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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
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
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
- -
- Triple Net
- Jan 2045
CVS Pharmacy began as Consumer Value Stores in Lowell, Massachusetts in 1963 and introduced pharmacies inside stores a few years later in Cranston, Rhode Island. The business operates as part of CVS Health, a broader health care company that combines retail pharmacy with pharmacy services, mail order, specialty pharmacy, prescription delivery, vaccinations, and clinical support. CVS Pharmacy serves consumers through a wide network of neighborhood pharmacies and offers services tied to medication access, counseling, and wellness needs. Over time, the company expanded from a single store format into a major U.S. pharmacy presence with a national footprint in health care delivery.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | - | Triple Net | Jan 2045 |
Nearby Major Retailers
Property Taxes
| Parcel Number | 32-00807-0000-00001-01-C0001 | Improvements Assessment | $1,067,800 |
| Land Assessment | $1,415,900 | Total Assessment | $2,483,700 |
Property Taxes
Contact the Sale Advisor
CVS | 1200 State Route 35