235 E Cuyahoga Falls Ave
Akron, OH 44310
CVS | 20 Yr Ext | 5.55% CAP | Infill Demos · Retail Property For Sale

Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to market for sale CVS Pharmacy in Akron, Ohio. The subject property measures 10,125-square feet and is situated on 1.17 acres. CVS was built-to-suit in 1999 and occupies a freestanding prototypical masonry building with drive-thru. CVS signed an original 20-year lease, and recently extended the lease for an additional 20-year period, providing the prospective purchaser with 19 years of base term remaining. Importantly, the in-place rental rate ($12.92 per square foot) is much lower than typical drug store properties. The lease has a full corporate guaranty from publicly-traded CVS Health Corporation (NYSE: CVS), which carries S&P “BBB” investment grade credit. CVS was ranked #7 on the 2017 Fortune 500, and posted 2017 revenue of $185 billion and net income of $6.6 billion. Additionally, CVS is in the process of acquiring Aetna for $69 billion, which would net significant synergies in merging CVS’ 9,800 pharmacies with Aetna’s 22 million insurance customers. CVS Pharmacy is located along East Cuyahoga Falls Avenue, which sees traffic counts of 11,231 cars per day and combined traffic of 22,744 at the nearby intersection of North Main Street. Additionally, CVS is approximately 0.9-mile from the exit ramps to Ohio State Route 8, a major north-south highway in the region that sees 106,649 cars per day. The subject property is located within Akron’s North Hill neighborhood, which is approximately 1.5 miles north of Downtown Akron and 1.5 miles south of Downtown Cuyahoga Falls. The University of Akron, a NCAA Division I university, is just 2.5 miles from the subject property with an enrollment of over 20,500 students. The immediately surrounding dense infill area is characterized by tightly packed streets of single-family homes, with 15,740 residents and 6,205 households within one mile. Expanding out to three and five-mile radii, there are 104,508 and 233,921 residents, respectively. The Akron MSA is home to a population of 700,000, and is within the larger Cleveland-Akron-Canton CSA with a population of 3.5 million.