3500 Stine Rd
Bakersfield, CA 93309
CVS - Bakersfield, CA · Retail Property For Sale

Marcus & Millichap is pleased to present this 25,739-square foot CVS Pharmacy located in the city of Bakersfield, California 93309. This CVS is an anchor tenant in Stockdale Town Center. Previously a Long Drugs, this location has operated as a pharmacy since 1984. CVS has shown commitment to the site by exercising three of the six renewal options. There are over seven and a half years remaining on the triple-net (NNN) lease. There are two and a half years remaining in third, five-year extension period. In May 2017, Tenant exercised their fourth, five-year extension option early, demonstrating further commitment to location. Three, five-year options remain. The lease is backed with a guaranty from Longs Drug Stores, Incorporated, a wholly-owned subsidiary of CVS Caremark Corporation, a publicly traded company (New York Stock Exchange: CVS) that ranks number seven in the Fortune 500. This is a strong performing CVS location that reports unit level sales above the national average. Unit level sales increased by 10 percent from 2013 to 2014 and by 13 percent from 2014 to 2015. Additionally, CVS is paying well below market rent at this location. The subject property is located in Stockdale Town Center, a 176,000-square foot shopping center that is anchored by CVS, Vons, and PepBoys with cotenants Jack in the Box, Leslie' s Pool Supply, Curves for Women, Firestone Tires, Little Caesar' s Pizza, Oak Furniture Liquidators, and Papa Murphy' s Pizza, among others. Stockdale Town Center is located on the signalized intersection of Stine Road and Planz Road which see a combined traffic count of more than 41,000 vehicles per day (VPD). Situated on a large 2.4 acre plot, this CVS benefits from strong demographics in the five-mile radius surrounding the property: 280,700 residents with an average household income of $67,000. The population is expected to grow by nearly 47 percent from 2000 to 2021 within the five-mile radius. The subject property also faces limited competition, as there is only one other major pharmacy within the two-mile radius.