CVS Dunedin, FL

Property Price: $6,587,000
Property Status: Closed
Property Type: Retail
Cap Rate: 5.75%
Lease Type: Fee Simple
Tenant Type: Single Tenant
NOI: $378,777
Building Size: 10,880 sf
Land Area: 1.5217 acres
Remaining Term: 15 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 Dunedin, FL. The lease is 100% guaranteed by CVS Caremark Corporation. The subject property opened in July 2003, when CVS began paying rent. CVS operates under twenty-five (25) year lease with approximately fifteen (15) 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 just north of Clearwater and St. Petersburg, across the bay from Tampa. The property is located on the southwest corner of Main Street and Belcher Road, surrounded by large residential developments, making this CVS the most convenient pharmacy in the area. Just one mile east is the Westfield mall, which includes large anchor tenants such as Dillard’s, JC Penney, Macy’s and Sears, creating a large volume of traffic through this area. As a tourist destination and a large residential suburb, this CVS location provides a great, long-term, investment opportunity.


Agent Contact Information

Justin Grissen
Managing Director

Austin Landes
Investment Advisor

Caleb Landes
Investment Advisor

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