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 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