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Drug Store

CVS

4548 E Main St, Whitehall, OH 43213

Listing Price: $6,006,000

Cap Rate
4.50%
Tenant Name
CVS
Years Remaining On Lease
7.7
Gross SF
12,608
Guarantor
Corporate Guarantee
Rentable SF
12,608
Price/Gross SF
$476.36
Lease Type
Double Net
Rent Per Square Feet
$21.43

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale, CVS Pharmacy located in Whitehall, Ohio. This location is consistent high-performing location with massive reported sales of $13.655 million ($1,083 per square foot) from June ’20 – May ’21. There is 7.75 years remaining on a double-net lease with $138,000 in recent capital expenditures including a new roof in 2020 with warranty through 2035 and parking lot resurfacing in 2015. CVS is being offered for $6.006 million.

Investment Highlights

  • CVS Pharmacy Double-Net Lease with 7.75 Years Remaining in Columbus, Ohio
  • Massive Reported Sales - $13.655 Million ($1,083 per Square Foot) from June '20 – May '21, Low 1.98 Percent Rent-to-Sales Ratio
  • Consistent High-Performing Location – 2018-19 Sales of $11.053 Million, 2019-20 Sales of $12.208 Million; Sales are Up 11.9 Percent Over T12 Month Period and 23.5 Percent Over T24 Month Period
  • Rent Increase in Current Term – Eight Percent Bump in June 2024 Takes CAP to 4.86 Percent at List Price (Over 36 bps)
  • Naked Lease – No Options Remaining and No Rent Holiday Giving Buyer Huge Leverage in Renegotiating Rent Upon Lease Expiration
  • 24-Hour Store (Pharmacy and Retail) with Drive-Thru and Two Points Ingress/Egress
  • CVS Agreed to 53 Percent Rent Increase in Current 10-Year Extension which was Signed in 2012, Seven Years in Advance of Original 2019 Lease Expiration
  • Huge Traffic Counts: Located at the Signalized Intersection of E. Main Street and S. Hamilton Road with 41,475 Vehicles per Day and Excellent Frontage, Access, and Visibility

Exclusively Listed By

Listing Price: $6,006,000

Cap Rate
4.50%
Tenant Name
CVS
Years Remaining On Lease
7.7
Gross SF
12,608
Guarantor
Corporate Guarantee
Rentable SF
12,608
Price/Gross SF
$476.36
Lease Type
Double Net
Rent Per Square Feet
$21.43

Investment Highlights

  • CVS Pharmacy Double-Net Lease with 7.75 Years Remaining in Columbus, Ohio
  • Massive Reported Sales - $13.655 Million ($1,083 per Square Foot) from June '20 – May '21, Low 1.98 Percent Rent-to-Sales Ratio
  • Consistent High-Performing Location – 2018-19 Sales of $11.053 Million, 2019-20 Sales of $12.208 Million; Sales are Up 11.9 Percent Over T12 Month Period and 23.5 Percent Over T24 Month Period
  • Rent Increase in Current Term – Eight Percent Bump in June 2024 Takes CAP to 4.86 Percent at List Price (Over 36 bps)
  • Naked Lease – No Options Remaining and No Rent Holiday Giving Buyer Huge Leverage in Renegotiating Rent Upon Lease Expiration
  • 24-Hour Store (Pharmacy and Retail) with Drive-Thru and Two Points Ingress/Egress
  • CVS Agreed to 53 Percent Rent Increase in Current 10-Year Extension which was Signed in 2012, Seven Years in Advance of Original 2019 Lease Expiration
  • Huge Traffic Counts: Located at the Signalized Intersection of E. Main Street and S. Hamilton Road with 41,475 Vehicles per Day and Excellent Frontage, Access, and Visibility

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale, CVS Pharmacy located in Whitehall, Ohio. This location is consistent high-performing location with massive reported sales of $13.655 million ($1,083 per square foot) from June ’20 – May ’21. There is 7.75 years remaining on a double-net lease with $138,000 in recent capital expenditures including a new roof in 2020 with warranty through 2035 and parking lot resurfacing in 2015. CVS is being offered for $6.006 million.

Exclusively Listed By

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