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CVS Pharmacy, Cuyahoga Falls, OH

CVS Pharmacy

Cuyahoga Falls, OH

Price $3,867,000
Cap Rate 5.25%
NOI $203,000
Lease Term 20 Years
Lease Type Absolute NNN, with Tenant Responsible for all Taxes, Insurance, Utilities, and Maintenance
Rental Increases CALL FOR DETAILS
Year Built 1999
Building Size 10,125 SF
Lot Size 1.86 Acres (81,022 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
» New 20-year lease extension at proven location with long history of tenancy
» 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 is ranked seventh on the Fortune 500
» CVS is largest retailer of prescription drugs in U.S.
» Record revenue of $184.8 billion in 2017
» CVS and its affiliates operate over 9,846 locations across the United States

HIGH-TRAFFIC LOCATION AT SIGNALIZED HARD CORNER
» Excellent visibility and access to 19,078 vehicles per day at the signalized intersection of State Road and Chestnut Boulevard
» Convenient access to Route 8, a major transportation corridor with a traffic count of 100,995 vehicles per day

STRONG CUSTOMER BASE FOR PHARMACY SERVICES
» Across from Western Reserve Hospital (285 beds and over 890 employees)
» Close proximity to several large hospitals in downtown Akron, including Summa Health System – Akron Campus (635 beds) and Cleveland Clinic Akron General (532 beds)
» Building features prescription drive-thru, providing additional customer convenience

CENTRAL LOCATION WITH LARGE CUSTOMER BASE
» Close proximity to downtown Akron and the University of Akron, which has a total enrollment of 25,177 students
» Near several schools, including Cuyahoga Falls High School (1,580 students) and Bolich Middle and Summit Christian Schools (820 students)
» Located in a densely populated area near major employment centers, with 201,918 residents and 138,111 daytime employees within a five-mile radius

Click Here to Download Offering Memorandum


Property Description

The property is conveniently located at the signalized hard corner of State Road and Chestnut Boulevard, with excellent visibility and access to 19,078 vehicles per day directly in front of the property. Access to Route 8, a major transportation corridor with a traffic count of 100,995 vehicles per day, is located nearby. Due to its location in a dense retail corridor, the property is close to several shopping centers and notable retailers. The property is directly adjacent to Smith Centre—featuring Dollar General, Goodwill, and McDonald’s—and is a short distance from Portage Crossing, a walkable and unique marketplace of national and regional retailers, combined with grocery, entertainment, and diverse dining options. The property is also minutes away from large retail centers like The Plaza at Chapel Hill, Cuyahoga Falls Market Center, and Chapel Hill Mall. Retailers in these centers include Target, Home Depot, Giant Eagle, JCPenney, and Best Buy. Other notable tenants near the property include Acme Markets, Advance Auto Parts, Marc’s, Payless, and AutoZone, amongst others.

The property is centrally located within the Akron area and benefits from a large customer base. State Road provides direct access to downtown Akron, which is located just over three miles from the property. Downtown Akron is home to several large hospitals and is adjacent to the University of Akron, which has a total enrollment of 25,177 students. The property is also near Cuyahoga Falls High School (1,580 students) and Bolich Middle and Summit Christian Schools (820 students). Additionally, the property is across from the 258-bed Western Reserve Hospital, which provides an excellent customer base for the property’s prescription services. Furthermore, the property is located in a densely populated area near major employment centers; 201,918 residents live and 138,111 daytime employees work within a five-mile radius of the property.

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