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Recent 20 Yr Ext No Rent Holiday Ltd Comp 9849 Rome Blvd 12,177 SF Retail Building Summerville, GA 30747 $4,256,000 ($349.51/SF) 6.25% Cap Rate
INVESTMENT HIGHLIGHTS
- CVS guarantees the rental income which has 5% increases in the options and does not include a rent holiday.
- This property is located in the heart of Summerville and benefits from limited drugstore competition with no other CVS or Walgreens for over 14 Miles.
- In 2019, CVS agreed to extend the lease to a 20 year firm term showing their commitment to the location.
- 5 minutes away, Atrium Health Floyd Chattooga, which serves as the primary healthcare facility for Summerville and the surrounding communities.
EXECUTIVE SUMMARY
Pharma Property Group is pleased to market for sale the CVS property located at 9849 Rome Boulevard Summerville, Georgia 30747 (“The Property”). Summerville is located in the foothills of northwest Georgia and is the county seat of Chattooga County, Georgia. The city is strategically positioned about an hour South of Chattanooga, Tennessee and two hours North of Atlanta, Georgia.
CVS has been operating at this location for over 18 years and in 2019 committed to the location with a 20-year lease extension, showing strong confidence in the property's performance and the Summerville market. With no rent holiday and 5% rental increases built into each of the eight five-year option periods, the lease provides a predictable and growing income stream with over 14 years of guaranteed rent remaining on the initial term. Strategically positioned in the heart of Summerville's retail corridor, the property benefits from limited competition as there are no other CVS or Walgreens locations within a 14-mile radius.
Listed in conjunction with Brian Brockman, Bang Realty-Georgia Inc, 513-898-1551, wg@bangrealty.com, GA DRE Lic. 378952
CVS has been operating at this location for over 18 years and in 2019 committed to the location with a 20-year lease extension, showing strong confidence in the property's performance and the Summerville market. With no rent holiday and 5% rental increases built into each of the eight five-year option periods, the lease provides a predictable and growing income stream with over 14 years of guaranteed rent remaining on the initial term. Strategically positioned in the heart of Summerville's retail corridor, the property benefits from limited competition as there are no other CVS or Walgreens locations within a 14-mile radius.
Listed in conjunction with Brian Brockman, Bang Realty-Georgia Inc, 513-898-1551, wg@bangrealty.com, GA DRE Lic. 378952
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
12,177 SF
Building Class
B
Year Built
2006
Price
$4,256,000
Price Per SF
$349.51
Cap Rate
6.25%
NOI
$266,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.19
Lot Size
1.51 AC
Zoning
C - Commercial
Parking
64 Spaces (5.26 Spaces per 1,000 SF Leased)
Frontage
221’ on Rome Blvd
AMENITIES
- Pylon Sign
- Security System
- Air Conditioning
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 00S22-00000-100-000 01 | Improvements Assessment | $620,396 |
| Land Assessment | $27,160 | Total Assessment | $647,556 |
PROPERTY TAXES
Parcel Number
00S22-00000-100-000 01
Land Assessment
$27,160
Improvements Assessment
$620,396
Total Assessment
$647,556
(619) 297-0055
x302
CONTACTS
-
Jason Pongsrikul -
Chris Barry -
Pharma Property Group- Drugstore Specialists
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Recent 20 Yr Ext No Rent Holiday Ltd Comp | 9849 Rome Blvd
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