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Drug Store

CVS | Recent Lease Extension | Strong Sales Reported

116 Ainsworth St, Lodi, OH 44254

Listing Price: $2,162,266

Cap Rate
6.75%
Tenant Name
CVS
Years Remaining On Lease
3.7
Guarantor
Corporate Guarantee
Rentable SF
10,500
Lease Type
Double Net
Rent Per Square Feet
$13.90

Investment Overview

Marcus & Millichap is pleased to present for purchase the CVS Pharmacy located in Lodi, Ohio. The lease is corporately backed by CVS Pharmacy, a Standard & Poor’s BBB+ investment grade credit tenant and reports strong store sales. The CVS located at 116 Ainsworth Street in Lodi, Ohio has four years remaining on a double-net lease with a lease extension that commenced on April 1st, 2020. CVS has been in operation at this location since 1995 and has now exercised two options, with one, five-year option with a 10 percent rental increase remaining. Landlord is responsible for roof, structure and payment of taxes while Tenant is responsible for parking lot, insurance, and reimbursement for 100 percent of taxes. The property is located near Dollar General, Romero’s Pizza, Huntington Bank, and USPS. The property is in close proximity to Cleveland Clinic Akron General Lodi Hospital, a 25-bed medical facility. The site is located less than 10 minutes from Ohio Station Outlets, one of Lodi’s main attractions. This CVS benefits from the area’s limited drug store competition. CVS Health Corp. is a leading pharmacy benefits manager with nearly 90 million plan members as well as the nation’s largest drugstore chain (pipping Walgreens). It runs more than 9,700 retail and specialty drugstores under the CVS, Navarro, and Longs Drug banners. In addition to its stand alone pharmacy operations, the company operates CVS locations inside Target stores, and runs a prescription management company, Caremark Pharmacy Services. The company also offers specialty pharma infusion services business, as well as walk-in health services through its retail network of MinuteClinics.

Investment Highlights

  • CVS Just Exercised Extension with 10 Percent Rental Increase
  • Proven Location, in Operation Since 1995
  • One Five Year Option Remains with a 10 Percent Rental Increase
  • Four Years Remaining on a Double-Net Lease: Landlord Responsible for Roof and Structure
  • Strong Store Sales | Very Low Rent to Sales Ratio
  • Landlord Pays Taxes and is Reimbursed 100 Percent by the Tenant
  • Located Near Cleveland Clinic Akron General Lodi Hospital
  • Less than 10 Minutes from Ohio Station Outlets

Exclusively Listed By

Drug Store

CVS | Recent Lease Extension | Strong Sales Reported

Listing Price: $2,162,266

Cap Rate
6.75%
Tenant Name
CVS
Years Remaining On Lease
3.7
Guarantor
Corporate Guarantee
Rentable SF
10,500
Lease Type
Double Net
Rent Per Square Feet
$13.90

Investment Highlights

  • CVS Just Exercised Extension with 10 Percent Rental Increase
  • Proven Location, in Operation Since 1995
  • One Five Year Option Remains with a 10 Percent Rental Increase
  • Four Years Remaining on a Double-Net Lease: Landlord Responsible for Roof and Structure
  • Strong Store Sales | Very Low Rent to Sales Ratio
  • Landlord Pays Taxes and is Reimbursed 100 Percent by the Tenant
  • Located Near Cleveland Clinic Akron General Lodi Hospital
  • Less than 10 Minutes from Ohio Station Outlets

Investment Overview

Marcus & Millichap is pleased to present for purchase the CVS Pharmacy located in Lodi, Ohio. The lease is corporately backed by CVS Pharmacy, a Standard & Poor’s BBB+ investment grade credit tenant and reports strong store sales. The CVS located at 116 Ainsworth Street in Lodi, Ohio has four years remaining on a double-net lease with a lease extension that commenced on April 1st, 2020. CVS has been in operation at this location since 1995 and has now exercised two options, with one, five-year option with a 10 percent rental increase remaining. Landlord is responsible for roof, structure and payment of taxes while Tenant is responsible for parking lot, insurance, and reimbursement for 100 percent of taxes. The property is located near Dollar General, Romero’s Pizza, Huntington Bank, and USPS. The property is in close proximity to Cleveland Clinic Akron General Lodi Hospital, a 25-bed medical facility. The site is located less than 10 minutes from Ohio Station Outlets, one of Lodi’s main attractions. This CVS benefits from the area’s limited drug store competition. CVS Health Corp. is a leading pharmacy benefits manager with nearly 90 million plan members as well as the nation’s largest drugstore chain (pipping Walgreens). It runs more than 9,700 retail and specialty drugstores under the CVS, Navarro, and Longs Drug banners. In addition to its stand alone pharmacy operations, the company operates CVS locations inside Target stores, and runs a prescription management company, Caremark Pharmacy Services. The company also offers specialty pharma infusion services business, as well as walk-in health services through its retail network of MinuteClinics.

Exclusively Listed By

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