CVS Pharmacy 425 W State St 10,213 SF Retail Building Black Mountain, NC 28711 $3,873,932 CAD ($379.31 CAD/SF) 6.85% Cap Rate

IMPROVED PRICING | 6.85% CAP RATE | ABSOLUTE NNN | +14 YEARS | NO RENT HOLIDAY | ATTRACTIVE $18.61 ANNUAL RENT

Colliers is pleased to present the opportunity to acquire an absolute NNN leased CVS Pharmacy with 14 years of remaining term and no rent holiday in Black Mountain, NC. The property was built in 1999 for CVS. In 2019, CVS agreed to a rare 20-year lease extension, confirming CVS’s commitment to this trade area and building location. Attractively located in the low-income tax, southern state of North Carolina, CVS is paying a modest annual rent of $190,100. The $2,924,615 price offers an investor a very high-credit corporate guarantee at a low price point rarely found in the market. The property is available debt-free.
The owner is currently offering for sale similar CVS properties in Padukah, KY, and Gadsden, AL. Both with 20-year extensions in 2019, absolute NNN leases, no rent holidays and low-price points. The three properties can be purchased individually or as a portfolio.