East Lyme, CT - CVS Pharmacy
$10,379,000
15 Chesterfield Road, East Lyme, CT 06333
4.35
Cap Rate
451,500
NOI
Details:
Description:
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, drive-thru equipped, investment-grade (S&P: BBB) CVS Pharmacy investment opportunity located in East Lyme, Connecticut. The tenant, Connecticut CVS Pharmacy, L.L.C., has 13 years remaining on their current lease term with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 8% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is NNN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. CVS is the largest pharmacy chain in the United States with more than 9,900 stores across the United States and Puerto Rico.
CVS Pharmacy is strategically located along Chesterfield Road/State Highway 161, which averages 13,700 vehicles passing by daily. The site profits from nearby direct on/off ramp access to Interstate 95, a major highway serving the Northeastern United States averaging 61,600 vehicles per day. The property benefits from excellent visibility via significant street frontage and a large monument sign along Chesterfield Road/State Highway 161. Furthermore, the building is equipped with a drive-thru pharmacy, providing ease and convenience for customers. In addition, the CVS is ideally situated as an outparcel to Flanders Plaza Shopping Center, a 62,000
SF neighborhood center co-anchored by several established tenants including McDonald’s, Supercuts, and Adams Hometown Market. Other nearby national/credit tenants include Walgreens, Dollar General, Costco, Stop & Shop, Starbucks, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Moreover, the property is located in close proximity to East Lyme High School (1,000+ students), further increasing consumer traffic to the site. The 5-mile trade area is supported by over 37,300 residents and 19,500 employees, providing a direct consumer base from which to draw. Residents within 1 mile of the subject property boast an affluent average household income of $145,124.
Location
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