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CVS 676 Southbridge St 10,125 SF Retail Building Auburn, MA 01501 $6,712,932 CAD ($663.01 CAD/SF) 6.75% Cap Rate

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Investment Highlights

Long Term Lease
Investment Grade Credit
Strategic Retail Location

Scheduled Rent Increases
Zero Management Responsibilities
Limited Competition

Executive Summary

Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the single-tenant CVS investment property located at 676 Southbridge Street in Auburn, Massachusetts (the “Property”). The Property was originally constructed for CVS in 1997 with a 20-year, Triple Net (NNN) Lease; in 2004, CVS demonstrated a strong commitment to the site by modifying their lease to a full 25-year term that expires in 2029. There are currently 3+ years of term remaining on the lease followed by four (4), 5-year renewal options. The lease features attractive 6.0% rent increases at the start of each of the renewal options. CVS is strategically located along Southbridge Street in Auburn’s primary commercial corridor, situated at the signalized intersection with Faith Avenue and Goulding Drive, which provides strong visibility, frontage, and convenient access. The Property benefits from excellent regional connectivity, located near the interchange of Interstate 290 and the Massachusetts Turnpike (I-90), allowing for efficient access to Worcester, Boston, and surrounding Central Massachusetts communities. The surrounding retail environment is well established, with nearby national retailers and traffic generators including BJ’s Wholesale Club, Walmart Supercenter, and the Auburn Mall, all of which contribute to consistent consumer traffic and sustained activity within the trade area.

Property Facts

Sale Type

Investment NNN

Property Type

Retail

Property Subtype

Drug Store

Building Size

10,125 SF

Building Class

Year Built

1997

Price

$6,712,932 CAD

Price Per SF

$663.01 CAD

Cap Rate

6.75%

NOI

$453,123 CAD

Tenancy

Single

Building Height

1 Story

Building FAR

0.18

Lot Size

1.32 AC

Frontage

161’ on Southbridge St

Bus Line
Freeway Visibility

Pylon Sign

Signage

Signalized Intersection

Major Tenants

Retailer
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CVS Pharmacy began in 1963 as Consumer Value Stores in Lowell, Massachusetts, selling health products. The company expanded into pharmacy services in 1967 and was later acquired by Melville Corporation. Through strategic acquisitions like MinuteClinic and Caremark, CVS grew its healthcare services. The 2018 merger with Aetna made CVS Health a major player in insurance. Today, the company operates pharmacies nationwide, manages pharmacy benefits, and provides health insurance through various subsidiaries.