4201 Plank Rd

Dramatic Price Reduction! This high-performance CVS store was built in 2008 with a 25-year lease ending on January 30, 2035. This property has Location, Location, Location! The pricing herein relates a $1,664,340 rent credit for the 3-year rent holiday from 2/1/2030 to 1/31/2033. The initial cap rate or return on investment is 9.25%. When factoring in the rent holiday, the average return over the remaining 8+ years of the lease is approximately 6.7%. The lease contains 10 5-year options. The first 2 options are at a fixed annual rent of $499,302, with the remaining 8 options are FMV (fair market value).
CVS is situated on a pad site within Chancellor Center, a Weiss Markets, Aldi, and Tractor Supply anchored Shopping Center. Chancellor Center is situated at the signalized intersection of Plank Road (VA Route 3), the area’s primary retail corridor, and Salem Church Road. The location is part of an exceptional trade area centered around the junction of Plank Road (VA Route 3) and Interstate 95. Plank Road is home to numerous national tenants and retail centers, including Central Park, one of the largest unenclosed malls on the East Coast with more than 255 stores and services and the Spotsylvania Towne Centre mall, which has more than 150 stores. These shopping destinations draw significant traffic to the area.