CVS Advance, NC

Property Price: $4,635,000
Property Status: Closed
Property Type: Retail
Cap Rate: 6.00%
Lease Type: Fee Simple
Tenant Type: Single Tenant
NOI: $278,072
Building Size: 10,880 sf
Land Area: 1.438 acres
Remaining Term: 16 years
Expenses: NNN

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Landes Fairmount Properties is pleased to exclusively offer the opportunity to acquire the fee simple CVS (BBB+) property located in Advance, NC. The lease is 100% guaranteed by the CVS Caremark Corporation. The subject property opened in January 2006, when CVS began paying rent. CVS operates under bonded twenty-five (25) year lease with approximately sixteen (16) years remaining on the initial lease term. The lease offers ten (10) extension periods, at five (5) years. CVS Caremark Corporation also corporately guarantees the extension periods.

The subject property is located on the northeast corner of Highway 801 and 158. It is ideally located just 0.16 miles from interstate, which generates a large abundance to the positive traffic into the area as well as creating easy access and visibility to the subject location. Just a block over from the subject property is Novant Health Medical Associates as well as Browder Smiles dentistry providing CVS the opportunity to provide pharmaceutical help to their patients in need of prescriptions. The subject CVS is within close proximity to the nearby highly populated neighborhoods, providing quick and easy access to their local pharmacy. This property is a proven location for CVS, providing a viable, long-term investment opportunity.


Agent Contact Information

Justin Grissen
Managing Director

Austin Landes
Investment Advisor

Caleb Landes
Investment Advisor