Available $3,412,625 - 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 2010 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
- LESS THAN 4 MILES FROM DOWNTOWN MILWAUKEE
Over 209,000 residents within three mile radius and 508,000 residents within 5 mile radius
- APPROXIMATELY 3 MILES FROM THE MILWAUKEE REGIONAL MEDICAL CENTER
Consortium of 6 Health Care Institutions with over 1.5 million annual patient visits
- POSITIONED ALONG MULTIPLE TRAFFIC ARTERIES
Combined daily traffic counts exceed 32,900
THE SUBJECT PROPERTY IS A 15,160 SQUARE FOOT CVS LOCATED IN MILWAUKEE, WI. 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 $209 billion in 2019.
Located at the four way intersection of West Lisbon Avenue, West Center Street, North 60th Street and North 59th Street, the subject property features exposure and accessibility along several of the area’s main traffic arteries. Combined daily traffic counts exceed 32,900 vehicles. Situated less than four miles northwest of downtown Milwaukee, the surrounding community is densely populated with over 209,000 residents within a three mile radius and over 508,000 residents within a five mile radius. The site is approximately three miles northeast of the Milwaukee Regional Medical Center, a consortium of six health care institutions with over 1.5 million patient visits annually. National retailers in the immediate area include PNC Bank, Burger King, Boost Mobile, Family Dollar, Taco Bell and a number of others.
- Price: $3,412,625
- Cap Rate: 6.34%
- Lease Term: 13 Years Remaining
- Year Built: 1996
- Building Size: 15,160 SF
- Lot Size: 1.12 Acres
- Status: Available