204 Great East Neck Rd
West Babylon, NY 11704
CVS Pharmacy | Leasehold · Retail Property For Sale

CBRE is pleased to exclusively present for sale this leasehold interest CVS located in West Babylon, New York. CVS has been successfully operating at this site since 2000 and recently extended its lease 20 years showing commitment to the site. This is a triple net lease with minimal landlord responsibilities, and rental increases in years 10 and 15 of the base term. There is also one, five year option to renew the lease with a rental increase. The master ground lease which commenced in February 2000 has 2 years remaining on its current term with five, five year options to renew. The master ground lease also has a 40% rent decrease in 2021 and 15% increases every 5 years thereafter. CVS has strong sales at this location with sales of $12.9 million in 2016 and $11.6 million in 2015. The lease is corporately guaranteed by CVS, an investment grade credit tenant rated BBB+ by Standard & Poor's. CVS sits on a large 1.38 acre parcel at the corner of Great East Neck Road and Railroad Ave with combined traffic counts over 24,000 vehicles per day. with traffic counts of The site has excellent access and viability with two points of ingress/egress. This is a densely populated area with 15,591 people within 1 mile, 128,971 people within 3 miles and 259,775 people within 5 miles. CVS is in a walkable location as it sits on the edge of numerous neighborhoods, making it a go to convenience store for the residents nearby. The area also boasts affluent demographics with the average household income in the 1 mile ring over $105,000 in the 1, 3 and 5 mile rings.