CVS Houston, TX (Tomball Pkwy.)

Property Price: $4,814,000
Property Status: Closed
Property Type: Retail
Cap Rate: 5.35%
Lease Type: Fee Simple
Tenant Type: Single Tenant
NOI: $257,533
Building Size: 11,957 sf
Land Area: 1.4928 acres
Remaining Term: 14 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 Houston, TX. The lease is 100% guaranteed by the CVS Caremark Corporation. The subject property opened in May 2003, when CVS began paying rent. CVS operates under bonded twenty-five (25) year lease with approximately fourteen (14) years remaining on the initial lease term. The lease offers ten (10) extensions, at five (5) years. CVS Caremark Corporation also corporately guarantees the extension periods.

The subject property is located on the northwest corner of Tomball Parkway and Cypresswood Road right in front of the Houston NW Church. Being that this location is right off 249, there is a high volume of traffic going through and by this area. This is a prime area for a retail-corridor with several close-by such as Sonic, Arby’s, Jack N the Box, Burger King, Pizza Hut, Taco Bell. In addition there are also retail banks such as Capital One, CititBank, and a Chase Bank. Within immediate proximity there is a Kroger and Lowe’s Home Improvement store, both of which generate a high volume of traffic through this area. There are also large neighborhoods lying within a 5 mile radius from this location, which includes a population of over 210,000. Less than a mile from the subject CVS is Vintage Park Shopping Village, which brings in a large scope of people through this area. This property is a proven location for a CVS, providing a viable, long-term investment opportunity.


Agent Contact Information

Justin Grissen
Managing Director

Austin Landes
Investment Advisor

Caleb Landes
Investment Advisor

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