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24988363
24988364

1700 Seminole Trail, Charlottesville, VA 22901

TS
TN TN 370826
Matthews
CS
TN 361676, TX 693140
Matthews
CL
TN 386440
Matthews
Listed by Matthews
$5,913,043
316 days on market
Updated 56 days ago

CVS Pharmacy | Charlottesville, VA

Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 11,945
Cap Rate 5.75%
NOI $340,000
Occupancy 100%
Tenancy Single
Brand/Tenant Walgreens, CVS Pharmacy
Lease Type Absolute NNN
Lease Term 25
Lease Expiration 01/30/2042
Remaining Term 15.7
Rent Bumps Yes
Lease Options Five, 5-years
Year Built 2016
Acreage 1.540
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 06/05/2016
Ground Lease Yes

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.

Listing Contacts

TS
TN TN 370826
Matthews
CS
TN 361676, TX 693140
Matthews
CL
TN 386440
Matthews
Listed by Matthews

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$340,000.00
$28,333.33/mo

Valuation Metrics

0
DSCR
5.75%
Cap Rate
5.75%
ROI

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Additional Information

Name
Kyle Matthews
License
225225982, 226035518 (VA)
Brokerage
Matthews Real Estate Investment Services, Inc
Brokerage Phone
(866) 889-0550
Title
Broker of Record
Brokerage Address
1600 West End Ave, Ste. 1500 Nashville, TN 37203
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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