Property details
CVS Pharmacy, Great Lakes - Big Rivers Region
Property Description
77% leveraged net leased CVS Pharmacy
• 1.3 Million Annual Visitors to the Town*
• 77% Leveraged
• Irreplaceable, Hard To Develop Location
• 6.5% Cash on Cash Return
• Replacement Store for Older, Very High Volume, Smaller CVS Pharmacy
• Sole National Chain Drugstore in Trade Area
• “Little Nashville”- Country Music Hotspot and Home of the Little Nashville Opry
• The Art Colony of the Midwest - Home to Hundreds of Artists, Galleries, Crafts and Shops Tourist Destination - Home to Largest State Park in Indiana; Voted #6 Best Small-Town Destination in Midwest; 2 Wineries; Many Bed & Breakfasts
• Long Term Net Lease
• Standard & Poors Investment Grade Credit Tenant “BBB+”
• Building’s Architecture Similar to Town’s Overall Design Style
• Opened, Operating and Paying Rent
• CVS/Caremark: Annual Revenue $47.8 Billion, Net Income $1.3 Billion and Total Stockholders Equity $9.9 Billion
Additional Loan Information:
Mortgage Origination Date: 3/6/2006
Mortgage Maturity: 3/2016
Lender Required Reserve: $1,560 per annum
Assumption Fee: 1%
Mortgage Type Interest Only
Tenant Information
CVS Caremark Corporation operates retail drugstores in the United States. The CVS pharmacy
chain fills more prescriptions at more drugstores than any other drugstore operator. The company,
through its stores, offers prescription drugs; general merchandise, including over-the-counter
drugs, beauty products and cosmetics, seasonal merchandise, greeting cards, and convenience
foods; and film and photofinishing services. It also provides diagnostic services and treats minor
health conditions. The company sells its products through CVS/pharmacy retail stores and online
through CVS.com. CVS Caremark also offers pharmacy benefit management services, including
mail order pharmacy; specialty pharmacy; plan, design, and administration; formulary
management; claims processing; and reinsurance services to managed care and other
organizations. Its specialty pharmacy focuses on supporting individuals that require drug therapies
to treat conditions, such as organ transplants; HIV/AIDS; and genetic conditions, including
infertility, multiple sclerosis, and certain cancers. The company operates its specialty pharmacies
under the PharmaCare Management Services and PharmaCare Pharmacy name. As of March 31,
2007, it operated 6,208 retail and specialty pharmacy stores and 22 specialty pharmacies in 44 states
and the District of Columbia. The company was founded in 1892. It was formerly known as CVS
Corporation and changed its name to CVS/Caremark Corporation in March 2007. Later, the
company changed its name to CVS Caremark Corporation in May 2007. CVS Caremark is
headquartered in Woonsocket, Rhode Island. Standard & Poors rates the company “BBB+”
(investment Grade). Annual Revenues are $43.8 Billion, Net Income is $1.3 Billion and Total
Stockholders Equity is $9.9 Billion.
Images
Highlights
- Status:
- Available
- Price:
- $4,875,369
- PSF:
- $448
- Cap Rate:
- 6.01%
- Annual Rent:
- $295,899
- Rent Increases:
- In Options
Property Information
- Building Size:
- 10,880 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Drug - Pharmacy
- Units/Spaces:
- 1
- Year Built:
- 2005
- Land Area:
- 2.19 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- CVS Pharmacy
- Lease Type:
- NN
- Lease Commencement:
- 8/8/2005
- Lease Expiration:
- 1/31/2026
- Lease Term:
- 21 years
- Years Remaining:
- 17 years
- Landlord Responsibilities:
- Roof and structure
- Options:
- Six (5) Five Year Options with 5% increases per option
Option 1: $312,332.16
Option 2: $327,948.76
Option 3: $344,346.19
Option 4: $361,563.49
Option 5: $379,641.66
Option 6: $398,623.74
Existing financing information
- Original loan amount:
- $3,750,000
- Interest rate:
- 5.94%
- Amortized over:
- 0 years
- Annual Debt Service Pmts:
- $222,750
- Annual Cash Flow:
- $73,149
- Cash on Cash Return:
- 6.50%
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.