Long Term CVS – Palm Beach County, Florida

3187 S Congress Ave, Palm Springs, FL 33461, USA
$6,265,306

Description

Marcus & Millichap is pleased to present for sale this freestanding CVS located at 3187 South Congress Ave, Palm Springs, FL.
The subject property consists of 12,739 square feet of retail space and is situated on a 1.52 Acre parcel with a full service drive-thru window. Located at the signalized intersection of S Congress Avenue and 10th Ave North, the subject property benefits from the visibility to over 77,000 vehicles daily and serves over 317,000 full-time residents with a household income exceeding $63,750.
There are over 18 years remaining on the base term of the lease with ‘Five’ Five-Year options to extend. CVS has been in operation at this site for over 20 years and recently extended showing continued and strong commitment to this location.
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 | Corporate Guaranteed by CVS Caremark Co.
  • CVS Extended the Lease Early until 2038 Showing Strong Commitment to the Site
  • Strong Operational History – More than 20 Years of Operation at this Location
  • Drive Thru Pharmacy
  • Open Late – Till Midnight
  • Combined Daily Traffic Count: 77,700+ Vehicles per Day
  • Located at a Signalized Hard Corner
  • Fee Simple Ownership allows for depreciation
  • Florida is an Income Tax Free State

Property Documents

  • City: Palm Springs
  • State/county: Florida
  • Zip/Postal Code: 33461
  • Country: United States

Detail

  • Price: $6,265,306

Additional details

  • CAP Rate: 4.90%
  • NOI: $307,000

Features