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Drug Store

CVS Pharmacy | NNN Lease | 16.5 Years Remaining

65 Boston St, Lynn, MA 01904

Listing Price: $11,646,460

Cap Rate
5.00%
Tenant Name
CVS Pharmacy
Years Remaining On Lease
16.4
Guarantor
Corporate Guarantee
Rentable SF
12,900
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$45.14

Investment Overview

The subject property is a CVS Pharmacy located in Lynn, MA. The property consists of a 12,900 square foot building that sits on 1.37 acres of land and is open 24 hours a day and was built as a relocation store for a highly successful inline store across the street. CVS operates on a 25-year NNN lease with 16.5 years remaining. The lease also includes five five-year options with 5% increases at the beginning of each option. CVS Health Corporation guarantees the lease with investment grade credit. Placer.ai ranks this location within the top 5% of all CVS stores nationally.

The property is situated in a traffic island between North Bend Street and Boston Street with combined traffic counts exceeding 17,000 vehicles daily. There are four means of ingress and egress for the property making this location easily accessible. There are several elementary schools as well as the high school with over 2,000 students nearby. The 160 acre GE Aviation facility is located two miles south with over 2,600 employees and Boston is 10 miles south of the property. Nearby retailers include Stop & Shop, Hobby Lobby, Dollar Tree, Cumberland Farms AutoZone, O’Reilly Auto Parts, McDonald’s, Burger King, Wendy’s, Popeye’s, Dunkin’ (two stores on either side) as well as branches of Salem Five and Eastern Bank.. I-95 is less than four miles north providing easy access to Boston, New Hampshire and Maine.

Other notable economic drivers in the immediate vicinity include the BayRidge Hospital Campus down
the street and the Bridgewell Kelly J. Martin Center for Human and Social Services. The immediate area is a predominantly retail corridor which extends into a mix of residential neighborhoods and several larger scale multifamily complexes and/or condo buildings. Lynn is the ninth largest city in the state of Massachusetts. Lynn is located in the southern part of Essex County, 10 miles north of Boston. The city is bordered by Nahant to the South, Swampscott to the east, Salem to the north, Lynnfield to the northwest, Saugus to the west and Revere to the southwest. Lynn is a densely populated urban infill location with a population base over 139,00 people within a 3- mile radius.

Investment Highlights

  • Ranked in Top 5% of CVS Stores Nationally by Placer.ai
  • Lease Commenced in 2014 with 16.5 Years Remaining
  • Five 5 - Year Options with 5% Increases in Each Option
  • Corporate Guarantee by CVS Health Corporation (BBB+)
  • Open 24 Hours per Day with Drive - Thru
  • NNN Lease | LL Responsibilities for Roof & Structure

Exclusively Listed By

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

Broker of Record

  • Thomas Shihadeh

    Vice President/Regional Manager

    (617) 896-7220

    License(s) MA: 1000485

    Massachusetts

Drug Store

CVS Pharmacy | NNN Lease | 16.5 Years Remaining

Listing Price: $11,646,460

Cap Rate
5.00%
Tenant Name
CVS Pharmacy
Years Remaining On Lease
16.4
Guarantor
Corporate Guarantee
Rentable SF
12,900
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$45.14

Investment Highlights

  • Ranked in Top 5% of CVS Stores Nationally by Placer.ai
  • Lease Commenced in 2014 with 16.5 Years Remaining
  • Five 5 - Year Options with 5% Increases in Each Option
  • Corporate Guarantee by CVS Health Corporation (BBB+)
  • Open 24 Hours per Day with Drive - Thru
  • NNN Lease | LL Responsibilities for Roof & Structure

Investment Overview

The subject property is a CVS Pharmacy located in Lynn, MA. The property consists of a 12,900 square foot building that sits on 1.37 acres of land and is open 24 hours a day and was built as a relocation store for a highly successful inline store across the street. CVS operates on a 25-year NNN lease with 16.5 years remaining. The lease also includes five five-year options with 5% increases at the beginning of each option. CVS Health Corporation guarantees the lease with investment grade credit. Placer.ai ranks this location within the top 5% of all CVS stores nationally. The property is situated in a traffic island between North Bend Street and Boston Street with combined traffic counts exceeding 17,000 vehicles daily. There are four means of ingress and egress for the property making this location easily accessible. There are several elementary schools as well as the high school with over 2,000 students nearby. The 160 acre GE Aviation facility is located two miles south with over 2,600 employees and Boston is 10 miles south of the property. Nearby retailers include Stop & Shop, Hobby Lobby, Dollar Tree, Cumberland Farms AutoZone, O’Reilly Auto Parts, McDonald’s, Burger King, Wendy’s, Popeye’s, Dunkin’ (two stores on either side) as well as branches of Salem Five and Eastern Bank.. I-95 is less than four miles north providing easy access to Boston, New Hampshire and Maine. Other notable economic drivers in the immediate vicinity include the BayRidge Hospital Campus down the street and the Bridgewell Kelly J. Martin Center for Human and Social Services. The immediate area is a predominantly retail corridor which extends into a mix of residential neighborhoods and several larger scale multifamily complexes and/or condo buildings. Lynn is the ninth largest city in the state of Massachusetts. Lynn is located in the southern part of Essex County, 10 miles north of Boston. The city is bordered by Nahant to the South, Swampscott to the east, Salem to the north, Lynnfield to the northwest, Saugus to the west and Revere to the southwest. Lynn is a densely populated urban infill location with a population base over 139,00 people within a 3- mile radius.

Exclusively Listed By

  • Seth J. Richard

    Licensed Real Estate Salesperson

    (212) 430-5164

    Email Seth

    License(s): CT: RES- 0764595, NY: 10401275108, MA: 149700

    Manhattan

  • Laurie Ann Drinkwater

    Senior Vice President Investments

    (617) 896-7230

    Email Laurie Ann

    License(s): CT: REB.0751880, MA: 147511, RI: B 16787

    Boston

Broker of Record

  • Thomas Shihadeh

    Vice President/Regional Manager

    (617) 896-7220

    License(s): MA: 1000485

    Massachusetts

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