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31795773
29787960

780 M.L.K. Jr Wy, Harrisonburg, VA 22801

AF
VA VA 0225193951, PA PA RSR006585 (+2)
SRS Real Estate Partners McLean
PW
FL SL3430880
SRS Real Estate Partners Newport Beach
Listed by SRS Real Estate Partners McLean, SRS Real Estate Partners Newport Beach
$3,220,000
113 days on market
Updated 50 days ago

CVS Pharmacy - Harrisonburg, VA

Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 10,336
Cap Rate 5.85%
NOI $188,319
Occupancy 100%
Tenancy Single
Brand/Tenant CVS Pharmacy
Lease Type NN
Lease Term 30.2
Lease Expiration 01/30/2029
Remaining Term 2.6
Rent Bumps Yes
Lease Options 2 (5-Year), Tenant already exercised twice
Price per SqFt $312
Broker Co-Op Yes
Year Built 1999
Acreage 1.150
Investment Type Net Lease
Tenant Credit Credit Rated, Corporate Guarantee
Lease Commencement 11/29/1998
Ground Lease No
Ownership Fee Simple (Land & Building)

Retail | 5.85% CAP | 10,336 SqFt

Marketing description

STRONG PLACER.AI DATA, STRONG REPORTED SALES

3.5+ Years Remaining | 27+ Year Operating History | Established Brand | Options to Extend

• CVS has operated at this location for 27 years and has 3.5+ years remaining on their lease

• The lease features 2 (5-year) option periods to extend, with rental increases of 3% at the beginning of each option period

• CVS Pharmacy, the retail division of CVS Health (NYSE: CVS), is America’s leading retail pharmacy with 9,165 retail locations, more than 900 walk-in medical clinics, more than 225 primary care medical clinics

NN | Fee Simple Ownership | Limited Landlord Responsibilities

• Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises

• Landlord responsibilities limited to roof, structure, foundation, and plumbing

• Ideal, low-management investment for a passive investor

Signalized, Hard Corner Intersection | Interstate 81 | Adjacent to Cloverleaf Shopping Center | Dense Retail Corridor | James Madison University (22,760 students)

• CVS is located at the signalized, hard corner intersection of MLK Jr Way and Reservoir St averaging 22,400 VPD

• The site benefits from nearby direct on/off ramp access to Interstate 81, a major thoroughfare that averages 57,000 vehicles passing by daily

• Directly adjacent to Cloverleaf Shopping center, that is anchored by Food Lion, Aaron’s, Big Lots, and more

• The asset is situated in a dense retail corridor, with numerous nearby national/credit tenants including Walmart Supercenter, Aldi, Target, Lowe’s, Home Depot, Kohls, and many more

• 1.0 miles away from James Madison University (22,760-students)

Strong Demographics in 5-Mile Trade Area | Direct Consumer Base

• The 5-mile subject trade area is supported by more than 73,000 residents and 51,000 daytime employees

• Residents have an average household income of $87,556

Listing Contacts

AF
VA VA 0225193951, PA PA RSR006585 (+2)
SRS Real Estate Partners McLean
PW
FL SL3430880
SRS Real Estate Partners Newport Beach
Listed by SRS Real Estate Partners McLean, SRS Real Estate Partners Newport Beach

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$188,319.00
$15,693.25/mo

Valuation Metrics

0
DSCR
5.85%
Cap Rate
5.85%
ROI

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Additional Information

Name
Andrew Fallon
License
VA 0225193951
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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