CVS Seaside Heights, NJ

Property Price: $6,005,000
Property Status: Closed
Property Type: Retail
Cap Rate: 5.35%
Lease Type: Fee Simple
Tenant Type: Single Tenant
NOI: $321,280
Building Size: 12,011 sf
Land Area: 1.791 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 Seaside Heights, NJ. The lease is 100% guaranteed by CVS Caremark Corporation. The subject property opened in February 2006, 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) extension periods, at five (5) years. CVS Caremark Corporation also corporately guarantees the extension periods.

This property is located on the northeast corner of Heiring Avenue and Grand Central Avenue. Directly behind the store are several neighborhoods in close proximity. On the southeast corner there is a Colony Motel as well as additional apartments and several retail stores. Across the street on the northwest corner there are more apartments and housing areas all down the road. On the southwest corner lie Corine Condominiums as well as more multi living residencies and living spaces. This property is in a prime location being that it is so easily accessible to so many residents nearby as well as walking distance from the Seaside beach. Being that it is so close to the beach there are always plenty of people going through the area creating plenty of positive traffic flow around the property. The closest Walmart is about 9 miles away making it more reasonable for nearby residents to choose this CVS for various goods or services. 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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