2106 Brownsboro Rd
Louisville, KY 40206
CVS - Abs. NNN 4 Yrs. - Louisville, KY · Retail Property For Sale

Marcus & Millichap is pleased to present a free-standing CVS drugstore located in Louisville, KY. The building was constructed in 1998 at which time a 20 year absolute triple net lease was put into effect. The lease is corporately guaranteed by CVS Corporation. CVS (NYSE: CVS, S&P BBB+/Stable) is a publically traded Fortune 500 Company (#12) with annual revenues exceeding $139 billion (2014). There are eight five-year option periods. The property is priced at a 7.5% CAP rate based on those option periods. Per the lease, the current rent is higher than the option period rent so an investor will recognize a 9.09% return based on the current net operating income. The property is situated just three miles from downtown Louisville and is next door to a Kroger location and down the street from McDonald's and Speedway. Louisville is the largest city in Kentucky and the county seat of Jefferson County. The Louisville metro area is the 43rd largest metro in the country with a population of approximately 1.27 million. The demographics surrounding this CVS are very strong with nearly 240,000 people living within five miles and an average household income of over $62,000.