Van Hull Commercial, LLC
Listed by Van Hull Commercial, LLC
$6,762,000
STNL CVS in Houston - Strong Performing Location, Strong Demos and Favorable Assumable Financing
Details
APN 1288890040006
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 12,900
Cap Rate 5.25%
NOI $355,000
Occupancy 100%
Tenancy Single
Brand/Tenant CVS Pharmacy, Inc.
Lease Type Absolute NNN
Lease Term 30
Lease Expiration 01/30/2038
Remaining Term 12
Rent Bumps Yes
Lease Options Five, 5-year options
Price per SqFt $524
Year Built 1982
Buildings 1
Stories 1
Acreage 1.410
Investment Type Net Lease
Tenant Credit Credit Rated
Lease Commencement 10/14/2007
Ground Lease No
14115 East Sam Houston Parkway, Houston, TX 77044
Investment highlights
- Corporate CVS lease guaranteed by CVS Health Corporation
- Approximately 12 years remaining on 30-year, absolute net lease that commenced in 2007 and expires January 31, 2038, with five 5-year renewal options
- 5% rent increases at the beginning of each option period
- Top 20% of all CVS locations in Texas
- Top 20% of all CVS locations in United States
- Ranking based upon number of store visits
- 3 mile radius: 52,809 population, $129,678 average household income
- 5 mile radius: 150,437 population, $124,031 average household income
- 4.25% fixed interest rate loan with Genworth Life Insurance company
- Debt is fully amortizing and matures February 2038
- Current loan balance of approximately $2,550,000
- Monthly loan payment of $22,602
- Positive leverage and favorable cash flow in today's higher interest rate environment make this loan assumption ideal for exchange buyers with a debt replacement requirement
Listing Contacts
Van Hull Commercial, LLC
Listed by Van Hull Commercial, LLC
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$355,000.00
$29,583.33/mo
Valuation Metrics
0
DSCR
5.25%
Cap Rate
5.25%
ROI
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