CVS NNN Lease | Strong Sales | Only Pharmacy On Island

7001 Estero Blvd, Fort Myers Beach, FL 33931, USA
$4,360,846

Description

Marcus & Millichap is pleased to present for sale this freestanding, CVS located in Fort Myers Beach, Florida. Fort Myers Beach is a town on Estero Island, off the southwest Florida coast in Lee County. It is part of the Cape Coral-Fort Myers, Metropolitan Statistical Area.
The CVS is a fee simple lease, backed by CVS Corporate, with three and a half years left in their first exercised option period. There are three additional five-year option periods with rent escalations. This is an ideal passive investment opportunity with zero landlord responsibilities being offered at 5.65 percent capitalization rate.
CVS consists of a 11,364 square foot retail space with a drive-thru and ample parking on a large 1.27-acre parcel, currently leased by CVS Corporate. CVS is strategically located on Estero Boulevard, the main north-south thoroughfare of the island with a traffic count of 13,642 vehicles per day. Within five miles there are 15,577 residents with an average household income of $93,143 and an expected population growth over the next five years of 10 percent.
Within the last two years, the tenant has replaced the HVAC units, roof, roof perimeter and upgraded the store to be ADA compliant showing their commitment to this location as the only drug store on Estero Island. Across Lenell Road from the subject property is a 62,025 square foot shopping center with the United States Postal Service, Subway and Edward Jones as the major tenants and across Estero Boulevard is a 7-Eleven Gas Station.
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-the-counter 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.

  • Absolute NNN CVS with Strong Sales and Low Rent – Very High Renewal Probability | Corporate Guaranteed by Holiday CVS LLC
  • Strong Barriers to Entry – Only Pharmacy on Estero Island
  • Fort Myers Beach’s Population is Expected to Grow 10% Over the Next Five Years
  • CVS Has Recently Replaced Roof, Roof Perimeter and HVAC Units | Completed Upgrades To Be ADA Compliant
  • Across the Street from Santini Marina Plaza | 62,025 Square Foot Center Anchored By USPS, Subway and Edward Jones
  • Low Vacancy Market | 1.8% Retail Vacancy On Estero Island | 581,000 Square Feet of Retail
  • Only Competition is Publix Located Two Miles Away Which Does Not Have a Pharmacy
  • Drive Thru Pharmacy
  • Florida is a No Income Tax State

Property Documents

  • City: Fort Myers Beach
  • State/county: Florida
  • Zip/Postal Code: 33931
  • Country: United States

Detail

  • Price: $4,360,846

Additional details

  • CAP RATE: 5.65%
  • NOI: $246,388

Features