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CVS Pharmacy 3621 Gen De Gaulle Dr 13,013 SF Retail Building New Orleans, LA 70114 $7,440,254 CAD ($571.76 CAD/SF) 8.50% Cap Rate
INVESTMENT HIGHLIGHTS
- CVS Health Corp: Investment Grade Credit Tenant (S&P: BBB) | Largest Pharmacy in the US | Revenues of $357.8 Billion | #6 on Fortune 500
- Central Location to Medical Centers | Proximity to Senior Living Facilities | Provides Consistent Customer Base & Profitable Prescription Business
- Major Retail/Travel Corridor | Only 4 Miles from US Hwy 90 (60,000+ CPD) | Direct Access to Downtown New Orleans | Dense Retail Trade Area
- Over 9.7 Years Remaining on Lease Term | Long-Term Passive Income Stream | Absolute NNN Lease
- Real Estate Advantage | Frontage to General de Gaulle Drive (30,000 CPD) | Affluent Demographics | Minutes to Downtown New Orleans
- Located in City of New Orleans | Economic Hub for the Gulf Coast Region | Diverse Economy
EXECUTIVE SUMMARY
Lee & Associates is pleased to exclusively offer for sale the opportunity to acquire the fee simple interest (land & building) in
a CVS Pharmacy investment property located in New Orleans, Louisiana (the “Property”). Constructed in 2008 as a build-to-suit
for CVS, the Property consists of a 13,013-square-foot retail building with drive thru lane situated on a 2.25-acre parcel.
CVS Pharmacy has over 9 years remaining on the 25-year Absolute NNN lease, which features (10) 5-year renewal options.
There are zero landlord responsibilities on the asset, providing an investor with a true passive investment grade credit income
stream. The property has a 3-year rent holiday beginning in year 23 of the initial lease term (pricing for this asset has been
adjusted to reflect this).
a CVS Pharmacy investment property located in New Orleans, Louisiana (the “Property”). Constructed in 2008 as a build-to-suit
for CVS, the Property consists of a 13,013-square-foot retail building with drive thru lane situated on a 2.25-acre parcel.
CVS Pharmacy has over 9 years remaining on the 25-year Absolute NNN lease, which features (10) 5-year renewal options.
There are zero landlord responsibilities on the asset, providing an investor with a true passive investment grade credit income
stream. The property has a 3-year rent holiday beginning in year 23 of the initial lease term (pricing for this asset has been
adjusted to reflect this).
PROPERTY FACTS
Sale Type
Investment NNN
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
13,013 SF
Building Class
C
Year Built
2008
Price
$7,440,254 CAD
Price Per SF
$571.76 CAD
Cap Rate
8.50%
NOI
$632,335 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.13
Lot Size
2.25 AC
Zoning
C-2
Parking
25 Spaces (1.92 Spaces per 1,000 SF Leased)
Frontage
215’ on Gen De Gaulle Dr
AMENITIES
- Bus Line
- Dedicated Turn Lane
- Pylon Sign
- Signage
- Drive Thru
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 5-13-6-149-06 | Improvements Assessment | $1,171,582 CAD |
| Land Assessment | $124,484 CAD | Total Assessment | $1,296,065 CAD |
PROPERTY TAXES
Parcel Number
5-13-6-149-06
Land Assessment
$124,484 CAD
Improvements Assessment
$1,171,582 CAD
Total Assessment
$1,296,065 CAD
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CVS Pharmacy | 3621 Gen De Gaulle Dr
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