CVS - Long Term Corporately Guaranteed Lease | 885 Oakwood Rd
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CVS - Long Term Corporately Guaranteed Lease 885 Oakwood Rd
12,035 SF Retail Building Charleston, WV 25314 $7,313,528 CAD ($608 CAD/SF) 5.25% Cap Rate
Investment Highlights
- 16-Years Remaining on the 25-Year Absolute NNN Lease
- Investment Grade Credit Tenant (S&P Rated: BBB)
- Dense Infill Location with 71,000 Residents in a 5-Mile Radius w/ Average Household Income Exceeding $86,000
- Corporate Guarantee from CVS Health Corporation (NYSE: CVS)
- Access to Signalized Intersection w/ Traffic Counts Exceeding 43,000 Vehicles Per Day
- Ideal 1031 Replacement Property (Zero Landlord Responsibility, Corporate Guarantee, 16-Years Remaining)
Executive Summary
The subject property is a CVS Pharmacy drive-thru located in Charleston, West Virginia. There are 16-years remaining on the 25-year absolute NNN lease with zero landlord responsibilities, giving the new landlord $269,989.56 of guaranteed annual income for the next 16-years.
The lease is guaranteed by CVS Health Corporation (NYSE: CVS) which has an investment grade credit rating from S&P of BBB. Located in a high-traffic retail corridor 1-mile from downtown Charleston, this CVS Pharmacy benefits from significant visibility and accessibility, with daily traffic counts of exceeding 43,000 vehicles per day on Highway 119 and Oakwood Drive.
The surrounding area is densely populated with over 71,000 residents in a 5-mile radius and an average household income exceeding $86,000. National retailers in the immediate area include Outback Steakhouse, Wendy’s, Starbucks, Chase Bank, Truist Bank, First Watch, Walgreens, Kroger, Dunkin’ Donuts, and many more.
The lease is guaranteed by CVS Health Corporation (NYSE: CVS) which has an investment grade credit rating from S&P of BBB. Located in a high-traffic retail corridor 1-mile from downtown Charleston, this CVS Pharmacy benefits from significant visibility and accessibility, with daily traffic counts of exceeding 43,000 vehicles per day on Highway 119 and Oakwood Drive.
The surrounding area is densely populated with over 71,000 residents in a 5-mile radius and an average household income exceeding $86,000. National retailers in the immediate area include Outback Steakhouse, Wendy’s, Starbucks, Chase Bank, Truist Bank, First Watch, Walgreens, Kroger, Dunkin’ Donuts, and many more.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
12,035 SF
Building Class
C
Year Built
2016
Price
$7,313,528 CAD
Price Per SF
$608 CAD
Cap Rate
5.25%
NOI
$383,959 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.21
Lot Size
1.32 AC
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 09-11-00340000 | Improvements Assessment | $730,833 CAD |
| Land Assessment | $536,883 CAD | Total Assessment | $1,267,715 CAD |
PROPERTY TAXES
Parcel Number
09-11-00340000
Land Assessment
$536,883 CAD
Improvements Assessment
$730,833 CAD
Total Assessment
$1,267,715 CAD
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CVS - Long Term Corporately Guaranteed Lease | 885 Oakwood Rd
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