CVS in Affluent Florida Market | 18+ Years

100 N Miramar Ave, Indialantic, FL 32903, USA
$6,724,489

Description

Marcus & Millichap is pleased to present for sale this 15,525 Square Foot freestanding CVS located in Indialantic, FL. This CVS has more than 18 years remaining on the base term of its NN Lease with Four ‘Five’ Year Options to extend.
Located at the signalized intersection of 5th Avenue and N Miramar Avenue which serve as major East-West and North-South corridors respectively, the subject property benefits from an excess of 63,000 vehicles daily. This CVS serves over 65,000 full time residents in the immediate trade area and also benefits from an affluent market with an average household income exceeding $119,000 in the one mile radius.
CVS has maximized the use of their space by having three synergistic subtenants; Jersey Mike’s Subs, Live Lounge Medical, and Vista Clinical Diagnostics. This will significantly increase foot traffic to the site. In addition, there are numerous national retailers in the surrounding area which include Subway, SunTrust, 7-Eleven, Wendy’s, Starbucks, along with many others.
CVS is one of the nation’s largest leading drugstore chains with over 9,600 stores in 50 states, the District of Columbia, Puerto Rico and the US Virgin Islands. CVS sells prescription drugs and
a wide assortment of general merchandise, including over-thecounter drugs, beauty products and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS Pharmacy and Longs Drugs retail stores and online through CVS.com. It also provides healthcare services through its more than 1,100 MinuteClinic medical clinics as well as their Diabetes Care Centers. Most of these clinics are located within CVS stores.

  • Investment Grade Credit | Lease Guaranteed by CVS Caremark Co.
  • CVS Extended the Lease Early in 2013 until 2038 Showing Strong Commitment to the Site (More than 20 Years of Operation at this Location)
  • Combined Daily Traffic Count: 63,800+ Vehicles per Day
  • Located at a Signalized Hard Corner
  • Maximizing space with use of 3 Synergistic Subtenants
  • Affluent Market | Average Household Income ($119,500)
  • Fee Simple Ownership allows for depreciation
  • Florida is an Income Tax Free State

 

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  • City: Indialantic
  • State/county: Florida
  • Zip/Postal Code: 32903
  • Country: United States

Detail

  • Price: $6,724,489

Additional details

  • CAP Rate: 4.90%
  • NOI: $329,500

Features