CVS Pharmacy 17+ Year NNN Lease - No Kickouts 241 Mohawk Ave 11,945 SF Retail Building Scotia, NY 12302 $7,900,000 ($661.36/SF) 5.50% Cap Rate

In Association with Scott Reid & ParaSell, Inc. | P: 949.942.6578 | A Licensed New York Broker #10311208459
This is a rare CVS/pharmacy absolute NNN leased offering in Scotia, New York. The original 25 year lease calls for zero landlord obligations There are scheduled increases in rent after 10 years, 20 years, and every 5 years thereafter. Beyond the initial term, there are four 5 year renewal options followed by one 3 year renewal option. The lease is guaranteed by CVS Health. Scotia is a village adjacent to Schenectady, NY and part of the Albany MSA in Upstate New York. The asset is well situated on a major commercial thoroughfare and has excellent access and visibility at a signalized intersection. There is a drive through and ingress and egress from both Mohawk Avenue and Glen Avenue to the rear of the lot. The site has served as a pharmacy since the mid-1990’s. Originally a Brooks Pharmacy that was taken over by CVS, this is a complete teardown and rebuild of the older, functionally obsolete building. The old building had no drive-thru and no stockroom. It was poorly lit and had deferred maintenance yet was
doing nearly $11 Million in annual sales. The new building was completed in 2018 along with the acquisition and assemblage of several additional lots to create ample parking and make way for the drive-thru. There are no kickouts and no rent holidays.