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Drug Store

CVS Pharmacy | Absolute NNN | New 15-Year Lease

415 N Main St, Orrville, OH 44667

Listing Price: $6,278,956

Cap Rate
4.50%
Tenant Name
CVS
Years Remaining On Lease
15.4
Guarantor
Corporate Guarantee
Rentable SF
12,112
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$23.33

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net Leased CVS located at 415 Main Street in Orrville, Ohio. The subject property consists of a free-standing building comprised of +/- 12,000 square feet of retail space and is situated on a large 1.29-acre parcel of land. Strategically located at the hard signalized intersection of High Street and Main Street, the property benefits from it’s “Main and Main” location along Orrville’s major North-South and East-West thoroughfares. The property also benefits from its high visibility, access to more than 16,115 vehicles per day, and limited drugstore competition. CVS will execute a brand new 15-Year lease with 10 Five-Year options showing significant commitment to the site. The Absolute- Net lease is guaranteed by CVS Health Corporation and provides 5 percent increases in each of the option periods. CVS is one of the nation’s largest leading drugstore chains with over 9,600 stores in 50 states, the District of Columbia, Puerto Rico and the US Virgin Islands. CVS sells prescription drugs and a wide assortment of general merchandise, including over-the-counter drugs, beauty products, and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS Pharmacy and Longs Drugs Retail stores and online through CVS. com. It also provides healthcare services through its more than 1,100 MinuteClinic medical clinics as well as their Diabetes Care Centers. Most of these clinics are located within CVS stores.

Investment Highlights

  • Investment Grade Credit Tenant, Rated BBB+ by S&P
  • Corporate Guarantee | CVS Health Corporation
  • Long Term Absolute NNN Lease | 15 Years Remaining of Initial Term
  • Absolute NNN | Zero Landlord Responsibility
  • Fee Simple Allowing for Depreciation

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Financing By

Drug Store

CVS Pharmacy | Absolute NNN | New 15-Year Lease

Listing Price: $6,278,956

Cap Rate
4.50%
Tenant Name
CVS
Years Remaining On Lease
15.4
Guarantor
Corporate Guarantee
Rentable SF
12,112
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$23.33

Investment Highlights

  • Investment Grade Credit Tenant, Rated BBB+ by S&P
  • Corporate Guarantee | CVS Health Corporation
  • Long Term Absolute NNN Lease | 15 Years Remaining of Initial Term
  • Absolute NNN | Zero Landlord Responsibility
  • Fee Simple Allowing for Depreciation

Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net Leased CVS located at 415 Main Street in Orrville, Ohio. The subject property consists of a free-standing building comprised of +/- 12,000 square feet of retail space and is situated on a large 1.29-acre parcel of land. Strategically located at the hard signalized intersection of High Street and Main Street, the property benefits from it’s “Main and Main” location along Orrville’s major North-South and East-West thoroughfares. The property also benefits from its high visibility, access to more than 16,115 vehicles per day, and limited drugstore competition. CVS will execute a brand new 15-Year lease with 10 Five-Year options showing significant commitment to the site. The Absolute- Net lease is guaranteed by CVS Health Corporation and provides 5 percent increases in each of the option periods. CVS is one of the nation’s largest leading drugstore chains with over 9,600 stores in 50 states, the District of Columbia, Puerto Rico and the US Virgin Islands. CVS sells prescription drugs and a wide assortment of general merchandise, including over-the-counter drugs, beauty products, and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS Pharmacy and Longs Drugs Retail stores and online through CVS. com. It also provides healthcare services through its more than 1,100 MinuteClinic medical clinics as well as their Diabetes Care Centers. Most of these clinics are located within CVS stores.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

Financing By

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