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CVS ±$153K HH Income MinuteClinic Location 796 Ridgeway Ave 11,619 SF Retail Building Signal Mountain, TN 37377 $5,381,596 CAD ($463.17 CAD/SF) 6.75% Cap Rate
Investment Highlights
- The only national chain pharmacy on Signal Mountain, nearest Walgreens (6.8 miles)and nearest CVS (8.3 miles) away.
- Placer.ai ranks the property 15th out of 103 CVS locations in the state of Tennessee by foot traffic, placing the store in the top 15% statewide.
- No landlord responsibilities. Tenant is responsible for all taxes, insurance, maintenance, roof and structure.
- The store operates a MinuteClinic & HealthHub, CVS Health's retail medical clinic.
- Average household income of $152,988 within one mile. 26% of residents within one mile are age 65 or older.
- This CVS has no rent holiday featured and has 10 (5-Year) options with 5% rent increases in each option period.
Executive Summary
We are pleased to market for sale the CVS located at 796 Ridgeway Avenue in Signal Mountain, Tennessee 37377 (the "Property"). The Property is leased on an absolute net basis with no landlord responsibilities. The lease runs through January 31, 2030 at a rent of $258,491 per year, followed by ten five year options, each with a 5.0% increase.
The building contains ±10,125 square feet of ground floor area plus a ±1,494 square foot mezzanine (11,619 square feet total) on an 1.85 acre lot.
The Property fronts US Highway 127 (Ridgeway Avenue), the only major route over the mountain, adjacent to the town center and Town Hall. Signal Mountain's established residential base and limited commercially zoned land create a high barrier to entry for new drugstore development. This CVS is the only national chain pharmacy on Signal Mountain, with all competing locations requiring customers to descend the mountain.
Ascension Living Alexian Village, a senior living campus with 114 skilled nursing beds, is approximately one mile from the Property. Erlanger North Hospital is located 3.5 miles away at the base of the mountain in Red Bank.
Listed in conjunction with Brian Brockman, Bang Realty - Tennessee Inc, 513-898-1551, wg@bangrealty.com, TN DRE Lic. 343847.
The building contains ±10,125 square feet of ground floor area plus a ±1,494 square foot mezzanine (11,619 square feet total) on an 1.85 acre lot.
The Property fronts US Highway 127 (Ridgeway Avenue), the only major route over the mountain, adjacent to the town center and Town Hall. Signal Mountain's established residential base and limited commercially zoned land create a high barrier to entry for new drugstore development. This CVS is the only national chain pharmacy on Signal Mountain, with all competing locations requiring customers to descend the mountain.
Ascension Living Alexian Village, a senior living campus with 114 skilled nursing beds, is approximately one mile from the Property. Erlanger North Hospital is located 3.5 miles away at the base of the mountain in Red Bank.
Listed in conjunction with Brian Brockman, Bang Realty - Tennessee Inc, 513-898-1551, wg@bangrealty.com, TN DRE Lic. 343847.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
11,619 SF
Building Class
B
Year Built
2006
Price
$5,381,596 CAD
Price Per SF
$463.17 CAD
Cap Rate
6.75%
NOI
$363,257 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.14
Lot Size
1.85 AC
Zoning
LDR-HCD
Parking
64 Spaces (5.51 Spaces per 1,000 SF Leased)
Frontage
288’ on Ridgeway
Somewhat walkable
30/100
Very drivable
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 107M-B-007 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $2,125,601 CAD |
Property Taxes
Parcel Number
107M-B-007
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$2,125,601 CAD
Contacts
-
Sean Dan -
Jason Pongsrikul -
Chris Barry -
Pharma Property Group- Drugstore Specialists
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CVS ±$153K HH Income MinuteClinic Location | 796 Ridgeway Ave
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