This Retail property is For Sale.
4305 Monticello Boulevard
South Euclid, OH 44121 ·
10,722 SF · Retail For Sale
CVS Pharmacy Sublease to Family Dollar
|Price||$1,575,000||Property Sub-type||Free Standing Bldg|
|Building Size||10,722 SF||Property Use Type||Net Lease Investment with 5 years left on lease|
|Listing ID: 17877703||Date Created: 10/17/2012||Last Updated: 01/27/2016|
For sale is the 100% fee-simple interest in a freestanding CVS Pharmacy building that is subleased to Family Dollar in South Euclid, Ohio. The tenant, Ohio CVS Stores LLC, is a wholly owned subsidiary of CVS Caremark Corp. (S&P BBB+, stable outlook) and has five years left on their initial lease term. The building is currently subleased to Family Dollar (S&P BBB-, stable), who took possession of the building on January 1, 2008, and continues to operate their store. This investment is being sold with an assumable, non-recourse, fully amortizing loan that will be paid off at the end of the CVS initial lease term allowing the purchaser to rapidly pay down principal over the remaining life of the loan.
The property is located on the northeast corner of Monticello Boulevard (16,849 vehicles per day) and Green Road (14,638 vehicles per day) in South Euclid, Ohio, which is a vibrant community in Cleveland's eastern suburbs. There are 111,416 people within a three-mile radius of the site with an average household income of approximately $57,406 per year. In addition to being a densely-populated residential area, this property is located just blocks west of Richmond Town Square, an enclosed regional mall anchored by Macy' s, JC Penney, Sears and Regal Cinemas.
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