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CVS 1511 Emancipation Hwy 13,291 SF Retail Building Fredericksburg, VA 22401 $4,400,000 ($331.05/SF) 6.25% Cap Rate
INVESTMENT HIGHLIGHTS
- 10 Years Remaining | Scheduled Rental Increases | Corporate Guaranteed | Well-Known & Established Brand
- Direct Residential Consumer Base | Affluent Community | Demographics in 5-Mile Trade Area
- Signalized, Hard Corner Intersection | Centralized Location | Drive-Thru Equipped | Excellent Visibility
- Absolute NNN | Leased Fee Ownership | Zero Landlord Responsibilities
- Major Nearby Shopping Centers | Strong Tenant Presence | Mary Washington Hospital | University of Mary Washington
EXECUTIVE SUMMARY
SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, drive-thru equipped CVS Pharmacy investment property located in Fredericksburg, VA (Washington D.C. MSA). The tenant has 10 years of firm term remaining with an additional 10 (5-year) option periods left to extend. The lease features 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor. Founded in 1963, CVS is the largest pharmacy chain in the United States with over 9,200 operating locations.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
Ground Lease (Leased Fee)
Property Type
Retail
Property Subtype
Building Size
13,291 SF
Year Built
2014
Price
$4,400,000
Price Per SF
$331.05
Cap Rate
6.25%
NOI
$275,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.12
Lot Size
2.54 AC
Opportunity Zone
Yes
Zoning
CT - Commercial / Transitional Office
Parking
63 Spaces (4.74 Spaces per 1,000 SF Leased)
AMENITIES
- Corner Lot
- Signalized Intersection
- Drive Thru
- Monument Signage
- Air Conditioning
Walk Score®
Very Walkable (74)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 230-A-PC2 | Improvements Assessment | $1,474,800 |
| Land Assessment | $2,762,800 | Total Assessment | $4,237,600 |
PROPERTY TAXES
Parcel Number
230-A-PC2
Land Assessment
$2,762,800
Improvements Assessment
$1,474,800
Total Assessment
$4,237,600
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CVS | 1511 Emancipation Hwy
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