CVS Pharmacy – Recent 15 Year Extension with Rare Rent Increases

139 Avenue E, Apalachicola, FL 32320, USA
$3,130,000

Description

Marcus & Millichap is pleased to present for sale this Net Leased CVS located at 139 Avenue East in Apalachicola, Florida. The subject property consists of a free-standing building comprised of
7,680 square feet of retail space and is situated on a .63-acre parcel of land.
The property is located on US Highway 98, a major artery which travels through Panama City due West and makes its way South- East covering a significant portion of the State of Florida before
ending in West Palm Beach. This CVS is the only major pharmacy serving the Apalachicola population with the nearest national brand pharmacy located over 20 miles away.
CVS recently executed a brand new a 15 Year Net-Lease with rare 5 percent rent increases every five years, including the initial term. With nearly 30 years of occupancy at this location and a newly casted 15-year lease, CVS has shown significant long term commitment and desire for this site.
CVS Health Corporation (formerly CVS Caremark Corp.) together with its subsidiaries is currently the largest pharmacy chain in the United States by number of locations (over 9,600 as of 2016) and total prescription revenue. As the retail pharmacy division of CVS Health, it ranks as the 7th largest U.S. corporation according to Fortune 500 in 2016. 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, 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 Tenant, Rated BBB+ by S&P
  • Corporate Guarantee | CVS Health Corporation
  • Recently Extended 15-Year Lease
  • Extremely Rare Rental Increases | 5 Percent Increases Every 5 Years Including Initial Term
  • Long Term Occupancy & Commitment to the Site | Nearly 30 at This Location
  • Walking Distance from George E Weems Memorial Hospital
  • Fee Simple Allowing for Depreciation
  • Excellent Access and Visibility
  • Brand New Roof | 20 Year Transferable Warranty
  • No Competing National Drugstores
  • Florida is an Income Tax Free State

Property Documents

  • City: Apalachicola
  • State/county: Florida
  • Zip/Postal Code: 32320
  • Country: United States

Detail

  • Price: $3,130,000
  • Year Built: 1993

Additional details

  • CAP RATE: 5.00%
  • NOI: $156,500

Features