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Drug Store

CVS

1535 John C Calhoun Dr, Orangeburg, SC 29115

Listing Price: $2,528,000

Cap Rate
5.00%
Tenant Name
CVS
Years Remaining On Lease
10.5
Gross SF
10,752
Guarantor
No Guarantee
Rentable SF
10,752
Price/Gross SF
$235.12
Lease Type
Double Net
Rent Per Square Feet
$11.76

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale, CVS in Orangeburg, South Carolina. CVS has a double-net lease with 10.5 years remaining with minimal landlord responsibilities including roof and structure only with the roof having warranty thru 2041. The subject property is located at the signalized intersection of John C Calhoun Drive and Stonewall Jackson Street SW with 35,090 vehicles per day and excellent street frontage, access, and visibility.

Investment Highlights

  • CVS Pharmacy Double-Net Lease with 10.5 Years Remaining in Orangeburg, South Carolina
  • Extremely Strong Sales Performance on Low Rent - $7.26 Million in 2020 Sales; Low 1.74 Percent Rent-to-Sales Ratio
  • Consistent High-Performing Location – 2018 Sales of $6.68 Million, 2019 Sales of $6.94 Million; Sales are Up 4.6 Percent Over T12 Month Period and 8.6 Percent Over T24 Month Period
  • Below-Market/Replaceable Rent of $11.76 per Square Foot – Low Price per Square Foot of Only $235
  • CVS Recently Executed 10-Year Extension Two Years in Advance of Expiration in Exchange for a 10 Percent Rent Reduction
  • No Rent Holiday; Five Percent Rent Increases Every Five Years in Options
  • Roof Replaced in April 2021 with Centimark TPO 20-Year Top-of-the-Line Non-Prorated Warranty on Labor and Materials – Seller Will Assign to Buyer
  • Location Has Double Drive-Thru and Two Points Ingress/Egress onto Stonewall Jackson Street SW and John C Calhoun Drive

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2300

    License(s) SC: 86628

    South Carolina

Listing Price: $2,528,000

Cap Rate
5.00%
Tenant Name
CVS
Years Remaining On Lease
10.5
Gross SF
10,752
Guarantor
No Guarantee
Rentable SF
10,752
Price/Gross SF
$235.12
Lease Type
Double Net
Rent Per Square Feet
$11.76

Investment Highlights

  • CVS Pharmacy Double-Net Lease with 10.5 Years Remaining in Orangeburg, South Carolina
  • Extremely Strong Sales Performance on Low Rent - $7.26 Million in 2020 Sales; Low 1.74 Percent Rent-to-Sales Ratio
  • Consistent High-Performing Location – 2018 Sales of $6.68 Million, 2019 Sales of $6.94 Million; Sales are Up 4.6 Percent Over T12 Month Period and 8.6 Percent Over T24 Month Period
  • Below-Market/Replaceable Rent of $11.76 per Square Foot – Low Price per Square Foot of Only $235
  • CVS Recently Executed 10-Year Extension Two Years in Advance of Expiration in Exchange for a 10 Percent Rent Reduction
  • No Rent Holiday; Five Percent Rent Increases Every Five Years in Options
  • Roof Replaced in April 2021 with Centimark TPO 20-Year Top-of-the-Line Non-Prorated Warranty on Labor and Materials – Seller Will Assign to Buyer
  • Location Has Double Drive-Thru and Two Points Ingress/Egress onto Stonewall Jackson Street SW and John C Calhoun Drive

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale, CVS in Orangeburg, South Carolina. CVS has a double-net lease with 10.5 years remaining with minimal landlord responsibilities including roof and structure only with the roof having warranty thru 2041. The subject property is located at the signalized intersection of John C Calhoun Drive and Stonewall Jackson Street SW with 35,090 vehicles per day and excellent street frontage, access, and visibility.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2300

    License(s): SC: 86628

    South Carolina

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