CVS Indiana l 11.5 Years l Absolute Net l Rental Increases

806 West Ohio Street, Rockville, IN

$5,300,000

Price

6.08%

Cap Rate

$322,500

NOI

Overview
Cap Rate
6.08%
NOI
$322,500
Building Size
13,134 sqft
Lot Area
153,135 sqft
Occupancy
100%
Lease Type
Absolute Net
Year Built
2006
Price Per Sqft
$403.53
Tenancy
Single
Lease Expire Year
10/21/2031
Description

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 six (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.

Highlights
  • STABLE INCOME - Rental income guaranteed by CVS corporate (S&P BBB) investment grade, Top 10 Fortune 500 Company with over 9,900 locations.
  • RELOCATION STORE - Relocation store that reported $8M in gross sales, established customer base, CVS has commitment to site with long-term lease.
  • ABSOLUTE NET LEASE WITH ±11.5 YRS REMAINING - Absolute net lease with ±11.5 years remaining and no landlord responsibilities whatsoever.
  • 5% RENT INCREASES IN OPTIONS - The lease has six (5-year) options and allows for approximately five percent (5%) increases at every option.
  • LIMITED DRUGSTORE COMPETITION - Only freestanding national drugstore chain in Rockville, closest CVS 11 mi. away, closest Walgreens is 17 mi.
  • MAIN & MAIN LOCATION - Located at the intersection of SR-36 & SR-41, ±18,000 VPD in the heart of Rockville blocks from downtown and schools.
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