2001 Nicollet Ave
Minneapolis, MN 55404
CVS Pharmacy | Minneapolis, MN · Multifamily Property For Sale · 63 Units

There are nearly fourteen (13.9) years remaining on the lease term, plus six (6), five (5) year options. The lease structure is triple net (NNN), with minimal landlord responsibilities. The lease provides for 10% rental increases at each option period. This CVS location underwent a full remodel in 2019, testifying to the success of this store. The lease is corporately guaranteed by CVS Corporation. CVS Pharmacy is the largest retail pharmacy in the U.S. filling more than one billion prescriptions each year. The company had fiscal 2018 annual revenues of $194.6 billion and is ranked #8 on Forbes’ Fortune 500. This property is in an urban, dense infill location with 51,309 residents located in the one (1) mile demographic ring. The average household income in the five (5) mile demographic ring is an affluent $87,849. The subject property is surrounded by dense multifamily housing with several new developments just to the north that are slated for delivery between 2019 and 2021, adding 700 affordable and market rate rental units to the immediate area. This subject property features a parking lot on the south side of the building with a drive-thru, which are rarely found amenities in a location with such proximity to a downtown financial center. Downtown Minneapolis is just minutes away from the Subject Property and is home to a high number of company headquarters, including Target Corp., Sleep Number, Ameriprise, Thrivent Financial, and Wells Fargo. The Eat Street Neighborhood surrounds this location and extends to the south. It is an urban and cultural epicenter for both immigrants and “foodie” adventure-seekers alike, a byword for residents of the Twin Cities. CVS is located within three (3) miles of over a half-dozen medical centers, implying a built-in customer base.