9% CAP rate CVS Pharmacy High Performing Location
Retail | 9.00% CAP | 10,880 SqFt
Marketing description
Garito & Co. is excited to present an exceptional investment opportunity: the fee simple interest in a single-tenant CVS Pharmacy located in the thriving community of Hurley, Mississippi (the "Property"). This prime retail asset spans 2.30 acres and features a meticulously designed, 10,880-square-foot CVS Pharmacy, built-to-suit in 2005 to meet the tenant's exact specifications. Strategically positioned in Hurley's primary retail corridor at the intersection of State Highway 614 and State Highway 613 (boasting a combined 12,020 vehicles per day), this property offers unmatched visibility and accessibility, making it a standout in the region.
The Property is anchored by a robust 25-year absolute NNN lease with CVS Health Corporation, a Fortune 6 company, which commenced on December 22, 2005, and runs through January 31, 2031, with approximately 5 years remaining. The annual base rent is $148,636, complemented by two (2) five-year fixed-rate renewal options and eight (8) additional five-year fair market value renewal options, ensuring long-term stability and income potential. With zero landlord responsibilities, this passive investment delivers secure, hassle-free returns.
Offered at $1,651,511.11 with a compelling 9.0% cap rate, this CVS Pharmacy represents a rare chance to acquire a high-quality, income-generating asset in a growing market, backed by a world-class tenant and a location that combines convenience, exclusivity, and long-term value.
Investment highlights
- CVS Health Corporation (NYSE: CVS), the leading pharmacy healthcare provider in the U.S., operates over 9,000 locations nationwide. With FY2022 revenues exceeding $322 billion, CVS maintains a solid BBB/Stable investment grade rating from Standard & Poor's.
- The Property sits next to Singing River Medical Clinic, part of the Singing River Health System, which includes three hospitals, primary care clinics, community medical parks, and specialty centers serving the Mississippi Gulf Coast.
- The absolute NNN lease ensures a fully passive ownership experience, with the tenant handling all landlord obligations.
- Situated in Hurley, MS's main retail district, the Property is surrounded by prominent national brands such as Dollar General Market, Dollar Tree/Family Dollar, Advance Auto, AutoZone, and Greer's Cash Saver.
- As the sole freestanding retail pharmacy within a 20-mile radius, the Property faces minimal competition.
- Equipped with a drive-thru pharmacy, this location offers a competitive edge over other CVS stores and pharmacies lacking this amenity.
- The Property benefits from a prosperous surrounding area, with average household incomes surpassing $102,000 within a 1-mile radius.
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