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Harrisonburg, VA - CVS Pharmacy

$3,250,000

780 MLK Jr Way, Harrisonburg, VA 22801

Active
Last Updated: 03/22/2025

5.8

Cap Rate

188,319

NOI

Details:
Cap Rate:    5.8%
NOI:    $188,319
Building Size:    10,336 sqft
Lot Area:    1.15 acres
Occupancy:    100%
Year Built:    1999
Description:

• 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 mile away from James Madison University (22,760-students)

Map:
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