Listed by CP Partners
$7,616,110
CVS Zero Cash Flow
Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 13,225
Net Rentable (SqFt) 13,225
Cap Rate 6.43%
Occupancy 100%
Tenancy Single
Brand/Tenant CVS Pharmacy
Lease Type Absolute NNN
Lease Term 25.3
Lease Expiration 01/31/2045
Remaining Term 18.7
Lease Options Ten, 5-year
Year Built 2019
Buildings 1
Stories 1
Acreage 3.300
Parking Spaces 53 spaces
Parking Per SqFt 4.01
Investment Type Net Lease
Lease Commencement 10/17/2019
Retail | 6.43% CAP | 13,225 SqFt
Marketing description
A CVS Zero Cash Flow asset with 19+ years remaining in the base term of an absolute net lease. Subject property is located in Newark – an extremely affluent Philadelphia suburb boasting average household incomes of $191,000 within a 1-mile radius.
Investment highlights
- 9+ years remaining on absolute net lease
- Zero cash flow lease structure
- Ability to acquire at cap rate 100+ basis points better than market due to debt structure providing a conservative basis to investor
- Corporate guaranty from CVS Health Corporation (see below)
- 2019 build-to-suit construction at signalized hard corner
- Heavily trafficked intersection – 27,000+ VPD
- Investment grade credit rating – S&P: BBB+
- Extremely affluent residential submarket – $191,000 average household incomes within a 1-mile radius of the subject property
Listing Contacts
Listed by CP Partners
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