Listed by Matthews
$3,238,000
CVS - Mooresville, NC
Details
APN 4667127674.000
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 11,487
Net Rentable (SqFt) 11,487
Cap Rate 6.5%
NOI $210,500
Occupancy 100%
Tenancy Single
Brand/Tenant Walgreens, CVS Pharmacy
Lease Type NN+
Lease Term 20
Lease Expiration 05/31/2037
Remaining Term 11
Rent Bumps Yes
Lease Options Five (5), 5-Years
Year Built 1998
Year Renovated 2017
Stories 1
Acreage 1.190
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 11/23/1998
Ground Lease No
Affluent Charlotte MSA | Incredible Sales History | 11+ Years | No Rent Holiday
Investment highlights
- Strong Historical Sales Performance - property benefits from exceptionally strong historical sales volumes; please contact Broker for additional details.
- Investment Grade Credit Tenant - lease is corporately guaranteed by CVS Health Corporation (NYSE: CVS), a nationally recognized healthcare provider with a market capitalization exceeding $120 billion.
- Long-Term Lease Structure - CVS maintains approximately 11+ years of the remaining base term with five (5), 5-year renewal options featuring 5% rental increases, providing durable long-term cash flow growth.
- Charlotte MSA Location - Mooresville benefits from its strategic proximity to the Charlotte metropolitan area while offering a lower-cost, affluent suburban environment with strong residential appeal.
- Proximity to Lake Norman - property is situated adjacent to Lake Norman, one of the Charlotte region's premier recreational & residential destinations, attracting affluent residents & visitors alike.
- Strong Population Growth - the surrounding trade area has experienced annual population growth exceeding 2.5% within a 5-mile radius since 2020, supporting long-term retail demand fundamentals.
- Affluent Demographics - average household income (AHHI) exceeds $120,000 within a 5-mile radius, reflecting a high-income consumer base & strong purchasing power.
- Main Street Retail Presence - property occupies a highly visible location along Main Street in historic downtown Mooresville, benefitting from consistent foot traffic & established suburban retail activity.
Listing Contacts
Listed by Matthews
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$210,500.00
$17,541.67/mo
Valuation Metrics
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DSCR
6.5%
Cap Rate
6.5%
ROI
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