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2240 Cedar St
Holt, MI 48842
CVS: Holt, MI · Retail Property For Sale
Investment Highlights
- Recently-Extended Absolute NNN Lease with Guaranty
- Excellent Access & Visibility | Hard Corner Location
- 5.3 MSF of industrial, 9,282 multifamily units and 431 hotel rooms within a 3-mile radius
- Long-Term Operating History
- Across from Coffee Barrel, Quality Dairy Store, Village Inn Motel (30 rooms), and Midway Early Learning Center (±300 students)
- Surrounded by a dense concentration of residential with over 4,260 households and 1,841 multifamily units within a mile
Executive Summary
This investment offering features a corporate-guaranteed CVS Pharmacy located in Holt, Michigan, just south of Lansing, backed by approximately 9.3 years remaining on an absolute NNN lease that extends through 2035. Supported by CVS Health Corporation—an investment-grade tenant (S&P: BBB) with 2025 revenues exceeding $402 billion—the asset features a 28-year operating history, a 6.72% rent escalation in its first renewal option, and nine 5-year extension terms. Positioned on a signalized hard corner at Cedar Street and Aurelius Road near I-96, the property benefits from a dense retail and commercial corridor anchored by 3.6 million square feet of retail space, major national brands like Target and Meijer, local schools, proximity to Michigan State University, and strong demographics with an average annual household income of $85,497 within a 3-mile radius.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
11,046 SF
Building Class
B
Year Built
1998
Price
$4,501,355 CAD
Price Per SF
$407.51 CAD
Cap Rate
6.75%
NOI
$303,841 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.13
Lot Size
1.95 AC
Opportunity Zone
Yes
Zoning
TC
Parking
50 Spaces (4.34 Spaces per 1,000 SF Leased)
Amenities
- Corner Lot
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Property Taxes
| Parcel Number | 25-05-14-152-020 | Improvements Assessment | $412,346 CAD |
| Land Assessment | $351,744 CAD | Total Assessment | $764,090 CAD |
Property Taxes
Parcel Number
25-05-14-152-020
Land Assessment
$351,744 CAD
Improvements Assessment
$412,346 CAD
Total Assessment
$764,090 CAD
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