CVS Absolute NNN Lease 241 Mohawk Ave 11,945 SF Retail Building Scotia, NY 12302 $11,430,678 CAD ($956.94 CAD/SF) 5.25% Cap Rate
INVESTMENT HIGHLIGHTS
- CVS/PHARMACY 25 YEAR ABSOLUTE NNN LEASE WITH 18+ YEARS REMAINING
- 100% FEE SIMPLE INTEREST
- TEARDOWN AND REBUILD OF OLDER STORE - PREVIOUS STORE WAS DOING NEARLY $11 MILLION IN SALES
- ZERO LANDLORD OBLIGATIONS
- NEW HIGH QUALITY 2018 CONSTRUCTION
- NO KICK-OUTS - NO RENT HOLIDAYS
EXECUTIVE SUMMARY
This is a rare CVS/pharmacy absolute NNN leased offering in Scotia, New
York. The original 25 year lease calls for zero landlord obligations There are
scheduled increases in rent after 10 years, 20 years, and every 5 years
thereafter. Beyond the initial term, there are four 5 year renewal options
followed by one 3 year renewal option. The lease is guaranteed by CVS
Health. Scotia is a village adjacent to Schenectady, NY and part of the Albany
MSA in Upstate New York. The asset is well situated on a major commercial
thoroughfare and has excellent access and visibility at a signalized
intersection. There is a drive through and ingress and egress from both
Mohawk Avenue and Glen Avenue to the rear of the lot. The site has served
as a pharmacy since the mid-1990’s. Originally a Brooks Pharmacy that was
taken over by CVS, this is a complete teardown and rebuild of the older,
functionally obsolete building. The old building had no drive-thru and no
stockroom. It was poorly lit and had deferred maintenance yet was doing
nearly $11 Million in annual sales. The new building was completed in 2018
along with the acquisition and assemblage of several additional lots to create
ample parking and make way for the drive-thru. There are no kickouts and no
rent holidays.
York. The original 25 year lease calls for zero landlord obligations There are
scheduled increases in rent after 10 years, 20 years, and every 5 years
thereafter. Beyond the initial term, there are four 5 year renewal options
followed by one 3 year renewal option. The lease is guaranteed by CVS
Health. Scotia is a village adjacent to Schenectady, NY and part of the Albany
MSA in Upstate New York. The asset is well situated on a major commercial
thoroughfare and has excellent access and visibility at a signalized
intersection. There is a drive through and ingress and egress from both
Mohawk Avenue and Glen Avenue to the rear of the lot. The site has served
as a pharmacy since the mid-1990’s. Originally a Brooks Pharmacy that was
taken over by CVS, this is a complete teardown and rebuild of the older,
functionally obsolete building. The old building had no drive-thru and no
stockroom. It was poorly lit and had deferred maintenance yet was doing
nearly $11 Million in annual sales. The new building was completed in 2018
along with the acquisition and assemblage of several additional lots to create
ample parking and make way for the drive-thru. There are no kickouts and no
rent holidays.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
11,945 SF
Building Class
B
Year Built
2018
Price
$11,430,678 CAD
Price Per SF
$956.94 CAD
Cap Rate
5.25%
NOI
$600,111 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.23
Lot Size
1.20 AC
Zoning
CON
Walk Score®
Very Walkable (80)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 422201 38.35-3-22.1 | Improvements Assessment | $2,358,778 CAD |
| Land Assessment | $241,779 CAD | Total Assessment | $2,600,557 CAD |
