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Drug Store

Florida CVS – Long Term Lease with Rent Increases

139 Avenue E, Apalachicola, FL 32320

Listing Price: $3,130,000

Cap Rate
5.00%
Tenant Name
CVS
Years Remaining On Lease
14.4
Gross SF
8,120
Guarantor
Corporate Guarantee
Rentable SF
8,120
Price/Gross SF
$385.47
Lease Type
Double Net
Rent Per Square Feet
$19.27

Investment Overview

Marcus & Millichap is pleased to present for sale this Net Leased
CVS located at 139 Avenue East in Apalachicola, Florida. The
subject property consists of a free-standing building comprised of
7,680 square feet of retail space and is situated on a .63-acre
parcel of land.
The property is located on US Highway 98, a major artery which
travels through Panama City due West and makes its way South-
East covering a significant portion of the State of Florida before
ending in West Palm Beach. This CVS is the only major pharmacy
serving the Apalachicola population with the nearest national brand
pharmacy located over 20 miles away.
CVS recently executed a brand new a 15 Year Net-Lease with
rare 5 percent rent increases every five years, including the initial
term. With nearly 30 years of occupancy at this location and a
newly casted 15-year lease, CVS has shown significant long term
commitment and desire for this site.
CVS Health Corporation (formerly CVS Caremark Corp.) together
with its subsidiaries is currently the largest pharmacy chain in the
United States by number of locations (over 9,600 as of 2016) and
total prescription revenue. As the retail pharmacy division of CVS
Health, it ranks as the 7th largest U.S. corporation according to
Fortune 500 in 2016. CVS sells prescription drugs and a wide
assortment of general merchandise, including over-the-counter
drugs, beauty products and cosmetics, film and photo finishing
services, seasonal merchandise, greeting cards, and convenience
foods through their CVS Pharmacy, retail stores and online through
CVS.com. It 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

  • Investment Grade Credit Tenant, Rated BBB+ by S&P
  • Corporate Guarantee | CVS Health Corporation
  • Recently Extended 15-Year Lease
  • Extremely Rare Rental Increases
  • Walking Distance from George E Weems Memorial Hospital
  • No Competing National Drugstores

Exclusively Listed By

Drug Store

Florida CVS – Long Term Lease with Rent Increases

Listing Price: $3,130,000

Cap Rate
5.00%
Tenant Name
CVS
Years Remaining On Lease
14.4
Gross SF
8,120
Guarantor
Corporate Guarantee
Rentable SF
8,120
Price/Gross SF
$385.47
Lease Type
Double Net
Rent Per Square Feet
$19.27

Investment Highlights

  • Investment Grade Credit Tenant, Rated BBB+ by S&P
  • Corporate Guarantee | CVS Health Corporation
  • Recently Extended 15-Year Lease
  • Extremely Rare Rental Increases
  • Walking Distance from George E Weems Memorial Hospital
  • No Competing National Drugstores

Investment Overview

Marcus & Millichap is pleased to present for sale this Net Leased
CVS located at 139 Avenue East in Apalachicola, Florida. The
subject property consists of a free-standing building comprised of
7,680 square feet of retail space and is situated on a .63-acre
parcel of land.
The property is located on US Highway 98, a major artery which
travels through Panama City due West and makes its way South-
East covering a significant portion of the State of Florida before
ending in West Palm Beach. This CVS is the only major pharmacy
serving the Apalachicola population with the nearest national brand
pharmacy located over 20 miles away.
CVS recently executed a brand new a 15 Year Net-Lease with
rare 5 percent rent increases every five years, including the initial
term. With nearly 30 years of occupancy at this location and a
newly casted 15-year lease, CVS has shown significant long term
commitment and desire for this site.
CVS Health Corporation (formerly CVS Caremark Corp.) together
with its subsidiaries is currently the largest pharmacy chain in the
United States by number of locations (over 9,600 as of 2016) and
total prescription revenue. As the retail pharmacy division of CVS
Health, it ranks as the 7th largest U.S. corporation according to
Fortune 500 in 2016. CVS sells prescription drugs and a wide
assortment of general merchandise, including over-the-counter
drugs, beauty products and cosmetics, film and photo finishing
services, seasonal merchandise, greeting cards, and convenience
foods through their CVS Pharmacy, retail stores and online through
CVS.com. It 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

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