Property details
CVS Development Project, Southeast Region
Property Description
CVS Development Project that included a CVS Pharmacy and 10 additional acres of site ready land. The owner is currently working with two prospects on about 3 to 4 acres of the adjoining land. The land is valued at $195,000 per acre or $1,950,000. However, the owner will not sell the CVS Pharmacy unless the land goes with it. Even if a buyer valued the land at $150,000 per acre, they will still in the 7.4% cap area. The Seller may consider a joint venture on the existing land as he is a developer.
Images
Highlights
- Status:
- Available
- Price:
- $3,900,000
- PSF:
- $385
- Cap Rate:
- 4.58%
- Annual Rent:
- $178,605
- Rent Increases:
- 2% every 5 years, including in options
Property Information
- Building Size:
- 10,125 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Drug - Pharmacy
- Units/Spaces:
- 1
- Year Built:
- 1998
- Land Area:
- 12.00 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- CVS Pharmacy
- Lease Type:
- NN
- Lease Commencement:
- 3/11/1998
- Lease Expiration:
- 3/10/2018
- Lease Term:
- 20 years
- Years Remaining:
- 9 years
- Landlord Responsibilities:
- Yes
- Options:
- Four 5-year options
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.