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CVS 18460 N 7th St 13,055 SF Retail Building Phoenix, AZ 85022 $7,269,000 ($556.80/SF) 5.75% Cap Rate
Investment Highlights
- Investment Grade Tenant (S&P: BBB) | Pending 10-Year Extension 20 Years of Operating History | Corporate Guaranty
- Strong Demographics in 5-Mile Trade Area
- Signalized, Hard Corner Intersection | Freeway Access | Drive-Thru
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Dense Retail Corridor | Surrounded by National Tenants | Established North Phoenix Node
Executive Summary
SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, CVS Pharmacy investment property located in Phoenix, Arizona. There is currently a pending 10-year lease extension, and the tenant will have 8 (5-year) options to extend remaining, demonstrating their long-term commitment to the site (contact broker for lease extension terms and information). The lease features 10% rental increases at the beginning of each option period, steadily growing NOI and providing a hedge against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor. The store operates daily from 7:00 AM to 11:00 PM, with the pharmacy open from 8:00 AM to 8:00 PM, demonstrating strong daily consumer demand at the site. The property supports nearly 385,000 customers per year and ranks in the top 82nd percentile of all CVS locations nationwide.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
13,055 SF
Building Class
C
Year Built
2005
Price
$7,269,000
Price Per SF
$556.80
Cap Rate
5.75%
NOI
$417,970
Tenancy
Single
Building Height
1 Story
Building FAR
0.21
Lot Size
1.40 AC
Zoning
C-1 - Commercial
Parking
73 Spaces (5.59 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Corner Lot
- Dedicated Turn Lane
- Signalized Intersection
- Drive Thru
- Monument Signage
Walk Score®
Very Walkable (72)
Nearby Major Retailers
Property Taxes
| Parcel Number | 208-01-644 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $508,368 |
Property Taxes
Parcel Number
208-01-644
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$508,368
Contacts
-
John Redfield -
Kyle Zimmer -
Joe Chichester -
Patrick Luther -
Ed Beeh -
SRS Real Estate Partners
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CVS | 18460 N 7th St
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