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CVS 676 Southbridge St 10,125 SF Retail Building Auburn, MA 01501 $4,888,888 ($482.85/SF) 6.75% Cap Rate
Investment Highlights
- Long Term Lease
- Investment Grade Credit
- Strategic Retail Location
- Scheduled Rent Increases
- Zero Management Responsibilities
- Limited Competition
Executive Summary
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the single-tenant CVS investment property located at 676 Southbridge Street in Auburn, Massachusetts (the “Property”). The Property was originally constructed for CVS in 1997 with a 20-year, Triple Net (NNN) Lease; in 2004, CVS demonstrated a strong commitment to the site by modifying their lease to a full 25-year term that expires in 2029. There are currently 3+ years of term remaining on the lease followed by four (4), 5-year renewal options. The lease features attractive 6.0% rent increases at the start of each of the renewal options. CVS is strategically located along Southbridge Street in Auburn’s primary commercial corridor, situated at the signalized intersection with Faith Avenue and Goulding Drive, which provides strong visibility, frontage, and convenient access. The Property benefits from excellent regional connectivity, located near the interchange of Interstate 290 and the Massachusetts Turnpike (I-90), allowing for efficient access to Worcester, Boston, and surrounding Central Massachusetts communities. The surrounding retail environment is well established, with nearby national retailers and traffic generators including BJ’s Wholesale Club, Walmart Supercenter, and the Auburn Mall, all of which contribute to consistent consumer traffic and sustained activity within the trade area.
Property Facts Under Contract
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
10,125 SF
Building Class
C
Year Built
1997
Price
$4,888,888
Price Per SF
$482.85
Cap Rate
6.75%
NOI
$330,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Lot Size
1.32 AC
Frontage
161’ on Southbridge St
Amenities
- Bus Line
- Freeway Visibility
- Pylon Sign
- Signage
- Signalized Intersection
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- -
- -
- -
CVS Pharmacy began as Consumer Value Stores in Lowell, Massachusetts in 1963 and introduced pharmacies inside stores a few years later in Cranston, Rhode Island. The business operates as part of CVS Health, a broader health care company that combines retail pharmacy with pharmacy services, mail order, specialty pharmacy, prescription delivery, vaccinations, and clinical support. CVS Pharmacy serves consumers through a wide network of neighborhood pharmacies and offers services tied to medication access, counseling, and wellness needs. Over time, the company expanded from a single store format into a major U.S. pharmacy presence with a national footprint in health care delivery.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Retailer | - | - | - |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
20/100
Nearby Major Retailers
Property Taxes
| Parcel Number | AUBU-000061-000000-000071 | Improvements Assessment | $1,289,500 |
| Land Assessment | $392,900 | Total Assessment | $1,682,400 |
Property Taxes
Parcel Number
AUBU-000061-000000-000071
Land Assessment
$392,900
Improvements Assessment
$1,289,500
Total Assessment
$1,682,400
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