CVS Pharmacy | Strong Performing Sales

  • $4,577,319
1596, FL A1A, Satellite Beach, Brevard County, Florida, 32937, United States of America

CVS Pharmacy | Strong Performing Sales

1596, FL A1A, Satellite Beach, Brevard County, Florida, 32937, United States of America
  • $4,577,319

Overview

Property ID: 18533
  • Property Type
  • Medical Properties
  • 10908
  • sqft
  • 2000
  • Year Built

Description

Located in Satellite Beach, Florida, this CVS property consists of a free-standing building with a built-up area of 10,908 sq.ft. The property sits on a huge 1.39-acre parcel of land. It is strategically built at the signalized intersection of Desoto Parkway and Highway A1A, due to which, the property receives a traffic count of more than 30,000 vehicles per day.

The store serves the nearby trade area, which has a total population of more than 71,000 residents, having an average annual household income of more than $90,000. Several national and regional retailers are located in proximity, including Ross, Panera Bread, Wendy’s, Texas Roadhouse, McDonald’s, Walmart, Murphy USA, Burger King, Lowes, Chase Bank, and Publix. Since the possession of the property, CVS has performed extraordinarily at this location, registering around $8,800,000 in-store sales. The company has recently signed a 20 Year Lease Agreement. The lease has more than 18 years remaining on the initial term, with five options to extend for five years each. Plus, there is also a rent hike of five percent in each of the option periods. With over 9,600 stores in 50 states, the District of Columbia, Puerto Rico, and the US Virgin Islands, CVS is one of the country’s leading drugstore chain.

This investment property is suitable for a 1031 exchange.

Property Details – 

  • Property Type – Medical Property
  • Property Status – Available
  • Location – 1596, FL A1A, Satellite Beach, Brevard County, Florida, 32937, USA
  • Year of Construction – 2000
  • Lease Type – Net Lease
  • Lease Expiration – 18 years 1 month
  • Property Size – 10908 sq.ft.

Details

Updated on April 14, 2020 at 12:43 pm
  • Price: $4,577,319
  • Property Size: 10908 sqft
  • Year Built: 2000
  • Property Type: Medical Properties
  • Property Status: Available
  • Cap Rate: 4.85%
  • Lease Expiration: 18 years 1 months
  • NOI: $222,000
  • Tenant: Single Tenant Net Lease
  • Address 1596, FL A1A, Satellite Beach, Brevard County, Florida, 32937, United States of America
  • City Satellite Beach
  • State/county Brevard County
  • Zip/Postal Code 32937

Contact Information

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Ronnie Issenberg
  • Ronnie Issenberg

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