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CVS 806 Hoke St 10,406 SF Retail Building Gadsden, AL 35903 $3,414,631 CAD ($328.14 CAD/SF) 6.85% Cap Rate
Investment Highlights
- Absolute NNN Lease, with approximately 14.5 years of primary term remaining. No Rent Holiday. Attractive $16.44 Annual Rent
- The lease is 100% guaranteed by CVS Health Corporation which holds an S&P: BBB credit rating.
- Price reduced, 6.85% CAP!
- The tenant is responsible for all operating expenses, taxes, insurance, and repairs and maintenance resulting in zero Landlord obligations.
- The corporate guarantee provides an investor with added income security
Executive Summary
PRICE REDUCTION! | 6.85% CAP RATE | ABSOLUTE NNN | +14 YEARS | NO RENT HOLIDAY | ATTRACTIVE $16.44 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 Gadsden, AL. The property was built in 2000 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 Alabama, CVS is paying a modest annual rent of $171,100. The $2,497,810 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 Paducah, KY, and Black Mountain, NC. 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.
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 Gadsden, AL. The property was built in 2000 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 Alabama, CVS is paying a modest annual rent of $171,100. The $2,497,810 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 Paducah, KY, and Black Mountain, NC. 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.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
10,406 SF
Building Class
C
Year Built
2000
Price
$3,414,631 CAD
Price Per SF
$328.14 CAD
Cap Rate
6.85%
NOI
$233,902 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
2.52 AC
Zoning
B-1 - Neighborhood Business District
Parking
56 Spaces (5.38 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- -
- $22.47 CAD
- Triple Net
- Oct 2039
CVS Pharmacy began in 1963 in Lowell, Massachusetts, as a health and beauty product retailer. The company expanded into pharmacy services in 1967 and grew through acquisitions to become a national healthcare provider. Today, CVS operates numerous retail pharmacy locations and walk-in clinics across the United States. The company also offers pharmacy benefit management services and health insurance products through various subsidiaries. CVS has established a significant presence in the healthcare sector by integrating retail, clinical, and insurance services.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | - | $22.47 CAD | Triple Net | Oct 2039 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $212,821 CAD | |
| Land Assessment | $26,832 CAD | Total Assessment | $239,653 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$26,832 CAD
Improvements Assessment
$212,821 CAD
Total Assessment
$239,653 CAD
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CVS | 806 Hoke St
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