Drug Store
CVS - Midland MI
1015 S Saginaw Rd, Midland, MI 48640
Listing Price: $6,067,000
Investment Overview
Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in a newer construction CVS W/ Drive Thru located in Midland, MI.
The investment features a triple net lease with 17-years of firm term remaining on the lease and 25-years of options with 10% rent bumps in each option.
CVS has operated in this location since 2015 and benefits from minimal competition with the nearest CVS location more than 15-miles away. There are more than 83,000 residents within a 10-mile radius with average household incomes of $90,000+ providing a dense and stable customer base.
The Property is strategically positioned between Saginaw Rd (28,000 VPD), Eastlawn Dr (8,000 VPD) and Washington St (10,000 VPD) with direct access and visibility on each road. This Best-In-Market site provides convenience and a central location with 48,000 vehicles passing per day.
The Property is offered at a cap rate of 5.60% totaling $7,043,000.
CVS - Midland MI
Investment Highlights
- CORPORATE NET LEASE WITH INVESTMENT GRADE TENANT • 17-Years Remaining Of Firm Term On Triple Net Lease • Corporate Guarantee From CVS Health, Number Six On The Fortune 500 List
- NUMBER ONE TENANT IN THE SECTOR • CVS Health Is The Leading Pharmacy Health Provided With More Than 9,000 Retail Pharmacy Locations And 1,100 Medical Clinics • CVS Health Reported $330 Billion
- NEWER CONSTRUCTION PROPERTY • Built in 2015 The Property Benefits From A Modern Aesthetic And High Quality Construction • Only Landlord Responsibilities Are Structure And Roof
- BEST IN MARKET LOCATION • The Property Features Direct Access And Visibility To 48,000 Vehicles Per Day And Is Located Between Saginaw Rd (28,000 Vehicles Per Day), Eastlawn Dr (8,000 Vehicles Per Day) And Washington St (10,000 Vehicles Per Day)
Listing Price: $6,067,000
Investment Highlights
- CORPORATE NET LEASE WITH INVESTMENT GRADE TENANT • 17-Years Remaining Of Firm Term On Triple Net Lease • Corporate Guarantee From CVS Health, Number Six On The Fortune 500 List
- NUMBER ONE TENANT IN THE SECTOR • CVS Health Is The Leading Pharmacy Health Provided With More Than 9,000 Retail Pharmacy Locations And 1,100 Medical Clinics • CVS Health Reported $330 Billion
- NEWER CONSTRUCTION PROPERTY • Built in 2015 The Property Benefits From A Modern Aesthetic And High Quality Construction • Only Landlord Responsibilities Are Structure And Roof
- BEST IN MARKET LOCATION • The Property Features Direct Access And Visibility To 48,000 Vehicles Per Day And Is Located Between Saginaw Rd (28,000 Vehicles Per Day), Eastlawn Dr (8,000 Vehicles Per Day) And Washington St (10,000 Vehicles Per Day)
Investment Overview
Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in a newer construction CVS W/ Drive Thru located in Midland, MI. The investment features a triple net lease with 17-years of firm term remaining on the lease and 25-years of options with 10% rent bumps in each option. CVS has operated in this location since 2015 and benefits from minimal competition with the nearest CVS location more than 15-miles away. There are more than 83,000 residents within a 10-mile radius with average household incomes of $90,000+ providing a dense and stable customer base. The Property is strategically positioned between Saginaw Rd (28,000 VPD), Eastlawn Dr (8,000 VPD) and Washington St (10,000 VPD) with direct access and visibility on each road. This Best-In-Market site provides convenience and a central location with 48,000 vehicles passing per day. The Property is offered at a cap rate of 5.60% totaling $7,043,000.
