795 Oglethorpe Ave
Athens, GA 30606
CVS - University of GA · Retail Property For Sale

Marcus & Millichap is pleased to exclusively present for sale the rare opportunity to purchase a college town CVS/Pharmacy located at 795 Oglethorpe Avenue in Clarke County, Athens, Georgia, anchored by the University of Georgia. Athens is the county seat of Clarke County housing an array of local governmental agencies and home to the University of Georgia, Georgia’s flagship public research university with enrollment exceeding 38,000 students and generating over $6.3 billion in economic activity annually both locally and across the state. The subject property consists of a single-story 14,781 square foot structure positioned on a generously sized 2.47-acre parcel with 63 +/- parking spaces and a double drive-thru. This absolute net-leased (NNN) CVS/Pharmacy has extended term with over 15 years remaining on the lease base term (expiration January 2035) and features ten, five-year options. The lease is corporately guaranteed by CVS Health Corporation, the 7th largest company in the Fortune 500 with an S&P credit rating of BBB and revenues of $194.6 billion for fiscal year 2018. This CVS/Pharmacy has excellent visibility as it is situated at the highly trafficked four-way signalized intersection of Oglethorpe Avenue and Hawthorne Avenue at the intersection’s southwest corner with a combined daily traffic count exceeding 31,000 vehicles per day (VPD). In addition to its position roughly two miles from the University of Georgia’s main campus, the subject property is positioned in an active medical corridor within one mile from two hospitals (Piedmont Regional Medical Center with 360-beds; Landmark Hospital of Athens with 42-beds) and adjacent to the University of Georgia Health Sciences Campus (HSC) featuring a 58-acre campus, more than 200 faculty and staff, 900 students, and over $30 million in active research funding. The subject property is located in an area with over 101,000 people living within a five-mile radius which is expected to grow over 15 percent between 2018 and 2023. The area also features an average annual household income exceeding $60,000 within a five-mile radius. This CVS/Pharmacy provides qualified investors the rare opportunity to purchase a long term leased asset securely positioned within short distance of the University of Georgia and tenanted by the largest pharmacy retailer in the United States.