Available $4,060,004 - 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 2006 leaving approximately 13 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 $184 billion in 2017
- DENSELY POPULATED AREA
Over 61,500 residents within a three mile radius
- DIRECTLY ACROSS FROM TOWNCREST SHOPPING CENTER
82,000 square foot retail center anchored by Hy-Vee
- POSITIONED ALONG MUSCATINE AVENUE
One of the area’s main traffic corridors with daily traffic counts in excess of 12,100 vehicles
THE SUBJECT PROPERTY IS A 15,251 SQUARE FOOT CVS LOCATED IN IOWA CITY, IA. CVS SIGNED A 25 YEAR LEASE WHICH COMMENCED IN 2006, LEAVING OVER 13 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 $184 billion in 2017.
Located at the intersection of Muscatine Avenue and Wade Street, the subject property is positioned in the heart of the Towncrest commercial area which is undergoing extensive redevelopment and revitalization with over $14.2 million of recent investments towards new improvements. These improvements include a 40 unit senior housing complex, new medical office projects and revitalization of the façade on existing medical office space.
CVS is also situated directly across from an 82,000 square foot retail center anchored by Hy-Vee. Other retailers in the area include Kum & Go, Walgreens, Pizza Hut, Wendy’s, Dollar Tree, McDonald’s and many more. CVS features excellent exposure along Muscatine Avenue, one of the area’s main traffic thoroughfares with daily traffic counts in excess of 12,100 vehicles. This densely populated area is home to over 61,500 residents within a three mile radius.
- Price: $4,060,004
- Cap Rate: 6.38%
- Lease Term: 13 Years Remaining
- Year Built: 2001
- Building Size: 15,251 SF
- Lot Size: 1.56 Acres
- Status: Available