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CVS Pharmacy - Harrisonburg, VA 780 Martin Luther King Jr Way 10,336 SF Retail Building Harrisonburg, VA 22801 $4,494,863 CAD ($434.87 CAD/SF) 5.85% Cap Rate
INVESTMENT HIGHLIGHTS
- CVS has operated at this location for 27 years – strong store performance, contact Broker
- Located at the signalized, hard corner intersection averaging 22,400 VPD
- Situated in a dense retail corridor, with numerous nearby national/credit tenants including Walmart Supercenter, Aldi, Target, Lowe’s, Home Depot, K
- 1 Mile from James Madison University (JMU has 22,760 student enrollment)
- Nearby direct on/off ramp access to Interstate 81, a major thoroughfare that averages 57,000 vehicles passing by daily
EXECUTIVE SUMMARY
• CVS has operated at this location for 27 years and has 3.5+ years remaining on their lease
• The lease features 2 (5-year) option periods to extend, with rental increases of 3% at the beginning of each option period
• CVS Pharmacy, the retail division of CVS Health (NYSE: CVS), is America’s leading retail pharmacy with 9,165 retail locations, more than 900 walk-in medical clinics, more than 225 primary care medical clinics
• Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises
• Landlord responsibilities limited to roof, structure, foundation, and plumbing
• Ideal, low-management investment for a passive investor
• CVS is located at the signalized, hard corner intersection of MLK Jr Way and Reservoir St averaging 22,400 VPD
• The site benefits from nearby direct on/off ramp access to Interstate 81, a major thoroughfare that averages 57,000 vehicles passing by daily
• Directly adjacent to Cloverleaf Shopping center, that is anchored by Food Lion, Aaron’s, Big Lots, and more
• The asset is situated in a dense retail corridor, with numerous nearby national/credit tenants including Walmart Supercenter, Aldi, Target, Lowe’s, Home Depot, Kohls, and many more
• 1.0 miles away from James Madison University (22,760-students)
• The 5-mile subject trade area is supported by more than 73,000 residents and 51,000 daytime employees
• Residents have an average household income of $87,556
• The lease features 2 (5-year) option periods to extend, with rental increases of 3% at the beginning of each option period
• CVS Pharmacy, the retail division of CVS Health (NYSE: CVS), is America’s leading retail pharmacy with 9,165 retail locations, more than 900 walk-in medical clinics, more than 225 primary care medical clinics
• Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises
• Landlord responsibilities limited to roof, structure, foundation, and plumbing
• Ideal, low-management investment for a passive investor
• CVS is located at the signalized, hard corner intersection of MLK Jr Way and Reservoir St averaging 22,400 VPD
• The site benefits from nearby direct on/off ramp access to Interstate 81, a major thoroughfare that averages 57,000 vehicles passing by daily
• Directly adjacent to Cloverleaf Shopping center, that is anchored by Food Lion, Aaron’s, Big Lots, and more
• The asset is situated in a dense retail corridor, with numerous nearby national/credit tenants including Walmart Supercenter, Aldi, Target, Lowe’s, Home Depot, Kohls, and many more
• 1.0 miles away from James Madison University (22,760-students)
• The 5-mile subject trade area is supported by more than 73,000 residents and 51,000 daytime employees
• Residents have an average household income of $87,556
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Drug Store
Building Size
10,336 SF
Building Class
C
Year Built
1999
Price
$4,494,863 CAD
Price Per SF
$434.87 CAD
Cap Rate
5.85%
NOI
$262,878 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.21
Lot Size
1.15 AC
Zoning
B2C - conditional version of the B-2 General Business District.
AMENITIES
- Signage
- Air Conditioning
Walk Score®
Very Walkable (76)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 015-M-6 | Improvements Assessment | $1,964,722 CAD |
| Land Assessment | $779,097 CAD | Total Assessment | $2,743,819 CAD |
PROPERTY TAXES
Parcel Number
015-M-6
Land Assessment
$779,097 CAD
Improvements Assessment
$1,964,722 CAD
Total Assessment
$2,743,819 CAD
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CVS Pharmacy - Harrisonburg, VA | 780 Martin Luther King Jr Way
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