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Drug Store

CVS pharmacy

801 N Broad St, Edenton, NC 27932

Listing Price: $5,911,501

Cap Rate
4.75%
Tenant Name
CVS pharmacy
Years Remaining On Lease
24.6
Guarantor
Corporate Guarantee
Rentable SF
9,656
Lease Type
Modified Gross
Rent Per Square Feet
$29.08

Investment Overview

FUNDAMENTAL LOCATION & INVESTMENT › Brand new, 2021 construction CVS pharmacy w/ drive-thru › Relocation of an existing inline store with summer (July/August) 2021 projected store opening › Hard corner at the signalized intersection of Virginia Road and N. Broad Street › Niche North Carolina coastal community located within Edenton Historic District › Two (2) full access drives located along Badham Road and Virginia Road › Essential-use retail investment with industry-leading tenant within healthcare segment › Upgraded 9,656 SF brick building with upgraded architectural design OPTIMAL LEASE STRUCTURE › Lease guarantee from CVS Health Corporation › 25-year modified NNN base lease term › Five (5), five-year option periods each with 5% rent escalations › Fee simple building and land lease allows for depreciation › Landlord roof obligation offset by a 20-year Carlisle Roofing (Manufacturer) Total System "NDL" Warranty › Tenant responsible for parking lot and all common area maintenance INDUSTRY LEADER WITH STELLAR CORPORATE CREDIT › CVS Health Corporation (NYSE: CVS) maintains an investment-grade bond rating of "BBB" › 9,900 retail locations and 1,100 Minute Clinics in 49 states › 2020 total revenue of $268.7 B, representing a 4.6% increase over the prior year › Estimated 2020 net worth of $69.7 B

Investment Highlights

  • Brand new, 2021 construction CVS pharmacy w/ drive-thru
  • Relocation of an existing inline store with summer (July/August) 2021 projected store opening
  • Hard corner at the signalized intersection of Virginia Road and N. Broad Street
  • Lease guarantee from CVS Health Corporation
  • Tenant responsible for parking lot and all common area maintenance

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2222

    License(s) NC: 303785

    North Carolina

Listing Price: $5,911,501

Cap Rate
4.75%
Tenant Name
CVS pharmacy
Years Remaining On Lease
24.6
Guarantor
Corporate Guarantee
Rentable SF
9,656
Lease Type
Modified Gross
Rent Per Square Feet
$29.08

Investment Highlights

  • Brand new, 2021 construction CVS pharmacy w/ drive-thru
  • Relocation of an existing inline store with summer (July/August) 2021 projected store opening
  • Hard corner at the signalized intersection of Virginia Road and N. Broad Street
  • Lease guarantee from CVS Health Corporation
  • Tenant responsible for parking lot and all common area maintenance

Investment Overview

FUNDAMENTAL LOCATION & INVESTMENT › Brand new, 2021 construction CVS pharmacy w/ drive-thru › Relocation of an existing inline store with summer (July/August) 2021 projected store opening › Hard corner at the signalized intersection of Virginia Road and N. Broad Street › Niche North Carolina coastal community located within Edenton Historic District › Two (2) full access drives located along Badham Road and Virginia Road › Essential-use retail investment with industry-leading tenant within healthcare segment › Upgraded 9,656 SF brick building with upgraded architectural design OPTIMAL LEASE STRUCTURE › Lease guarantee from CVS Health Corporation › 25-year modified NNN base lease term › Five (5), five-year option periods each with 5% rent escalations › Fee simple building and land lease allows for depreciation › Landlord roof obligation offset by a 20-year Carlisle Roofing (Manufacturer) Total System "NDL" Warranty › Tenant responsible for parking lot and all common area maintenance INDUSTRY LEADER WITH STELLAR CORPORATE CREDIT › CVS Health Corporation (NYSE: CVS) maintains an investment-grade bond rating of "BBB" › 9,900 retail locations and 1,100 Minute Clinics in 49 states › 2020 total revenue of $268.7 B, representing a 4.6% increase over the prior year › Estimated 2020 net worth of $69.7 B

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2222

    License(s): NC: 303785

    North Carolina

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