Phoenix, AZ - CVS

Description:

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, CVS Pharmacy investment property located in Phoenix, Arizona. There is currently a pending 10-year lease extension, and the tenant will have 8 (5-year) options to extend remaining, demonstrating their long-term commitment to the site (contact broker for lease extension terms and information). The lease features 10% rental increases at the beginning of each option period, steadily growing NOI and providing a hedge against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor. The store operates daily from 7:00 AM to 11:00 PM, with the pharmacy open from
8:00 AM to 8:00 PM, demonstrating strong daily consumer demand at the site. The property supports nearly 385,000 customers per year and ranks in the top 82nd percentile of all CVS locations nationwide.

The CVS Pharmacy is equipped with a drive-thru and is located at the signalized intersection of N. 7th Street (27,000 VPD) and E. Union Hills Drive (22,900 VPD), providing strong daily commuter exposure and convenient access in an established North Phoenix retail corridor. N. 7th Street is a primary north–south thoroughfare serving the surrounding residential communities, while the site also benefits from excellent regional connectivity to Pima Freeway / State Highway 101 (225,600 VPD). CVS has operated at the location since 2005 and has a pending 10-year lease extension, demonstrating long-term commitment to the site. The property is positioned near a dense concentration of national and credit retailers and daily-needs destinations including Safeway, Fry’s, Ross Dress for Less, Walgreens, Starbucks, Dunkin’, Aldi, AT&T, Planet Fitness, and more, which collectively drive consistent traffic to the trade area. The asset is also in close proximity to major healthcare drivers including HonorHealth Deer Valley Medical Center (204 beds), along with additional nearby medical offices and outpatient providers serving the North Phoenix community. In addition, the property benefits from accessibility to regional travel demand with Phoenix Deer Valley Airport located nearby, which recorded approximately 344,393 aircraft operations (flights) in Calendar Year 2024, further supporting consistent area traffic. The surrounding 5-mile trade area is supported by approximately 298,368 residents with an average household income of approximately $112,199, providing a strong consumer base for long-term tenant performance.

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Listing ID: a28TP000002KvKLYA0