CVS Unique 52% Paydown Readvance Opportunity 10405 W 13th St N 13,225 SF Retail Building Wichita, KS 67212 $5,198,406 CAD ($393.07 CAD/SF) 5.99% Cap Rate

HMX Realty Advisors presents for sale a Zero Cash Flow CVS Pharmacy located in Wichita, KS. This property is offered with a zero cash flows structure with pay down readvance available. Loan to value is 52% allowing a 1,941,000 pay down readvance.
 
The property is ideal for a 1031 exchange. The Zero Cash Flow structure allows a 1031 Exchange buyer the ability to acquire the asset for virtually all cash ($3,724,000) and have the debt re-advanced to $1,941,000 immediately post-closing. The mortgage proceeds from the re-advanced loan are not subject to capital gains or income tax, however, HMX Realty Advisors is not qualified to give legal or tax advice.
 
The property is a 13,225-sf building on 1.9 acres of land, and leased for 13+ years to CVS, an investment grade company on an absolute bond triple-net lease with no landlord responsibilities whatsoever. The rent is very low and replicable at $16.90 PSF. The existing debt self-liquidates over the next 11 years and has an interest rate of 4.7% with a 3-year rent holiday starting February 1st, 2036.
Area Summary:
This CVS is located at the intersection of W 13th Street N and N Maize Rd the dominant retail corridor in Wichita. It is across the street from Natural Grocers and Credit Union of America. Area retailers include Little Caesars and Skyward Credit Union. Aldi and a Walmart Neighbor Market are to the south and a Walmart Supercenter, and Lowe’s are to the north.