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CVS Pharmacy 730 E State Road 32 14,896 SF Retail Building Westfield, IN 46074 $8,305,724 CAD ($557.58 CAD/SF) 7.25% Cap Rate
INVESTMENT HIGHLIGHTS
- Approximately 18 Years Remaining | Options to Extend | Investment Grade Tenant (S&P: BBB)
- Strong Demographics In 5-Mile Trade Area | Six-Figure Incomes
- Adjacent to Market District Supermarket | Dense Retail Corridor
- Absolute NNN | Leasehold Ownership | Zero Landlord Responsibilities
- Signalized, Hard Corner Intersection | Centralized Location | Within Walking Distance from Multiple Apartment Complexes
EXECUTIVE SUMMARY
SRS National Net Lease is pleased to offer the opportunity to acquire the leasehold interest (building ownership) in an absolute NNN leased, CVS Pharmacy investment property located in Westfield, Indiana (Indianapolis MSA). The tenant has approximately 18 years remaining with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 7.5% rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. CVS Pharmacy is America’s leading retail pharmacy with nearly 10,000 locations across 49 states.
CVS is ideally located at the signalized hard corner intersection of Oak Ridge Road and State Highway 32 which supports more than 32,000 vehicles per day. Furthermore, the asset benefits from nearby access to U.S. Highway 31 (75,800 VPD), making this an ideal, centralized location with easy commutes. Moreover, the asset is adjacent to a recently constructed 49,600 SF Market District Supermarket (Giant Eagle subsidiary), greatly increasing consumer traffic to the immediate subject trade area. In addition, the subject property is positioned within 2.5 miles from Springmil Commons of Westfield, a 98,000 SF Kroger anchored shopping center. Other nearby national/credit tenants include Meijer, Tractor Supply, Planet Fitness, Chick-fil-A, Starbucks, and more. Strong tenant synergy increases consumer draw to the immediate trade area and further increasing crossover tenant exposure to the site. The asset is within walking distance from multiple apartment complexes including the Wheelhouse Apartments on the Monon (214 units), Temo at Grand Park (240 units), Charlestown on the Monon Apartments (244 units), and more, providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by a population of over 113,000 residents and more than 31,000 daytime employees who boast an extremely affluent average household income of more than $162,000.
CVS is ideally located at the signalized hard corner intersection of Oak Ridge Road and State Highway 32 which supports more than 32,000 vehicles per day. Furthermore, the asset benefits from nearby access to U.S. Highway 31 (75,800 VPD), making this an ideal, centralized location with easy commutes. Moreover, the asset is adjacent to a recently constructed 49,600 SF Market District Supermarket (Giant Eagle subsidiary), greatly increasing consumer traffic to the immediate subject trade area. In addition, the subject property is positioned within 2.5 miles from Springmil Commons of Westfield, a 98,000 SF Kroger anchored shopping center. Other nearby national/credit tenants include Meijer, Tractor Supply, Planet Fitness, Chick-fil-A, Starbucks, and more. Strong tenant synergy increases consumer draw to the immediate trade area and further increasing crossover tenant exposure to the site. The asset is within walking distance from multiple apartment complexes including the Wheelhouse Apartments on the Monon (214 units), Temo at Grand Park (240 units), Charlestown on the Monon Apartments (244 units), and more, providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by a population of over 113,000 residents and more than 31,000 daytime employees who boast an extremely affluent average household income of more than $162,000.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
14,896 SF
Building Class
B
Year Built
2023
Price
$8,305,724 CAD
Price Per SF
$557.58 CAD
Cap Rate
7.25%
NOI
$601,918 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.24
Lot Size
1.40 AC
Parking
47 Spaces (3.16 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Signage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 29-05-36-000-042.001-015 | Improvements Assessment | $1,873,754 CAD |
| Land Assessment | $1,751,357 CAD | Total Assessment | $3,625,111 CAD |
PROPERTY TAXES
Parcel Number
29-05-36-000-042.001-015
Land Assessment
$1,751,357 CAD
Improvements Assessment
$1,873,754 CAD
Total Assessment
$3,625,111 CAD
CONTACTS
-
Robert Donnell -
Ivy Kwon -
John Redfield -
Joe Chichester -
Kyle Zimmer -
SRS Real Estate Partners
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CVS Pharmacy | 730 E State Road 32
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