Pharma Property Group is pleased to present the opportunity to purchase a CVS with approximately 11.5 years of lease term remaining on an absolute net lease with no landlord responsibilities. CVS has 6 (5-year) options to extend. Income is guaranteed by CVS Corporate (S&P BBB, NASDAQ CVS). The lease allows for rent increases of 5% at each of the options.
This CVS was a relocation of a store that reported $8,000,000 in gross sales. This store has an established customer base and CVS has shown commitment to site by signing a long-term lease. The lease is on an absolute net lease basis with approximately 11.5 years remaining and no landlord responsibilities whatsoever. The lease has six (5-year) options and allows for approximately five percent (5%) increases at every option.
Only freestanding national drugstore chain in Rockville. The closest CVS is 11 miles away and the closest Walgreens is over 17 miles away. The subject property is located at the intersection of State Route 36 and State Route 41 with ±18,000 vehicles per day in the heart of Rockville just blocks from downtown and schools.
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