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CVS - Zero Cash Flow Leasehold 1700 McHenry Ave 12,916 SF Retail Building Modesto, CA 95350 $4,104,000 ($317.75/SF) 8.04% Cap Rate
Investment Highlights
- Approximately 9 Years Remaining | Options To Extend | Investment Grade Tenant (S&P: BBB) | 24-Hour Location
- Tax Advantages and Passive Equity Growth | Zero Cash Flow | Paydown / Readvance Structure Available
- Signalized, Hard Corner Intersection | Highway 99 (147,500 VPD) | Nearby Apartment Complexes | Nearby Rite Aid Closure
- Absolute NNN | Leasehold Ownership | Zero Landlord Responsibilities
- Located in Sprouts Anchored Shopping Center | Doctors Medical Center (461 Beds) | Memorial Medical (423 Beds)
- Strong Demographics in 5-Mile Trade Area
Executive Summary
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leasehold interest (building ownership) in an absolute NNN leased, investment grade
(S&P: BBB), 24-hour, freestanding CVS investment property located in Modesto, CA. The tenant has approximately 9 years of firm term remaining with 1 (1-year)
and 6 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. CVS is America’s leading retail pharmacy and has more than 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics, a leading pharmacy benefits manager with approximately 90 million plan members, and a dedicated senior pharmacy care business serving more than 800,000 patients per year. The site is ideally positioned as the only 24-hour pharmacy in the trade area and recently acquired the prescriptions from the former Rite Aid pharmacy directly across the street, effectively capturing displaced demand and solidifying its role as the primary pharmacy destination in the market. Lastly, the asset can be purchased free and clear or with the assumption of CTL zero cash flow financing, which also includes a paydown/readvance feature allowing 1031 investors to pull cash out from the transaction (see page 17 for more details).
(S&P: BBB), 24-hour, freestanding CVS investment property located in Modesto, CA. The tenant has approximately 9 years of firm term remaining with 1 (1-year)
and 6 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. CVS is America’s leading retail pharmacy and has more than 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics, a leading pharmacy benefits manager with approximately 90 million plan members, and a dedicated senior pharmacy care business serving more than 800,000 patients per year. The site is ideally positioned as the only 24-hour pharmacy in the trade area and recently acquired the prescriptions from the former Rite Aid pharmacy directly across the street, effectively capturing displaced demand and solidifying its role as the primary pharmacy destination in the market. Lastly, the asset can be purchased free and clear or with the assumption of CTL zero cash flow financing, which also includes a paydown/readvance feature allowing 1031 investors to pull cash out from the transaction (see page 17 for more details).
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
12,916 SF
Building Class
C
Year Built
1960
Price
$4,104,000
Price Per SF
$317.75
Cap Rate
8.04%
NOI
$329,868
Tenancy
Single
Building Height
1 Story
Building FAR
0.23
Lot Size
1.27 AC
Zoning
C-2 - 410 - Shopping Centers
Parking
61 Spaces (4.72 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Corner Lot
- Signage
- Signalized Intersection
- Drive Thru
- Wheelchair Accessible
Walk Score®
Very Walkable (82)
Bike Score®
Very Bikeable (71)
Nearby Major Retailers
Property Taxes
| Parcel Number | 120-33-03 | Improvements Assessment | $975,781 |
| Land Assessment | $96,838 | Total Assessment | $1,072,619 |
Property Taxes
Parcel Number
120-33-03
Land Assessment
$96,838
Improvements Assessment
$975,781
Total Assessment
$1,072,619
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CVS - Zero Cash Flow Leasehold | 1700 McHenry Ave
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