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Drug Store

CVS | 20+ Year Absolute NNN Ground Lease

4664 Browns Hill Rd, Pittsburgh, PA 15217

Listing Price: $3,888,000

Cap Rate
4.50%
Tenant Name
CVS
Years Remaining On Lease
20.6
Guarantor
Corporate Guarantee
Rentable SF
11,945
Lease Type
NNN Ground Lease
Rent Per Square Feet
$14.65

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire an absolute NNN ground lease CVS in Pittsburgh, Pennsylvania. The property has over 20.5 years remaining of its original 25-year lease and five, five-year renewal options with rare ten percent rental bumps in each option. The offering presents an ideal investment for a Buyer looking for first-in-class tenancy with CVS, in a dominant infill location near major commercial corridors, coupled with strong residential density with an attractive long-term lease in place which features rental bumps. Located a mile to the south is “The Waterfront”, a major retail, residential and office development that sits on the former U.S. Steel’s Homestead Steel Works plant. “The Waterfront” is made up of a 700,000-square foot super-regional, open-air shopping mall and an additional 400,000-square foot at “The Town Center”, which both combined offers over 1.2M square feet of space leased by various national, regional and upscale tenants. With a national shift in more of the labor force working from home, the immediate one-mile radius from the subject property has transformed into a Live, Work, Play destination, while remaining within close proximity to Pittsburgh’s central business district. Built in 2016 and situated on an over-sized 2.05-acre lot, this CVS is located along Browns Hill Road, which leads directly to Interstate 376 to the north; allowing to be in downtown Pittsburg in less than 15 minutes and turns into West Street to the south after crossing the Homestead Grays Bridge. The property is surrounded by various local, regional and national retailers as well as located in a dense residential area with numerous single-family residential homes and apartment complexes. The immediate three-mile radius boasts strong and desirable demographics; with a population of over 140,000 and an average household income in excess of $80,000. This CVS ground lease presents a great opportunity for any investor seeking passive income through a long-term net-leased investment with an investment-grade corporate tenant located in an irreplaceable shopping, dining and entertainment commercial area.

Investment Highlights

  • Absolute NNN Ground Lease | No Landlord Responsibilities
  • Surrounded By A Mix Of Luxury Apartment Complexes, High End Residential Communities And Several Senior Living Facilities Provides For A Captive Customer Base
  • Rare 10% Rental Bumps In Each Option Period & No Rent Holiday
  • Hard Corner Signalized Intersection With Over 35,000 Vehicles Passing By The Site Daily
  • Dense Infill Location, With Large 2.05-acre Parcel

Broker of Record

  • Sean Beuche

    Regional Manager

    (215) 531-7000

    License(s) PA: RM424190

    Pennsylvania

Drug Store

CVS | 20+ Year Absolute NNN Ground Lease

Listing Price: $3,888,000

Cap Rate
4.50%
Tenant Name
CVS
Years Remaining On Lease
20.6
Guarantor
Corporate Guarantee
Rentable SF
11,945
Lease Type
NNN Ground Lease
Rent Per Square Feet
$14.65

Investment Highlights

  • Absolute NNN Ground Lease | No Landlord Responsibilities
  • Surrounded By A Mix Of Luxury Apartment Complexes, High End Residential Communities And Several Senior Living Facilities Provides For A Captive Customer Base
  • Rare 10% Rental Bumps In Each Option Period & No Rent Holiday
  • Hard Corner Signalized Intersection With Over 35,000 Vehicles Passing By The Site Daily
  • Dense Infill Location, With Large 2.05-acre Parcel

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire an absolute NNN ground lease CVS in Pittsburgh, Pennsylvania. The property has over 20.5 years remaining of its original 25-year lease and five, five-year renewal options with rare ten percent rental bumps in each option. The offering presents an ideal investment for a Buyer looking for first-in-class tenancy with CVS, in a dominant infill location near major commercial corridors, coupled with strong residential density with an attractive long-term lease in place which features rental bumps. Located a mile to the south is “The Waterfront”, a major retail, residential and office development that sits on the former U.S. Steel’s Homestead Steel Works plant. “The Waterfront” is made up of a 700,000-square foot super-regional, open-air shopping mall and an additional 400,000-square foot at “The Town Center”, which both combined offers over 1.2M square feet of space leased by various national, regional and upscale tenants. With a national shift in more of the labor force working from home, the immediate one-mile radius from the subject property has transformed into a Live, Work, Play destination, while remaining within close proximity to Pittsburgh’s central business district. Built in 2016 and situated on an over-sized 2.05-acre lot, this CVS is located along Browns Hill Road, which leads directly to Interstate 376 to the north; allowing to be in downtown Pittsburg in less than 15 minutes and turns into West Street to the south after crossing the Homestead Grays Bridge. The property is surrounded by various local, regional and national retailers as well as located in a dense residential area with numerous single-family residential homes and apartment complexes. The immediate three-mile radius boasts strong and desirable demographics; with a population of over 140,000 and an average household income in excess of $80,000. This CVS ground lease presents a great opportunity for any investor seeking passive income through a long-term net-leased investment with an investment-grade corporate tenant located in an irreplaceable shopping, dining and entertainment commercial area.

Broker of Record

  • Sean Beuche

    Regional Manager

    (215) 531-7000

    License(s): PA: RM424190

    Pennsylvania

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