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CVS 1200 State Route 35 13,567 SF Retail Building Middletown, NJ 07748 $14,900,846 CAD ($1,098.32 CAD/SF) 5.40% Cap Rate
Executive Summary
Boston Real Estate Advisors is pleased to present this exclusive opportunity to purchase a net-leased CVS property located at 1200 Highway 35 South in Middletown, New Jersey (the “Property”). There are 19 years remaining on the initial 25-year lease term with 8, five year renewal options. The option periods include a 10% rent increase at the start of each option period.
The property is located at a highly visible, 1.9 acre corner parcel at the intersection of Route 35 and New Monmouth Road in a strong retail area. Middletown is located in northern New Jersey and is a part of the New York Metropolitan area.
INVESTMENT HIGHLIGHTS:
*INITIAL 25-YEAR TERM: There are 19 years remaining on the initial 25-year lease term with 8, five-year renewal options that include a 10% rent increase at the start of each option period.
*BUILDING CONSTRUCTION DATE: The building was constructed in 2019.
*INVESTMENT GRADE CREDIT: The lease Guarantor is CVS Health Corporation (NYSE: CVS). CVS has a credit rating at BBB+ (S&P) and Baal (Moody’s)
*LOCATION: The property is located at a signalized corner parcel at the intersection of Route 35 and New Monmouth Road.
*HIGH TRAFFIC COUNTS: Route 35 has an average daily traffic count of over 30,000 vehicles and New Monmouth Road has an average daily traffic count of over 11,000 vehicles.
*DEMOGRAPHICS: There are over 50,000 people living within a 3-mile radius to the property with an average household income of over $130,000.
The property is located at a highly visible, 1.9 acre corner parcel at the intersection of Route 35 and New Monmouth Road in a strong retail area. Middletown is located in northern New Jersey and is a part of the New York Metropolitan area.
INVESTMENT HIGHLIGHTS:
*INITIAL 25-YEAR TERM: There are 19 years remaining on the initial 25-year lease term with 8, five-year renewal options that include a 10% rent increase at the start of each option period.
*BUILDING CONSTRUCTION DATE: The building was constructed in 2019.
*INVESTMENT GRADE CREDIT: The lease Guarantor is CVS Health Corporation (NYSE: CVS). CVS has a credit rating at BBB+ (S&P) and Baal (Moody’s)
*LOCATION: The property is located at a signalized corner parcel at the intersection of Route 35 and New Monmouth Road.
*HIGH TRAFFIC COUNTS: Route 35 has an average daily traffic count of over 30,000 vehicles and New Monmouth Road has an average daily traffic count of over 11,000 vehicles.
*DEMOGRAPHICS: There are over 50,000 people living within a 3-mile radius to the property with an average household income of over $130,000.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,567 SF
Building Class
B
Year Built
2019
Price
$14,900,846 CAD
Price Per SF
$1,098.32 CAD
Cap Rate
5.40%
NOI
$804,888 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.16
Lot Size
1.91 AC
Zoning
B-3
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
- -
- Triple Net
- Jan 2045
CVS Pharmacy began in 1963 in Lowell, Massachusetts, as a health and beauty product retailer. The company expanded into pharmacy services in 1967 and grew through acquisitions to become a national healthcare provider. Today, CVS operates numerous retail pharmacy locations and walk-in clinics across the United States. The company also offers pharmacy benefit management services and health insurance products through various subsidiaries. CVS has established a significant presence in the healthcare sector by integrating retail, clinical, and insurance services.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | - | Triple Net | Jan 2045 |
Nearby Major Retailers
Property Taxes
| Parcel Number | 32-00807-0000-00001-01-C0002 | Improvements Assessment | $2,561,782 CAD |
| Land Assessment | $2,427,678 CAD | Total Assessment | $4,989,460 CAD |
Property Taxes
Parcel Number
32-00807-0000-00001-01-C0002
Land Assessment
$2,427,678 CAD
Improvements Assessment
$2,561,782 CAD
Total Assessment
$4,989,460 CAD
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CVS | 1200 State Route 35
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