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Drug Store

Corporate Guarantee CVS | 18+ Years Remaining on Absolute NNN Lease

2702 S Orange Ave, Orlando, FL 32806

Listing Price: $7,210,000

Cap Rate
5.00%
Tenant Name
CVS
Years Remaining On Lease
18.1
Guarantor
Corporate Guarantee
Rentable SF
13,616
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$26.49

Investment Overview

Marcus & Millichap is pleased to present for sale this Trophy, Absolute Net Leased, Fee Simple CVS located in the heart of Orlando, Florida. The subject property consists of a free-standing building comprised of 13,616 square feet of retail space and is situated on a large 1.01-acre parcel of land. Strategically located on the Hard-Signalized Intersection of South Orange Avenue and East Michigan Street, both major thoroughfares, the property benefits from it’s unique ‘best in class’ location with a multitude of demand drivers. The heavily trafficked intersection where the property is situated sees more than 87,489 vehicles per day and is surrounded by a dense and affluent direct consumer base totaling 312,000+ full time residents in the immediate trade-area with an average $90,000+ HHI within 1 mile. The property also benefits from its unique location which is surrounded by numerous medical facilities including but not limited to; The Palms Nursing & Rehab Center, Surterra Wellness Center, and Arnold Palmer Hospital which offers numerous services including, Cardiology, Primary Care, Neuroscience, Surgery, Oncology, Women’s Services, Orthopedics, while also being recognized around the world for its Pediatric and adult Level One Trauma Program. The Arnold Palmer Hospital is part of the Orlando Health healthcare organization, a 3,200-bed system that comprises of 10 award-winning hospitals, 9 hospital based ERs, including Central Florida’s only Level I Trauma Center, and 7 free-standing emergency rooms as well as rehabilitation services, cancer institutes, heart institutes, imaging and laboratory services, wound care centers, physician offices for adults and pediatrics, skilled nursing facilities, an in-patient behavioral health facility, home healthcare services in partnership with LHC Group, and urgent care centers in partnership with FastMed Urgent Care. On top of the outstanding demand drivers and proximity to a multitude of Medical Facilities, the property is also less than 2.5 miles from Downtown Orlando and the area’s Central Business District. The site features ideal connectivity due to its position along Michigan Ave which is just a few blocks away from I-4 (154,813 VPD) and within proximity to Spessard L. Holland East-West Expressway (14,874 VPD). The area is also home to a number of National and Regional Retailers including but not limited to Walmart, Target, TJ Maxx, Chick Fil A, Publix, Starbucks, Panera Bread, and numerous others. The ideal combination of demand drivers and superb location lead CVS to execute a new, absolute NNN, 20-year lease in 2021 which runs through February 2041 and provides an additional (5) Five-Year Options to extend. The property also features a billboard which generates additional income to the owner. 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, and 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

  • CVS Corporate Guarantee | CVS Health Corporation (NYSE: CVS)
  • Absolute NNN | Zero Landlord Responsibility
  • Additional Income via Billboard | Potential Upside
  • Located in the Heart of Orlando MSA
  • Proven Long Term Commitment | CVS Executed New 20-Year Lease in 2021
  • Fee Simple Allowing for Depreciation
  • Florida is a No Income Tax State

Exclusively Listed By

Financing By

Drug Store

Corporate Guarantee CVS | 18+ Years Remaining on Absolute NNN Lease

Listing Price: $7,210,000

Cap Rate
5.00%
Tenant Name
CVS
Years Remaining On Lease
18.1
Guarantor
Corporate Guarantee
Rentable SF
13,616
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$26.49

Investment Highlights

  • CVS Corporate Guarantee | CVS Health Corporation (NYSE: CVS)
  • Absolute NNN | Zero Landlord Responsibility
  • Additional Income via Billboard | Potential Upside
  • Located in the Heart of Orlando MSA
  • Proven Long Term Commitment | CVS Executed New 20-Year Lease in 2021
  • Fee Simple Allowing for Depreciation
  • Florida is a No Income Tax State

Investment Overview

Marcus & Millichap is pleased to present for sale this Trophy, Absolute Net Leased, Fee Simple CVS located in the heart of Orlando, Florida. The subject property consists of a free-standing building comprised of 13,616 square feet of retail space and is situated on a large 1.01-acre parcel of land. Strategically located on the Hard-Signalized Intersection of South Orange Avenue and East Michigan Street, both major thoroughfares, the property benefits from it’s unique ‘best in class’ location with a multitude of demand drivers. The heavily trafficked intersection where the property is situated sees more than 87,489 vehicles per day and is surrounded by a dense and affluent direct consumer base totaling 312,000+ full time residents in the immediate trade-area with an average $90,000+ HHI within 1 mile. The property also benefits from its unique location which is surrounded by numerous medical facilities including but not limited to; The Palms Nursing & Rehab Center, Surterra Wellness Center, and Arnold Palmer Hospital which offers numerous services including, Cardiology, Primary Care, Neuroscience, Surgery, Oncology, Women’s Services, Orthopedics, while also being recognized around the world for its Pediatric and adult Level One Trauma Program. The Arnold Palmer Hospital is part of the Orlando Health healthcare organization, a 3,200-bed system that comprises of 10 award-winning hospitals, 9 hospital based ERs, including Central Florida’s only Level I Trauma Center, and 7 free-standing emergency rooms as well as rehabilitation services, cancer institutes, heart institutes, imaging and laboratory services, wound care centers, physician offices for adults and pediatrics, skilled nursing facilities, an in-patient behavioral health facility, home healthcare services in partnership with LHC Group, and urgent care centers in partnership with FastMed Urgent Care. On top of the outstanding demand drivers and proximity to a multitude of Medical Facilities, the property is also less than 2.5 miles from Downtown Orlando and the area’s Central Business District. The site features ideal connectivity due to its position along Michigan Ave which is just a few blocks away from I-4 (154,813 VPD) and within proximity to Spessard L. Holland East-West Expressway (14,874 VPD). The area is also home to a number of National and Regional Retailers including but not limited to Walmart, Target, TJ Maxx, Chick Fil A, Publix, Starbucks, Panera Bread, and numerous others. The ideal combination of demand drivers and superb location lead CVS to execute a new, absolute NNN, 20-year lease in 2021 which runs through February 2041 and provides an additional (5) Five-Year Options to extend. The property also features a billboard which generates additional income to the owner. 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, and 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

Financing By

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