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Drug Store

CVS/pharmacy (Absolute NNN Lease)

11 Forest Street, Stamford, CT 06901

Listing Price: $9,397,278

Cap Rate
4.75%
Tenant Name
CVS/pharmacy
Years Remaining On Lease
13.7
Guarantor
Corporate Guarantee
Rentable SF
11,418
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$39.09

Investment Overview

OVER 13 YEARS REMAINING ON NNN LEASE (INCREASES IN OPTIONS) The subject property is a ground-floor retail condominium of a three-story, upscale building in downtown Stamford, CT. The retail condominium is fully occupied and the tenant operates under a corporately guaranteed triple net (NNN) lease with no landlord maintenance responsibilities. WELL-ESTABLISHED DRUGSTORE WITH 11-YEARS OF OPERATIONAL HISTORY The lease commenced in 2010 and CVS has over 11-years of operational history at the location. The ground-floor retail unit offers execellent accessibility along Forest Street with a second entrance also located at the back corner of the building facing south. CORPORATELY GUARANTEED LEASE: CVS HEALTH CORP1 (S&P: BBB) The lease is guaranteed by CVS Health Corp. (NYSE:CVS, S&P: BBB). CVS Health Corporation reported revenues in excess of $292.1 billion in 2021. As of December 31, 2021 the company’s net worth was in excess of $75.1 billion and the company operated over 9,000 touchpoints including retail drugstores under the CVS/pharmacy and Longs Drugs store brands, approximately 1,200 health care clinics under the MinuteClinic brand. WITHIN CLOSE PROXIMITY TO UNIVERSITY OF UCONN-STAMFORD CAMPUS The subject property also benefits from it’s close proximity to the University of Connecticut Stamford campus, which sits less than 0.5 miles west at Broad Street and Washington Boulevard. The campus boasts a strong draw to the downtown area with over 2,200 students and 130 faculty and staff. EXCELLENT DEMOGRAPHICS WITHIN THE IMMEDIATE TRADE AREA There are exceptional demographics in the immediate trade area with 46,480 residents having an average household income of $110,396 within a one-mile radius of the subject property. There are also 177,168 residents within a five-mile radius.

Investment Highlights

  • OVER 13 YEARS REMAINING ON NNN LEASE (INCREASES IN OPTIONS)
  • WELL-ESTABLISHED DRUGSTORE WITH 11 YEARS OF OPERATIONAL HISTORY
  • CORPORATELY GUARANTEED LEASE: CVS HEALTH CORP1 (S&P: BBB)
  • WITHIN CLOSE PROXIMITY TO UNIVERSITY OF UCONN-STAMFORD CAMPUS
  • EXCELLENT DEMOGRAPHICS WITHIN THE IMMEDIATE TRADE AREA

Exclusively Listed By

Drug Store

CVS/pharmacy (Absolute NNN Lease)

Listing Price: $9,397,278

Cap Rate
4.75%
Tenant Name
CVS/pharmacy
Years Remaining On Lease
13.7
Guarantor
Corporate Guarantee
Rentable SF
11,418
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$39.09

Investment Highlights

  • OVER 13 YEARS REMAINING ON NNN LEASE (INCREASES IN OPTIONS)
  • WELL-ESTABLISHED DRUGSTORE WITH 11 YEARS OF OPERATIONAL HISTORY
  • CORPORATELY GUARANTEED LEASE: CVS HEALTH CORP1 (S&P: BBB)
  • WITHIN CLOSE PROXIMITY TO UNIVERSITY OF UCONN-STAMFORD CAMPUS
  • EXCELLENT DEMOGRAPHICS WITHIN THE IMMEDIATE TRADE AREA

Investment Overview

OVER 13 YEARS REMAINING ON NNN LEASE (INCREASES IN OPTIONS) The subject property is a ground-floor retail condominium of a three-story, upscale building in downtown Stamford, CT. The retail condominium is fully occupied and the tenant operates under a corporately guaranteed triple net (NNN) lease with no landlord maintenance responsibilities. WELL-ESTABLISHED DRUGSTORE WITH 11-YEARS OF OPERATIONAL HISTORY The lease commenced in 2010 and CVS has over 11-years of operational history at the location. The ground-floor retail unit offers execellent accessibility along Forest Street with a second entrance also located at the back corner of the building facing south. CORPORATELY GUARANTEED LEASE: CVS HEALTH CORP1 (S&P: BBB) The lease is guaranteed by CVS Health Corp. (NYSE:CVS, S&P: BBB). CVS Health Corporation reported revenues in excess of $292.1 billion in 2021. As of December 31, 2021 the company’s net worth was in excess of $75.1 billion and the company operated over 9,000 touchpoints including retail drugstores under the CVS/pharmacy and Longs Drugs store brands, approximately 1,200 health care clinics under the MinuteClinic brand. WITHIN CLOSE PROXIMITY TO UNIVERSITY OF UCONN-STAMFORD CAMPUS The subject property also benefits from it’s close proximity to the University of Connecticut Stamford campus, which sits less than 0.5 miles west at Broad Street and Washington Boulevard. The campus boasts a strong draw to the downtown area with over 2,200 students and 130 faculty and staff. EXCELLENT DEMOGRAPHICS WITHIN THE IMMEDIATE TRADE AREA There are exceptional demographics in the immediate trade area with 46,480 residents having an average household income of $110,396 within a one-mile radius of the subject property. There are also 177,168 residents within a five-mile radius.

Exclusively Listed By

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