CVS Pharmacy

Whitehall, OH

Offering Summary

  • Status: closed
  • Price: $5,700,000
  • CAP Rate: 4.74%
  • GLA: 12,608
  • Net Operating Income: $270,252
  • Price/SF: $476.36
  • Year(s) Built: 1996
  • Lot Size (Acres): 1.40
  • Lease Type: Double Net
  • CVS Pharmacy Double-Net Lease with 7.75 Years Remaining in Columbus, OH
  • Massive Reported Sales – $13.655M ($1,083/SF) from Jun ’20 – May ’21, Low 1.98% Rent-to-Sales Ratio
  • Consistent High-Performing Location – 2018-19 Sales of $11.053M, 2019-20 Sales of $12.208M; Sales are Up 11.9% Over T12 Month Period and 23.5% Over T24 Month Period
  • Rent Increase in Current Term – 8% Bump in June 2024 Takes CAP to 4.86% at List Price (+36 bps)
  • Naked Lease – No Options Remaining and No Rent Holiday Giving Buyer Huge Leverage in Renegotiating Rent Upon Lease Expiration
  • 24-Hour Store (Pharmacy & Retail) with Drive-Thru & Two Points Ingress/Egress
  • CVS Carries S&P “BBB” Investment-Grade Credit Rating; Lease is Corporately Guaranteed
  • CVS Agreed to 53% Rent Increase in Current 10-Year Extension Which was Signed in 2012, Seven Years in Advance of Original 2019 Lease Expiration
  • Double-Net Lease with Minimal Landlord Responsibilities and Virtually No Landlord-Responsible Deferred Maintenance – $138,000 in Recent CapEx Including New Roof in 2020(Warranty thru 2035) and Parking Lot Resurfacing in 2015
  • 1996 Build-to-Suit with 25-Year Original Lease Term; Tenant Has Invested At Least $38,000 in Replacing Three of Five Rooftop HVAC Units Since 2014
  • CVS Health Corporation (NYSE: CVS) is a $111 Billion Market Cap Company; #4 Ranked on the Fortune 500 with FY2020 Revenue of $269 Billion
  • Extremely Dense Infill Location with 18,344 Residents within a One-Mile Radius
  • Density in All Directions – 101,107 Residents within Three Miles & 255,149 Residents within Five Miles
  • Huge Traffic Counts: Located at the Signalized Intersection of E Main Street & S Hamilton Road with 41,475 VPD and Excellent Frontage, Access, and Visibility
  • Columbus MSA – Home to a Population of 2.1 Million, Fastest Growing Major MSA in the Midwest with 12.5% Population Growth Since the 2010 Census
EXCLUSIVELY LISTED BY:

Craig Fuller

Senior Managing Director