CVS Pharmacy | Strong Performing Sales

1596 Florida A1A, Satellite Beach, FL 32937, USA
$4,484,848

Description

Marcus & Millichap is pleased to present for sale this Fee Simple CVS located in Satellite Beach, Florida. The subject property consists of a free-standing building comprised of 10,908 square feet of retail space on a 1.39-acre parcel of land.
Strategically located at the hard-signalized intersection of Desoto Parkway and Highway A1A, the property is highly visible to more than 30,000 vehicles daily. In addition, it serves the immediate trade area which benefits from over 71,000 full time residents with an average household income exceeding $90,000 annually.
There are numerous national and regional retailers in the surrounding area including Ross, Panera Bread, Wendy’s, Texas Roadhouse, McDonalds, Walmart, Murphy USA, Burger King, Lowes, Chase Bank, Publix, among many others.
CVS is performing very well at this location with approximately $8,800,000 in store sales. CVS recently signed a 20 Year Lease and has over 18 years remaining on the initial term, with five options to extend for five years each and five percent increases in each of the option periods.
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.

  • Affluent Market | Average Household Income Exceeds $90,000 Annually
  • Strong Performing Sales | $8,800,000+ in Store Sales
  • Extended Operating Hours | Open until Midnight
  • CVS Recently signed new 20 Year Lease
  • Drive Thru Pharmacy
  • Florida is a No Income Tax Free State

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  • City: Satellite Beach
  • State/county: Florida
  • Zip/Postal Code: 32937
  • Country: United States

Detail

  • Price: $4,484,848
  • Year Built: 2000

Additional details

  • CAP RATE: 4.95%
  • NOI: $222,000

Features