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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
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
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 Health is building a world of health around every consumer. Their unmatched reach allows them to deliver high-quality, affordable health care when and how individuals choose. They are on a mission to deliver superior and more connected experiences, lower the cost of care and improve the health and well-being of those they serve. As a leading health solutions company, they offer multiple channels to access health care locally and nationally. Their strong community presence, tech-forward approach and unmatched engagement with millions of people enabling them to deliver high-quality, personalized, affordable health care. Guided by their purpose, CVS Health® is building an entire world of health care around each and every person they serve, no matter where they are on their journey. They listen, show empathy and deliver innovative solutions that serve people’s unique needs and earn their loyalty. Because how they deliver their services is just as important as what they deliver.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
Retailer | - | $16.44 | Triple Net | Oct 2039 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $13,240 | Total Assessment | $13,240 |
PROPERTY TAXES
Presented by
CVS | 806 Hoke St
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