Available $4,826,162 - 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 17 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
- ADJACENT TO NORMAN REGIONAL HEALTHPLEX
Regional 400,000 square foot 168-bet state-of-the-art hospital
- 5 MILES NORTHWEST OF THE UNIVERSITY OF OKLAHOMA
Home to over 31,600 students and nearly 3,000 faculty members
- HARD CORNER LOCATION WITH DRIVE-THRU
Excellent along two of the area’s main traffic corridors (35,400 vpd)
THE SUBJECT PROPERTY IS A 12,888 SQUARE FOOT CVS LOCATED IN NORMAN, OK. CVS SIGNED A 25 YEAR LEASE WHICH COMMENCED IN 2010, LEAVING OVER 17 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 36th Avenue and West Tecumseh Road, the subject property is positioned adjacent to Norman Regional Healthplex, a regional 400,000 square foot 168-bed state-of-the-art hospital. Additionally, the site is situated approximately five miles northwest of the University of Oklahoma, a globally recognized university home to over 31,600 students and nearly 3,000 faculty members.
CVS features excellent exposure and accessibility along two of the area’s main traffic corridors with combined daily traffic counts in excess of 35,400 vehicles. Positioned one block west of Interstate 35, the property offers direct access to the larger Oklahoma City market including downtown Oklahoma City which is approximately 15 miles north of the site. This affluent community boasts average household income in excess of $116,000 within a one mile radius.
- Price: $4,826,162
- Cap Rate: 6.37%
- Lease Term: 17 Years Remaining
- Year Built: 2010
- Building Size: 12,888 SF
- Lot Size: 1.64 Acres
- Status: Available