Investment Overview

Marcus & Millichap is pleased to present for sale a freestanding CVS/Pharmacy located at 13180 Midlothian Turnpike in Midlothian, Virginia. The subject property is approximately 10,128 square feet with a drive-thru pharmacy, and sits on a 1.23-acre lot with 39 parking spaces. This CVS/Pharmacy lease has over 16.5 years remaining (expiration 1/31/2040) and is corporately guaranteed by CVS Caremark Corporation (now known as CVS Health Corporation). CVS has occupied this location since 1999. The lease was amended in 2014 and the expiration of the term was extended for 25 years with five, five- year renewal options. The rent will remain flat through the base term and then increase by 10 percent in each of the first two option periods (FMV for the remaining three options). The landlord is responsible for the maintenance of roof & structure, making this a double-net (NN) lease. CVS Health Corporation is the 4th largest company in the Fortune 500 index with an S&P credit rating of BBB and revenues of $315.225 billion as of 2/1/2023. CVS/Pharmacy is located along Midlothian Turnpike (41,000 Vehicles Per Day (VPD)). The property sits on an outparcel within the Village Marketplace Shopping Center that is tenanted with a mix of local and national retailers that include: Food Lion, McDonald’s, H&R Block, Subway, and others. The subject property is surrounded by major retailers which include Walmart, Petco, Bank of America, Wells Fargo, Starbucks, Chick-Fil-A, Costco, and many others. The property is also in close proximity to eight various elementary, middle, and high schools as well as John Tyler Community College (total enrollment: 14,895). The property is in an area with a population of over 48,500 people living within a three-mile radius with an average household income of $140,000. This CVS/Pharmacy provides an opportunity for qualified investors to purchase a management free asset, tenanted by one of the largest pharmacy store chains in the nation, located on a heavily trafficked intersection of a proven retail corridor, located in a dense and affluent section of the capital of Virginia.