CVS "Midnight Store"

1500 Padre Blvd, South Padre Island, TX

$11,323,630

Price

5.73%

Cap Rate

$648,844

NOI

Overview
Cap Rate
5.73%
NOI
$648,844
Building Size
12,989 sqft
Lot Area
1.14 acres
Occupancy
100%
Year Built
2008
Floors
1
Description

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South Padre Island is a tropical oasis located off the southern tip of Texas. This barrier island offers the unsurpassed beauty of the Laguna Madre Bay and the Gulf of Mexico and is the ideal year-round destination for visitors seeking a getaway from the daily grind.

The moment you cross the Queen Isabella Causeway, you feel like you’ve left all your cares behind – you’re now on South Padre Island time and free to experience your own tropical getaway. With 34 miles of beautiful white sand and clear emerald water, South Padre Island is one of the world’s most exquisite barrier islands – and the only tropical Island in Texas. Calm weather and water and more than 300 days of sunshine make South Padre Island a great place to live and visit all year. If you’re visiting in the summertime, the cool breezes blowing in your hair will refresh you as you sip an icy drink; in the winter, the warm sun will melt away your cares as you stroll down the beach in shorts and sandals. You can close your eyes, breathe deeply, and let go of all the worries you left behind when your trip to South Padre began.

Highlights
  • Absolute Net Bond Lease | Zero Landlord Responsibilities
  • This Location is a Midnight Store - Indicates a Strong Site Due to Extended Business Hours
  • The ONLY Retail Pharmacy on South Padre Island - Captive Trade Area
  • Lease is Corporately Guaranteed by CVS - The Largest Pharmacy Chain in the U.S. | S&P "BBB+" Investment Grade
  • Build to Suit for CVS with Approximately 12 Years Remaining on the Lease
  • Located in Texas - Income Tax Free State
  • Drive Thru Equipped Pharmacy Site
  • Pride of Ownership South Padre Island Location - One of Texas' Premier Vacation Destinations with Over 1 Million Visitors Annually
  • Surrounded by Numerous National Tenants as well as Hotels and Vacation Rentals

Location
Gallery