345 Main St
Johnson City, NY 13790
CVS Pharmacy · Retail Property For Sale

CBRE is pleased to exclusively offer for sale this CVS Pharmacy located in Johnson City, New York, a suburb of Binghamton, New York. CVS has been successfully operating here since 1997 and has extended its lease numerous times, most recently for another 5 years, showing a strong commitment to this location. The lease offers 8% rental increases every 5 in each of the remaining three, five year options periods. The Subject Property is well positioned within the market, directly across Main Street from UHS Medical Center, a 280 bed regional hospital, 24-hour trauma, stroke and chest pain center as well as numerous other medical office facilities. The lease is corporately guaranteed by CVS, an investment grade credit tenant, rated “BBB” by Standard & Poor's. At just over $3.1M this is a small price point for an investment grade pharmacy offering a going in yield of 7.50%. CVS Johnson City, located at 345 Main Street in Johnson City, New York, is located immediately of Interstate 86, the main East/West corridor across Southern NY with traffic counts exceeding 63,000 vehicles per day. The property also has excellent visibility along N Main Street, a major throughway in Johnson City with traffic counts of 12,500 vehicles per day. This is a densely populated market with 13,561 people within 1 mile of the site, 61,453 people within 3 miles and 119,593 people within 5 miles. The Subject Property is CVS’ 10,125 square foot prototype with a single drive-thru lane and is all brick construction which equates to low deferred maintenance. The dense infill location in Johnson City’s retail/medical corridor creates high barriers to entry and limits the options for a relocation within the market. This location is also just 1.5 miles from the super-regional 1,000,000 sf enclosed Oakdale Mall. The mall is anchored by JCPenney and Burlington. Additionally, there are numerous other national retailers in close proximity including Walmart, ALDI, McDonald's, Dollar General, and Save-A-Lot to name a few. This NNN lease combined with a successful, committed tenant and low price point provides the ideal investment for the astute investor.