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Unique 52% Paydown Readvance Opportunity 3045 W Republic Rd 13,255 SF Retail Building Springfield, MO 65807 $3,700,000 ($279.14/SF) 6% Cap Rate
Investment Highlights
- 52% Loan to Value Self Liquidating Debt
- Assumable Loan Has a 4.7% Interest Rate
- Over 11,000 Population in 1 Mile and 127,000 in 3 Miles
- Loan has Pay Down Readvance Feature
- Very Low Rent of 16.75 Per Square Foot
- Loan Self-Liquidates Over the Next 11 Years
Executive Summary
INVESTMENT SUMMARY: HMX Realty Advisors is pleased to offer for sale a Zero Cash Flow CVS Pharmacy located in Springfield, MO, a major medical and educational hub. This fee simple property is offered with a zero cash flow structure with pay down re-advance available. Loan to value is 52% allowing a 1,929,000 pay down re-advance.
The property is ideal for a 1031 exchange. The Zero Cash Flow structure allows a 1031 Exchange buyer the ability to acquire the asset for virtually all cash ($3,700,000) and have the debt re-advanced to $1,929,000 immediately post-closing. The mortgage proceeds from the re-advanced loan are not subject to capital gains or income tax, however, HMX Realty Advisors is not qualified to give legal or tax advice.
The property is a 13,225-sf building on 2.34 acres of land, and is leased for 13+ years to CVS, an investment grade company on an absolute bond triple-net lease with no landlord responsibilities whatsoever. The existing debt self-liquidates over the next 11 years and has an interest rate of 4.7% with a 3-year rent holiday starting February 1st, 2036.
AREA SUMMARY: The property is located at the signalized intersection of W. Republic Road and S. Farm Road in Springfield, MO, just south of the exit and on ramp to US Route 60, one of the connecting loop roads around Springfield. Also known as the “Queen of the Ozarks”, Springfield is the third largest city in the state of Missouri and home to three universities. The economy is based on health care, manufacturing, retail, education, and tourism, and serves as the headquarters for several firms including Bass Pro Shops and O’Reilly Auto Parts.
Area retailers include CVS, Walmart Neighborhood Market, Walgreens, Sonic, Dollar Tree, Planet Fitness, local eateries, gas/convenience store, banks and farmer’s market.
The property is supported by strong local demographics, with over 60,000 people located within a 3-mile radius with an average household income exceeding $86,000. The population is projected to continue to increase.
The property is ideal for a 1031 exchange. The Zero Cash Flow structure allows a 1031 Exchange buyer the ability to acquire the asset for virtually all cash ($3,700,000) and have the debt re-advanced to $1,929,000 immediately post-closing. The mortgage proceeds from the re-advanced loan are not subject to capital gains or income tax, however, HMX Realty Advisors is not qualified to give legal or tax advice.
The property is a 13,225-sf building on 2.34 acres of land, and is leased for 13+ years to CVS, an investment grade company on an absolute bond triple-net lease with no landlord responsibilities whatsoever. The existing debt self-liquidates over the next 11 years and has an interest rate of 4.7% with a 3-year rent holiday starting February 1st, 2036.
AREA SUMMARY: The property is located at the signalized intersection of W. Republic Road and S. Farm Road in Springfield, MO, just south of the exit and on ramp to US Route 60, one of the connecting loop roads around Springfield. Also known as the “Queen of the Ozarks”, Springfield is the third largest city in the state of Missouri and home to three universities. The economy is based on health care, manufacturing, retail, education, and tourism, and serves as the headquarters for several firms including Bass Pro Shops and O’Reilly Auto Parts.
Area retailers include CVS, Walmart Neighborhood Market, Walgreens, Sonic, Dollar Tree, Planet Fitness, local eateries, gas/convenience store, banks and farmer’s market.
The property is supported by strong local demographics, with over 60,000 people located within a 3-mile radius with an average household income exceeding $86,000. The population is projected to continue to increase.
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
13,255 SF
Building Class
C
Year Built
2013
Price
$3,700,000
Price Per SF
$279.14
Cap Rate
6%
NOI
$222,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.13
Lot Size
2.34 AC
Zoning
INC
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- 13,225 SF
- $16.75
- Triple Net
- Feb 2039
CVS Pharmacy began in 1963 as Consumer Value Stores in Lowell, Massachusetts, and the CVS name followed the next year. Pharmacies were added to CVS stores in Cranston, Rhode Island, and the business later became part of CVS Health, which expanded the enterprise into retail pharmacy, prescription benefits, and related health services. CVS Pharmacy operates as a retail pharmacy chain with neighborhood, mail-order, and specialty pharmacy services, plus prescription delivery and savings support. The company sells over-the-counter medicines, beauty products, seasonal merchandise, and convenience foods, and offers in-store and virtual care through MinuteClinic and related services.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | 13,225 SF | $16.75 | Triple Net | Feb 2039 |
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 18-09-406-203 | Improvements Assessment | $534,560 |
| Land Assessment | $179,230 | Total Assessment | $713,790 |
Property Taxes
Parcel Number
18-09-406-203
Land Assessment
$179,230
Improvements Assessment
$534,560
Total Assessment
$713,790
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Unique 52% Paydown Readvance Opportunity | 3045 W Republic Rd