CVS Pharmacy,
Scottsboro, AL Investment Summary
| Price | $1,900,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 20 Years Remaining |
| Lease Type | Absolute NNN, with Tenant Responsible for all Taxes, Insurance, Utilities, and Maintenance |
| Rental Increases | 5% Rental Increase in Option Periods |
| Year Built | 2004 |
| Building Size | 10,260 SF |
| Lot Size | 1.61 Acres (70,284 SF) |
| Status | Sold |
| Lead Brokers | Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Cushman and Wakefield Inc. LIC. # 00616335 This property is listed in conjunction with Alabama-licensed real estate broker Cushman & Wakefield, Inc. |
Investment Highlights
RARE ABSOLUTE NNN LEASE TO NATIONAL TENANT WITH STRONG FINANCIALS
» Recent 20-year lease extension
» Strong operating history at this location
» No landlord management, ideal for an out-of-area investor
» CVS is rated “BBB” by Standard & Poor’s and ranked seventh on the Fortune 500
» CVS is the largest retailer of prescription drugs in the U.S.
» Record revenue of $184.8 billion in 2017
» CVS and its affiliates operate over 9,846 locations across the United States
HIGH-TRAFFIC LOCATION WITH CONVENIENT FREEWAY ACCESS
» Located on South Broad Street, one of Scottsboro’s primary thoroughfares, with excellent visibility and access to 17,900 vehicles per day
» Property benefits from signalized entrance
» South Broad Street provides nearby access to U.S. Highway 72, which has a high traffic volume of 33,100 vehicles per day near the property
CENTRAL LOCATION
» Near downtown Scottsboro and the Unclaimed Baggage Center, Alabama’s number one retail tourist destination, with over a million customers visiting the store each year
» Near Maples Industries, the largest employer in the county, with 1,862 employees
» Close to the 170-bed Highlands Medical Center, one of the top-performing hospitals in Alabama
» Surrounded by several schools, including Caldwell Elementary School (388 students), Scottsboro Junior High School (414 students), and Collins Elementary School (386 students)
EXCELLENT SCOTTSBORO/JACKSON COUNTY MARKET
» Google’s new $600 million data center, located in Jackson County, is being built approximately 25 miles from Scottsboro
» Jackson County is uniquely situated one hour from Chattanooga, 45 minutes from Huntsville, and two hours from Birmingham and Nashville
Property Description
The property is conveniently located on South Broad Street, one of Scottsboro’s primary thoroughfares, with excellent visibility and access to 17,900 vehicles per day. South Broad Street also provides nearby access to U.S. Highway 72, which has a high traffic volume of 33,100 vehicles per day near the property. Located within walking distance of downtown Scottsboro’s commercial district, the property is near a number of local, regional, and national retailers. Notable tenants near the property include Goodwill, Domino’s Pizza, Hardee’s, Sonic, Tractor Supply, Piggly Wiggly, Anytime Fitness, AutoZone, Dollar Tree, Walmart, and Home Depot. The property is also a short distance from the Unclaimed Baggage Center, Alabama’s number one retail tourist destination, with over a million customers visiting the store each year.
The property is centrally located near schools and large employers. Several schools are close to the property, including Caldwell Elementary School (388 students), Scottsboro Junior High School (414 students), and Collins Elementary School (386 students). The property is also near a number of major employers, including Maples Industries, which is the largest employer in the county, with 1,862 employees.
