Investment Summary
Price | $5,575,000 |
Cap Rate | 6.01% |
NOI | |
Lease Term | 10 Years Remaining |
Lease Type | Net Lease, With Tenant Responsible For All Taxes, Insurance, Maintenance, And Repair, Excluding Roof, And Structure |
Rental Increases | Approx. 5% Rental Increase Every Five (5) Years |
Year Built | 2007 |
Building Size | 12,912 SF |
Lot Size | 1.993 Acres (86,832 SF) |
Status | Sold |
Lead Brokers | Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
LONG-TERM CORPORATE GUARANTEED NET LEASE TO NATIONAL TENANT WITH STRONG FINANCIALS
» Long-term corporate guaranteed net lease to investment grade pharmacy tenant
» Approximately 5% rental increases every five (5) years
» CVS Pharmacy is rated “BBB” by Standard & Poor’s and is ranked fourth on the Fortune 500 list
» Record revenue of $292 billion in 2021
» CVS operates 9,900 locations across the United States
PROMINENT HARD CORNER LOCATION WITH ACCESS TO OVER 42K VEHICLES
» Located at a four-way signalized intersection with access to 42,800 combined vehicles per day
» Peachtree Parkway/State Route 141 is located a mile from the property, providing access to 40,500 vehicles per day
» Directly across from a Publix Super Market and immediately surrounded by a strong mix of tenants such as Walmart Supercenter, Target, Kroger, The Home Depot, McDonald’s, Dunkin’, and many others
» Minutes from Emory Johns Creek Hospital (110 beds) and Northside Hospital Forsyth (389 bed, 3,600 employees)
» Situated near well-attended schools with a student population of over 13,000 within a five-mile radius
LOCATED IN GEORGIA’S WEALTHIEST COUNTY WITH ACCESS TO OVER 163K RESIDENTS WITHIN FIVE MILES
» 163,944 residents live within a five-mile radius (44% growth since 2010)
» High average annual household income of $201,174 within one mile
» Average annual income projected to increase 12% by 2027, poising CVS and Cumming for significant growth
» Gateway to Atlanta, the most populous city in Georgia (498,715 residents), and part of the ninth-largest metro area in the U.S. (over six million people)
» Well positioned in Forsyth County, the wealthiest county in Georgia
» Georgia’s business climate has been ranked #1 in the nation for the eighth consecutive year by Site Selection and Area Development ranked Georgia the top state for doing business for the seventh year in a row
Property Description
Sold
» This CVS Pharmacy is located prominently at a four-way signalized intersection with excellent visibility and access to 42,800 combined vehicles per day in front of the site
» The property is in a prime location directly across from a Publix Super Market and immediately surrounded by a strong mix of tenants such as Walmart Supercenter, Target, Kroger, The Home Depot, McDonald’s, Dunkin’, and many others
» Peachtree Parkway/State Route 141 is located a mile from the property, providing access to an additional 40,500 vehicles per day
» The site is 4.2 miles from Emory Johns Creek Hospital (110 beds) and situated near several well-attended schools within a five-mile radius with a student population of over 13,000
» 163,944 residents live within five miles of the property, a 44% growth since 2010
» The location is supported by a high average annual household income of $201,174 within a one-mile radius with projections to increase 12%by 2027
» The property is well positioned in Forsyth County, the wealthiest county in Georgia
» The site is a gateway to Downtown Atlanta, the most populous city in Georgia (498,715 residents), and part of the ninth-largest metro area in the U.S. (over six million people)