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Drug Store

CVS Pharmacy | 9+ Years Remaining | Roanoke, VA MSA | Limited Competition

709 E Main St, Floyd, VA 24091

Listing Price: $1,238,260

Cap Rate
5.75%
Tenant Name
CVS Pharmacy
Years Remaining On Lease
9.4
Gross SF
7,700
Guarantor
Corporate Guarantee
Rentable SF
7,700
Price/Gross SF
$160.81
Lease Type
Double Net
Rent Per Square Feet
$9.25

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer the fee simple interest in this single-tenant net lease CVS pharmacy located in Floyd, Virginia. Floyd is located 21 miles southeast of Christiansburg, Virginia and is part of the Blacksburg – Christiansburg MSA. The property is located one-half-mile from where Route 8 and Route 221 (E Main St) intersect. Other national and regional tenants in the area include Food Lion, Subway, Dollar General, Hardee’s and Atlantic Union Bank. CVS recently executed an early 10-year lease extension with six, three-year option terms with rental increases showing its commitment to this location. The lease features five percent (5%) rental increases in each option period and requires minimal landlord responsibilities. This is an established pharmacy location that CVS took over in 2017, with the next closest CVS 20 miles away.

Investment Highlights

  • Located Directly Off of US-221
  • Essential Retailer
  • Early 10-Year Lease Extension Showing CVS' Long-Term Commitment to this Location

Exclusively Listed By

  • Jeffrey Pensak

    Associate

    (202) 536-3760

    Email Jeffrey

    License(s): MD: 681663

    Washington, D.C.

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

  • David S. Crotts

    First Vice President Investments

    (202) 536-3757

    Email David

    License(s): MD: 652010, VA: 0225208906, DC: SP98374073

    Washington, D.C.

  • Josh Ein

    First Vice President Investments

    (202) 536-3726

    Email Josh

    License(s): DC: SP98371724, MD: 643676, VA: 0225242141

    Washington, D.C.

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Drug Store

CVS Pharmacy | 9+ Years Remaining | Roanoke, VA MSA | Limited Competition

Listing Price: $1,238,260

Cap Rate
5.75%
Tenant Name
CVS Pharmacy
Years Remaining On Lease
9.4
Gross SF
7,700
Guarantor
Corporate Guarantee
Rentable SF
7,700
Price/Gross SF
$160.81
Lease Type
Double Net
Rent Per Square Feet
$9.25

Investment Highlights

  • Located Directly Off of US-221
  • Essential Retailer
  • Early 10-Year Lease Extension Showing CVS' Long-Term Commitment to this Location

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer the fee simple interest in this single-tenant net lease CVS pharmacy located in Floyd, Virginia. Floyd is located 21 miles southeast of Christiansburg, Virginia and is part of the Blacksburg – Christiansburg MSA. The property is located one-half-mile from where Route 8 and Route 221 (E Main St) intersect. Other national and regional tenants in the area include Food Lion, Subway, Dollar General, Hardee’s and Atlantic Union Bank. CVS recently executed an early 10-year lease extension with six, three-year option terms with rental increases showing its commitment to this location. The lease features five percent (5%) rental increases in each option period and requires minimal landlord responsibilities. This is an established pharmacy location that CVS took over in 2017, with the next closest CVS 20 miles away.

Exclusively Listed By

  • Jeffrey Pensak

    Associate

    (202) 536-3760

    Email Jeffrey

    License(s): MD: 681663

    Washington, D.C.

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

  • David S. Crotts

    First Vice President Investments

    (202) 536-3757

    Email David

    License(s): MD: 652010, VA: 0225208906, DC: SP98374073

    Washington, D.C.

  • Josh Ein

    First Vice President Investments

    (202) 536-3726

    Email Josh

    License(s): DC: SP98371724, MD: 643676, VA: 0225242141

    Washington, D.C.

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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