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CVS Pharmacy 206 S Main St 10,710 SF Retail Building Hemingway, SC 29554 $1,310,000 ($122.32/SF) 7.25% Cap Rate
Investment Highlights
- CVS Health Corp: Investment Grade Credit Tenant (S&P: BBB) – Largest Pharmacy in the U.S. – Revenues of $372.8 Billion – #5 on Fortune 500
- 30-Year Operating History – Demonstrated Tenant Commitment – 5% Rent Increases in Options – Tenant has History of Lease Extensions at this Location
- Rare CVS Pharmacy Price Point ($114 PSF) – Low Occupancy Costs – Longer-Term Profitability for Tenant
- Limited Pharmacy Competition – Adjacent to Food Lion Grocery-Anchored Center – Located along the Main Retail Corridor through Hemingway
Executive Summary
Lee & Associates and Bang Realty are pleased to present for sale a single-tenant CVS Pharmacy located at 206 S Main Street in Hemingway, South Carolina, within the Florence MSA. The property consists of an approximately 11,475 square foot retail building situated on 1.33 acres and is offered fee simple. Originally built in 1985 and renovated in 1996, the asset is 100% leased to CVS Health Corporation, an investment grade tenant (S&P: BBB).
CVS Health is the largest pharmacy operator in the United States, with over 9,000 locations nationwide and a strong corporate guarantee supporting the lease. The tenant has operated at this location since 1996, demonstrating long-term commitment to the site. The current lease extends through November 2032 and includes three five-year renewal options with 5% rental increases. The below-market rent of approximately $8.28 per square foot provides a favorable occupancy cost for the tenant, supporting long-term stability and making the asset attractive from a replaceability standpoint.
CVS Health is the largest pharmacy operator in the United States, with over 9,000 locations nationwide and a strong corporate guarantee supporting the lease. The tenant has operated at this location since 1996, demonstrating long-term commitment to the site. The current lease extends through November 2032 and includes three five-year renewal options with 5% rental increases. The below-market rent of approximately $8.28 per square foot provides a favorable occupancy cost for the tenant, supporting long-term stability and making the asset attractive from a replaceability standpoint.
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
10,710 SF
Building Class
C
Year Built
1985
Price
$1,310,000
Price Per SF
$122.32
Cap Rate
7.25%
NOI
$94,975
Tenancy
Single
Building Height
1 Story
Building FAR
0.19
Lot Size
1.30 AC
Zoning
Commercial
Amenities
- Drive Thru
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 08-016-085 | Improvements Assessment | $17,220 |
| Land Assessment | $3,070 | Total Assessment | $20,290 |
Property Taxes
Parcel Number
08-016-085
Land Assessment
$3,070
Improvements Assessment
$17,220
Total Assessment
$20,290
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CVS Pharmacy | 206 S Main St
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