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CVS Pharmacy | 13 Year NNN | 6.25% Cap 2501 Warren Rd 11,945 SF Retail Building Indiana, PA 15701 $4,636,896 ($388.19/SF) 6.25% Cap Rate
INVESTMENT HIGHLIGHTS
- Single Tenant Net Leased Retail Asset
- Corporate Guarantee from CVS Health Corporation (NYSE: CVS)- $99.71 Billion Market Cap
- 5% Scheduled Rent Increases In Option Periods - Low In-Place NOI of $289,806
- CVS Pharmacy with Health HUB & Minute Clinic - Retail Medical Clinic Operated Inside CVS Pharmacy
- Tenant Recently Pre-Exercised Their 1st 5-Year Option - 13 Years Contractual Lease Term Remaining
- Close Proximity to Indiana University of PA (9,082 Students) and Indiana Regional Medical Center (166 Beds, 12 ICU Beds, 23 Emergency Dept. Beds)
EXECUTIVE SUMMARY
(options 2-6).
The property is located at the hard, signalized intersection of Warren Rd. and Indian Springs Rd. and benefits from being located across the street from Town Fair Plaza (anchored by Giant Eagle Supermarket and Lowe’s) and Indiana Mall (anchored by Kohl’s, Harbor Freight Tools, JC Penney, Dunham’s Sports, and Rural King). Both Indiana University of Pennsylvania and Indiana Regional Medical Center are within close proximity to the subject property. This CVS is the only freestanding drugstore in the city of Indiana, PA. There is no competition from Walgreens or Rite Aid. The only other drugstores in the city are Giant Eagle Supermarket, Walmart Pharmacy, and Martin’s Food & Drugstore.
This is an excellent opportunity to acquire a well-located CVS Pharmacy with 13 years of term remaining on an absolute NNN Lease. This passive investment offers long-term stability of cash flow with rent increases in the option periods. The in-place rent of $289,806 is below average for similar footprint drugstore buildings. This location benefits from being equipped with a Health HUB and Minute Clinic (added services offered by CVS). In addition to the conservative in-place rent, there is very minimal drugstore competition in the city as there are no freestanding Walgreens, Rite Aid, or other CVS in Indiana, PA. CVS Pharmacy has a current investment-grade credit rating of Baa3 Stable (Moody’s) and BBB Negative (S&P). CVS Pharmacy is publicly traded on the NYSE (NYSE: CVS). There are approximately 32,400 people with an average household income of $83,422 within a 5-mile radius.
PROPERTY FACTS
AMENITIES
- Corner Lot
- Security System
- Signalized Intersection
- Drive Thru
- Wheelchair Accessible
- Monument Signage
- Air Conditioning
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
-
- Retailer
- 11,945 SF
- $24.26
- Triple Net
- Nov 2038
CVS Health is building a world of health around every consumer. Their unmatched reach allows them to deliver high-quality, affordable health care when and how individuals choose. They are on a mission to deliver superior and more connected experiences, lower the cost of care and improve the health and well-being of those they serve. As a leading health solutions company, they offer multiple channels to access health care locally and nationally. Their strong community presence, tech-forward approach and unmatched engagement with millions of people enabling them to deliver high-quality, personalized, affordable health care. Guided by their purpose, CVS Health® is building an entire world of health care around each and every person they serve, no matter where they are on their journey. They listen, show empathy and deliver innovative solutions that serve people’s unique needs and earn their loyalty. Because how they deliver their services is just as important as what they deliver.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
Retailer | 11,945 SF | $24.26 | Triple Net | Nov 2038 |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 42-063-105 | Improvements Assessment | $1,556,200 |
| Land Assessment | $339,000 | Total Assessment | $1,895,200 |
PROPERTY TAXES
Presented by
CVS Pharmacy | 13 Year NNN | 6.25% Cap | 2501 Warren Rd
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