1200 State Route 35
Middletown, NJ 07748
CVS · Retail Property For Sale
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 is 20 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 21 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 21 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.
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
PROPERTY TAXES
| Parcel Number | 32-00807-0000-00001-01-C0002 | Improvements Assessment | $1,832,600 |
| Land Assessment | $1,770,600 | Total Assessment | $3,603,200 |
