Skip to main content

Drug Store

CVS 12-YEAR NNN GROUND LEASE

9301 Ventnor Ave, Margate City, NJ 08402

Listing Price: $12,500,000

Cap Rate
4.00%
Tenant Name
CVS Caremark Corp.
Guarantor
Corporate Guarantee
Rentable SF
12,100
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$41.32

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale CVS/Pharmacy, located at 9301 Ventnor Ave, Margate City, NJ (the “Property”). Extended in 2013, subject to a 17-year lease extension expiring 01/31/203, the Property comprises a +/- 12,100 SF building on a highly visible +/- 0.31-acre parcel, that is strategically positioned hard corner lot in a high barrier to entry beach-front community. The property is just five minutes away, major tourism destination Atlantic City sees over 27 million visitors annually that spend over two billion dollars in revenue, along major traffic thoroughfare with national retailers nearby including Newly Developed Wawa, Edward Jones, Rite Aid, 7-Eleven, USPS, Starbucks, Sunoco Gas Station, Bank of America, Ocean First Bank, Zorro’s Pizza, Dunkin Donuts, Alongside Numerous Local Boutiques. The property benefits from its highly visible location with a drive-thru, easy accessibility, and convenient location in the heart of Margate City, only a block and a half from two miles of pristine, white-sand beaches, bayside docks and charter boats, boardwalk, and famous, 140-Year-Old Landmark Lucy the Elephant, who sees over 135,000 visitors on guided tours and is currently undergoing a $2-million dollar renovation. The family-friendly area has benefited from strong residential real estate demand, with many properties undergoing complete redevelopment. The population within 1 mile of the subject is 4,481 people, the average household income within one mile is $125,770 with over 2,351 households, in a major tourism area.

Investment Highlights

  • Subject Property is an Infill, Highly Visible, Single-Story Freestanding Building with 12,100 Square-Feet of GLA Located on a 0.31-Acre Hard Corner Lot in a High Barrier to Entry Beach-front Commun
  • Investment Grade Credit Tenant CVS Pharmacy (NASDAQ: CVS) is Open Seven Days a Week, Currently Features a Stable Credit Rating of Baa2 (Stable) from Moody's and BBB (Stable) from S&P | Vertically
  • Ground Lease with Zero Landlord Responsibility | 15% Rental Increases in Options | 35 Years of Historical Occupancy & Strong Sales Performance, in 2013, the Parties Agreed to a 17 -Year Extension

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (201) 742-6100

    License(s) NJ: 1434917

    New Jersey

Financing By

Drug Store

CVS 12-YEAR NNN GROUND LEASE

Listing Price: $12,500,000

Cap Rate
4.00%
Tenant Name
CVS Caremark Corp.
Guarantor
Corporate Guarantee
Rentable SF
12,100
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$41.32

Investment Highlights

  • Subject Property is an Infill, Highly Visible, Single-Story Freestanding Building with 12,100 Square-Feet of GLA Located on a 0.31-Acre Hard Corner Lot in a High Barrier to Entry Beach-front Commun
  • Investment Grade Credit Tenant CVS Pharmacy (NASDAQ: CVS) is Open Seven Days a Week, Currently Features a Stable Credit Rating of Baa2 (Stable) from Moody's and BBB (Stable) from S&P | Vertically
  • Ground Lease with Zero Landlord Responsibility | 15% Rental Increases in Options | 35 Years of Historical Occupancy & Strong Sales Performance, in 2013, the Parties Agreed to a 17 -Year Extension

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale CVS/Pharmacy, located at 9301 Ventnor Ave, Margate City, NJ (the “Property”). Extended in 2013, subject to a 17-year lease extension expiring 01/31/203, the Property comprises a +/- 12,100 SF building on a highly visible +/- 0.31-acre parcel, that is strategically positioned hard corner lot in a high barrier to entry beach-front community. The property is just five minutes away, major tourism destination Atlantic City sees over 27 million visitors annually that spend over two billion dollars in revenue, along major traffic thoroughfare with national retailers nearby including Newly Developed Wawa, Edward Jones, Rite Aid, 7-Eleven, USPS, Starbucks, Sunoco Gas Station, Bank of America, Ocean First Bank, Zorro’s Pizza, Dunkin Donuts, Alongside Numerous Local Boutiques. The property benefits from its highly visible location with a drive-thru, easy accessibility, and convenient location in the heart of Margate City, only a block and a half from two miles of pristine, white-sand beaches, bayside docks and charter boats, boardwalk, and famous, 140-Year-Old Landmark Lucy the Elephant, who sees over 135,000 visitors on guided tours and is currently undergoing a $2-million dollar renovation. The family-friendly area has benefited from strong residential real estate demand, with many properties undergoing complete redevelopment. The population within 1 mile of the subject is 4,481 people, the average household income within one mile is $125,770 with over 2,351 households, in a major tourism area.

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (201) 742-6100

    License(s): NJ: 1434917

    New Jersey

Financing By

MM Texture Background
MM Textured Background Lower