Log In/Sign Up
Your email has been sent.
CVS 806 Hoke St 10,406 SF Retail Building Gadsden, AL 35903 $2,497,810 ($240.04/SF) 6.85% Cap Rate
Investment Highlights
- Absolute NNN Lease, with approximately 14.5 years of primary term remaining. No Rent Holiday. Attractive $16.44 Annual Rent
- The lease is 100% guaranteed by CVS Health Corporation which holds an S&P: BBB credit rating.
- Price reduced, 6.85% CAP!
- The tenant is responsible for all operating expenses, taxes, insurance, and repairs and maintenance resulting in zero Landlord obligations.
- The corporate guarantee provides an investor with added income security
Executive Summary
PRICE REDUCTION! | 6.85% CAP RATE | ABSOLUTE NNN | +14 YEARS | NO RENT HOLIDAY | ATTRACTIVE $16.44 ANNUAL RENT
Colliers is pleased to present the opportunity to acquire an absolute NNN leased CVS Pharmacy with +14 years of remaining term and no rent holiday in Gadsden, AL. The property was built in 2000 for CVS. In 2019, CVS agreed to a rare 20-year lease extension, confirming CVS’s commitment to this trade area and building location. Attractively located in the low income tax, southern state of Alabama, CVS is paying a modest annual rent of $171,100. The $2,497,810 price offers an investor a very high credit corporate guarantee at a low price point rarely found in the market. The property is available debt-free. The owner is currently offering for sale similar CVS properties in Paducah, KY, and Black Mountain, NC. Both with 20-year extensions in 2019, absolute NNN leases, no-rent holidays, and low price points. The three properties can be purchased individually or as a portfolio.
Colliers is pleased to present the opportunity to acquire an absolute NNN leased CVS Pharmacy with +14 years of remaining term and no rent holiday in Gadsden, AL. The property was built in 2000 for CVS. In 2019, CVS agreed to a rare 20-year lease extension, confirming CVS’s commitment to this trade area and building location. Attractively located in the low income tax, southern state of Alabama, CVS is paying a modest annual rent of $171,100. The $2,497,810 price offers an investor a very high credit corporate guarantee at a low price point rarely found in the market. The property is available debt-free. The owner is currently offering for sale similar CVS properties in Paducah, KY, and Black Mountain, NC. Both with 20-year extensions in 2019, absolute NNN leases, no-rent holidays, and low price points. The three properties can be purchased individually or as a portfolio.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
10,406 SF
Building Class
C
Year Built
2000
Price
$2,497,810
Price Per SF
$240.04
Cap Rate
6.85%
NOI
$171,100
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
2.52 AC
Zoning
B-1 - Neighborhood Business District
Parking
56 Spaces (5.38 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
- $16.44
- Triple Net
- Oct 2039
CVS Pharmacy began in 1963 as Consumer Value Stores in Lowell, Massachusetts, selling health products. The company expanded into pharmacy services in 1967 and was later acquired by Melville Corporation. Through strategic acquisitions like MinuteClinic and Caremark, CVS grew its healthcare services. The 2018 merger with Aetna made CVS Health a major player in insurance. Today, the company operates pharmacies nationwide, manages pharmacy benefits, and provides health insurance through various subsidiaries.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | $16.44 | Triple Net | Oct 2039 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $155,620 | |
| Land Assessment | $19,620 | Total Assessment | $175,240 |
Property Taxes
Parcel Numbers
Land Assessment
$19,620
Improvements Assessment
$155,620
Total Assessment
$175,240
1 of 14
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
Presented by
CVS | 806 Hoke St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.