4200 Altamont Pl
White Plains, MD 20695
CVS · Retail Property For Sale

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer the ground leased interest in this CVS pharmacy (NYSE:CVS) located in White Plains, Maryland, an outer ring suburb of Washington D.C. The Tenant, CVS, is subject to a NNN ground lease with 13.5 years remaining and 10 percent rental increases in each of the four, five-year option periods. The ground rent for this 1.19-acre premiere corner parcel is a mere $130,000 annually. Today rent would likely be over $200,000! This provides the purchaser excellent residual value should the tenant ever vacate as one would easily be able to replace the $9 PSF rental rate. The Property is strategically located at the heavily traveled intersection of Billingsley Road and Crain Highway just south of Waldorf, Maryland. The greater Waldorf market is suburb of the Washington, DC Metropolitan area that is extremely accessible to the Capital Beltway, only fifteen or so miles northwest. Residents of this area generally work in Washington’s Suburbs, or commute southwards to Patuxent Naval Airbase (PAX). The proximity of the site to these employment hubs facilitate strong demographics with more than 26,500 people in a three-mile radius and an average household income of $116,983 within one-mile. The property benefits from synergy with three neighboring medical-office tenants and strong vehicular traffic with an average of 37,728 cars per day. CVS is located across the street from a Wawa gas and convenience store; a strong indication that this is the market’s “A” corner. The store is also in proximity to national retailers BB&T Bank, AutoZone and Tractor Supply Company.