CVS Pharmacy | 20 Year Absolute Net Lease

5010 Wesley St, Greenville, TX 75401, USA
$3,520,000

Description

Marcus & Millichap is pleased to present for sale this Fee Simple CVS located at 5010 Wesley Street in Greenville, Texas. The subject property consists of a free-standing building comprised of 13,720 square feet of retail space and is situated on a 1.93-acre parcel of land.
Strategically located near the intersection of Joe Ramsey Blvd (U.S Route – 380) and Wesley Street, the property is highly visible to more than 45,000 vehicles per day. The immediate trade area is home to a number of National and Regional retailers including Walmart, Hobby Lobby, Petco, Aldi, Lowe’s Home Improvement, Dollar General, Dairy Queen, Whataburger, Big Lots, The Home Depot, among many others.
The subject property also benefits from its proximity (One Mile) to the Hunt Regional Medical Center. This large, regional hospital includes a wide range of inpatient and outpatient services including but not limited to surgery, cancer care, labor and delivery, rehabilitation, radiology, imaging, and numerous others.
CVS recently executed an amendment to extend their original lease by 20 years. The Absolute-Net lease is guaranteed by CVS Health Corporation and provides 20 years of initial term with five options to extend for five years each including increases in each of the option periods. This CVS Pharmacy features limited drugstore competition and the closest CVS is over 14 miles away.
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.
Greenville is part of the Dallas-Ft. Worth greater MSA.

  • Brand New 20 Year Absolute NNN Lease
  • Guaranteed by CVS Corporate (NYSE: CVS) S&P Rated BBB+
  • Less than 1 Mile from Hunt Regional Medical Center
  • Located near Intersection with over 45,000 Vehicles Per Day
  • Full-Service Drive-Thru Window
  • Limited National Drugstore Competition
  • Very Low Rent | $11.45 Per Square Foot
  • Texas is a No Income Tax Free State

Property Documents

  • City: Greenville
  • State/county: Texas
  • Zip/Postal Code: 75401
  • Country: United States

Detail

  • Price: $3,520,000
  • Year Built: 2000

Additional details

  • CAP RATE: 4.50%
  • NOI: $158,500

Features