Fredericksburg, VA - CVS Pharmacy

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, corporate guaranteed, drive-thru equipped CVS Pharmacy investment property located in Fredericksburg, VA (Washington D.C. MSA). The tenant has 10 years of firm term remaining with an additional 10 (5-year) option periods left to extend. The lease features 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is guaranteed by the corporate entity and is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor. Founded in 1963, CVS is the largest pharmacy chain in the United States with over 9,200 operating locations.

CVS is strategically located at the signalized, hard corner intersection of Cowan Boulevard and Emancipation Highway, averaging a combined 51,000 vehicles passing by daily. The property also benefits from nearby access onto Interstate 95 (149,000 VPD), making it a centralized location with easy commutes. The property is ideally situated within a dense retail trade area and is near Greenbrier Shopping Center (172K+ SF), Spotsylvania Towne Centre (1.11M+ SF), Central Park (1.87M+ SF), and other major shopping centers. The surrounding tenants include The Home Depot, Staples, Walmart Supercenter, Target, Giant, Kohl’s, Costco Wholesale, and many others. The dense trade area drives a loyal, local consumer base to the area, promoting crossover exposure and contributing to the local economy. Furthermore, the 5-mile trade area is supported by over 123,000 residents and 75,500 daytime employees. Residents within 3-, 5-, and 10-miles of the subject boast an affluent average household income of $126,614, $130,501, and $138,385, respectively.