Available $4,392,758 - 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
- RELOCATION STORE FROM INLINE SPACE ACROSS PETERS CREEK ROAD
Directly across from 64,900 square foot retail center anchored by Food Lion
- HARD CORNER LOCATION WITH DRIVE-THRU ALONG MAIN TRAFFIC ARTERIES
Combined daily traffic counts exceed 30,100 vehicles
- DENSELY POPULATED AREA
Over 42,000 residents within three mile radius and over 118,000 residents within five mile radius
THE SUBJECT PROPERTY IS A 11,970 SQUARE FOOT CVS LOCATED IN ROANOKE, VIRGINIA. CVS SIGNED A 25 YEAR LEASE WHICH COMMENCED IN 2006, LEAVING APPROXIMATELY 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 Peters Creek Road and Cove Road, CVS is positioned along a main retail corridor directly across from City Line Square, a 64,900 square foot retail center anchored by Food Lion. The subject property is a relocation site from an inline space that CVS previously occupied in City Line Square. Other national retailers in the immediate area include Sheetz, Hardee’s, Kroger, Family Dollar, Home Depot, Sportsman’s Warehouse and many more. The site offers easy access via both traffic arteries with combined daily traffic counts in excess of 30,100 vehicles. The surrounding community is densely populated with over 42,000 residents within a three mile radius and over 118,000 residents within a five mile radius.
- Price: $4,392,758
- Cap Rate: 6.48%
- Lease Term: 25 Years
- Year Built: 2006
- Building Size: 11,970 SF
- Lot Size: 2.28 Acres
- Status: Available