Available $8,068,413 - Retail - Single Tenant
Investment Offering & Highlights
- ABSOLUTE NET LEASE STRUCTURE
Zero landlord responsibilities for operating or capital expenses
- CORPORATE BACKED LONG TERM LEASE
CVS signed a 25 year lease in April of 2007 leaving approximately 14 years remaining on the initial lease term
- BBB+ CREDIT RATING BY STANDARD & POOR’S
Tenant is publicly traded on the NYSE and reported annual revenues in excess of $177 billion in 2016
- POSITIONED ALONG MAIN RETAIL CORRIDOR JUST NORTH OF SISTERS OF CHARITY
119 bed facility specializing in short term acute care
- APPROXIMATELY 15 MINUTES FROM DOWNTOWN BUFFALO
Over 142,000 residents within a three mile radius
- SIGNALIZED HARD CORNER LOCATION WITH DRIVE-THRU
Combined daily traffic counts exceed 30,600 vehicles
THE SUBJECT PROPERTY IS A 9,000 SQUARE FOOT CVS LOCATED IN BUFFALO, NEW YORK. CVS SIGNED A 25 YEAR LEASE WHICH COMMENCED IN 2007, LEAVING APPROXIMATELY 14 YEARS REMAINING ON THE TENANT’S INITIAL LEASE TERM.
The lease is absolute net providing for zero landlord responsibilities. CVS, which is publicly traded on the New York Stock Exchange under the ticker symbol “CVS”, has a current BBB+ credit rating by Standard & Poor’s and reported annual revenues in excess of $177 billion in 2016.
Located at the intersection of Kensington Road, Wehrle Drive and Harlem Road, the subject property is positioned along two of the area’s main traffic and retail corridors. National retailers in the immediate area include TOPS Friendly Markets, McDonald’s, Family Dollar, UPS, 7-Eleven and many more. Combined daily traffic counts along the intersection exceed 30,600 vehicles. Additionally, the site is ideally positioned approximately 15 minutes from downtown Buffalo, 10 minutes from University at Buffalo, five minutes from the Buffalo Niagara International Airport and less than five minutes from the St. Joseph campus of the Sisters of Charity Hospital, a 119 bed facility specializing in short term acute care . This densely populated area is home to over 142,000 residents within a three mile radius and over 341,000 residents within a five mile radius.
- Price: $8,068,413
- Cap Rate: 6.38%
- Lease Term: 14 Years Remaining
- Year Built: 2006
- Building Size: 9,000 SF
- Lot Size: 1.46 Acres
- Status: Available