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CVS 1200 State Route 35 13,567 SF Retail Building Middletown, NJ 07748 $10,900,000 ($803.42/SF) 5.40% Cap Rate
Executive Summary
Boston Real Estate Advisors is pleased to present this exclusive opportunity to purchase a net-leased CVS property located at 1200 Highway 35 South in Middletown, New Jersey (the “Property”). There are 19 years remaining on the initial 25-year lease term with 8, five year renewal options. The option periods include a 10% rent increase at the start of each option period.
The property is located at a highly visible, 1.9 acre corner parcel at the intersection of Route 35 and New Monmouth Road in a strong retail area. Middletown is located in northern New Jersey and is a part of the New York Metropolitan area.
INVESTMENT HIGHLIGHTS:
*INITIAL 25-YEAR TERM: There are 19 years remaining on the initial 25-year lease term with 8, five-year renewal options that include a 10% rent increase at the start of each option period.
*BUILDING CONSTRUCTION DATE: The building was constructed in 2019.
*INVESTMENT GRADE CREDIT: The lease Guarantor is CVS Health Corporation (NYSE: CVS). CVS has a credit rating at BBB+ (S&P) and Baal (Moody’s)
*LOCATION: The property is located at a signalized corner parcel at the intersection of Route 35 and New Monmouth Road.
*HIGH TRAFFIC COUNTS: Route 35 has an average daily traffic count of over 30,000 vehicles and New Monmouth Road has an average daily traffic count of over 11,000 vehicles.
*DEMOGRAPHICS: There are over 50,000 people living within a 3-mile radius to the property with an average household income of over $130,000.
The property is located at a highly visible, 1.9 acre corner parcel at the intersection of Route 35 and New Monmouth Road in a strong retail area. Middletown is located in northern New Jersey and is a part of the New York Metropolitan area.
INVESTMENT HIGHLIGHTS:
*INITIAL 25-YEAR TERM: There are 19 years remaining on the initial 25-year lease term with 8, five-year renewal options that include a 10% rent increase at the start of each option period.
*BUILDING CONSTRUCTION DATE: The building was constructed in 2019.
*INVESTMENT GRADE CREDIT: The lease Guarantor is CVS Health Corporation (NYSE: CVS). CVS has a credit rating at BBB+ (S&P) and Baal (Moody’s)
*LOCATION: The property is located at a signalized corner parcel at the intersection of Route 35 and New Monmouth Road.
*HIGH TRAFFIC COUNTS: Route 35 has an average daily traffic count of over 30,000 vehicles and New Monmouth Road has an average daily traffic count of over 11,000 vehicles.
*DEMOGRAPHICS: There are over 50,000 people living within a 3-mile radius to the property with an average household income of over $130,000.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,567 SF
Building Class
B
Year Built
2019
Price
$10,900,000
Price Per SF
$803.42
Cap Rate
5.40%
NOI
$588,777
Tenancy
Single
Building Height
1 Story
Building FAR
0.16
Lot Size
1.91 AC
Zoning
B-3
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
- -
- Triple Net
- Jan 2045
CVS Pharmacy began in 1963 as Consumer Value Stores in Lowell, Massachusetts, selling health products. The company expanded into pharmacy services in 1967 and was later acquired by Melville Corporation. Through strategic acquisitions like MinuteClinic and Caremark, CVS grew its healthcare services. The 2018 merger with Aetna made CVS Health a major player in insurance. Today, the company operates pharmacies nationwide, manages pharmacy benefits, and provides health insurance through various subsidiaries.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | - | Triple Net | Jan 2045 |
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
40/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 32-00807-0000-00001-01-C0002 | Improvements Assessment | $1,872,100 |
| Land Assessment | $1,774,100 | Total Assessment | $3,646,200 |
Property Taxes
Parcel Number
32-00807-0000-00001-01-C0002
Land Assessment
$1,774,100
Improvements Assessment
$1,872,100
Total Assessment
$3,646,200
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CVS | 1200 State Route 35
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