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CVS Pharmacy, Columbus, OH

CVS Pharmacy

Columbus, OH

Price $3,806,000
Cap Rate 5.15%
NOI $196,000
Lease Term 20 Years
Lease Type Absolute NNN, with Tenant Responsible for all Taxes, Insurance, Utilities, and Maintenance
Rental Increases 5% Rental Increases in Option Periods
Year Built 1997
Building Size 11,285 SF
Lot Size 1.95 Acres (85,029 SF)
Status Available
Lead Broker Information Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Florida-licensed real estate broker Cushman & Wakefield, Inc.

Investment Highlights

RARE ABSOLUTE NNN LEASE TO NATIONAL TENANT WITH STRONG FINANCIALS
» Absolute NNN lease to investment grade tenant
» No landlord management, providing ideal investment for an out-of-area investor
» CVS is rated “BBB” by Standard & Poor’s and ranked seventh on the Fortune 500 CVS is the largest retailer of prescription drugs in the U.S.
» Record revenue of $184.8 billion in 2017
» CVS and its affiliates operate over 9,846 locations across the United States 20-YEAR

LEASE EXTENSION
» New 20-year lease extension
» Proven location with long history of tenancy

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» 32,131 vehicles per day directly in front of the property at the signalized hard corner of North High Street and Broad Meadows Boulevard
» Nearby access to three of the Columbus region’s main highways: Highway 315 (109,555 AADT), Interstate 71 (136,271 AADT), and Interstate 270 (176,698 AADT)
» Near Graceland shopping center, anchored by Target, Kroger, Michaels, and L.A. Fitness
» Minutes from several large shopping malls, including Polaris Fashion Place, Easton Town Center, and The Mall at Tuttle Crossing

CENTRAL COLUMBUS LOCATION WITH ROBUST DEMOGRAPHICS
» Located seven and a half miles from downtown Columbus
» Located four miles from The Ohio State University, one of the nation’s largest universities, with a total enrollment of nearly 66,500 students
» Large customer base, with 341,672 residents and 163,441 daytime employees within a five-mile radius

Click Here to Download Offering Memorandum


Property Description

The property is located at the signalized hard corner of North High Street and Broad Meadows Boulevard, with excellent access and visibility to 32,131 vehicles per day. The property also benefits from nearby access to three of the Columbus region’s main highways: Highway 315 (109,555 AADT), Interstate 71 (136,271 AADT), and Interstate 270 (176,698 AADT). Located within a dense retail corridor, the property is near Graceland, a large retail center with approximately 50 different stores and services. Graceland is anchored by Target, Kroger, Michaels, and L.A. Fitness and features a wide range of national tenants, including Sally Beauty Supply, GNC, GameStop, and others. Several large shopping malls are located within minutes of the property, including Polaris Fashion Place, Easton Town Center, and The Mall at Tuttle Crossing. Other tenants in the immediate area of the subject property include Goodyear, Walgreens, Verizon, Dollar General, Petco, and Ethan Allen, amongst others.

The property is centrally located near downtown Columbus, which is just over seven miles from the property down North High Street. The Ohio State University is conveniently located four miles away from the property. The university is one of the largest in the United States, with an enrollment of over 66,000 students. Additionally, the property is located in a densely populated area near major employers. Over 341,000 people live and 163,441 daytime employees work within a five-mile radius of the site, providing a large customer base.

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