parcel Size — 11,945 sf on 1.54 acres.
Low Rent Per Square Foot — the current rental rate is $28/sf.
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