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CVS PHARMACY (CONDO), Minneapolis, MN

CVS PHARMACY (CONDO)

Minneapolis, Minnesota

Price $8,979,000
Cap Rate 5.50%
NOI $493,815
Lease Term 25 Years With 11+ Years Remaining
Lease Type NNN, With Tenant Responsible Taxes, Insurance, And Maintenance
Rental Increases Fixed During Initial Term And 10% Rental Increases With Each Option
Year Built 2006 | fully renovated in 2019
Building Size 14,106 SF Store (+1,575 SF Underground Storage With A Palette Elevator For Truck Delivery)
Lot Size Contact For Details
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Russell Train
Brokerage
202.210.2379
russell.train@cushwake.com
CA RE License #02087816

Investment Highlights

NNN CORPORATE GUARANTEED LEASE TO NATIONAL TENANT WITH STRONG FINANCIALS
» Long-term NNN corporate guaranteed lease to investment grade pharmacy tenant
» No landlord management, an ideal investment for an out-of-area investor
» Building features a drive-thru, the only CVS drive-thru serving downtown Minneapolis (Minneapolis changed its zoning code several years ago and no longer allows drive-thrus)
» 10% rental increases with each option
» CVS Pharmacy rated “BBB” by Standard & Poor’s and is ranked fourth on the Fortune 500
» Record revenue of $268.7 billion in 2020
» CVS Operates 9,900 Locations Across the United States

HIGH-TRAFFIC LOCATION AT SIGNALIZED HARD CORNER
» Prominent location in Downtown Minneapolis on the signalized hard corner intersection of Nicollet Avenue and East Franklin Avenue (32,706 AADT combined)
» Only CVS Pharmacy serving downtown (CVS closed two other locations and consolidated all prescriptions at this location)
» Fully remodeled by CVS in 2019
» 40 surface parking spaces available to CVS (rare for a downtown location)
» The store has a free lower level 1,575 SF storage facility with a freight elevator that is palette sized, allowing truck loading from the exterior drive aisle right to the storage facility (very valuable to CVS)
» Very strong retail and pharmacy sales (provides basic grocery needs for building residents and immediate neighborhood – no other convenience stores within 1+ mile)

STRONG CUSTOMER BASE FOR PHARMACY SERVICES
» Average annual household income of $101,515 within five miles and projected to increase 13 percent by 2026, poising CVS and Minneapolis for concurrent growth
» Densely populated location near major employment centers, with 501,726 residents within a five-mile radius
» Beneficial proximity to several large hospitals, including M Health Fairview University of
Minnesota Medical Center – West Bank (1,700 beds) and Abbott Northwestern Hospital (686 beds)
» Three miles from the University of Minnesota (49,148 students), the largest university and employer in Minneapolis
» Two blocks away from the Minneapolis College of Art and Design, the Minneapolis Institute of Art, two parks with art installations
» Walking distance from several destination dining corridors (20+ restaurants and coffee shops)


Property Description

This CVS Pharmacy is located at the signalized hard corner intersection of Nicollet Avenue and East Franklin Avenue (32,706 AADT combined). The building features a prescription drive-thru and a dedicated parking lot, providing additional customer convenience. The property is prominently located in Downtown Minneapolis, with a public transit bus stop conveniently located in front of the building, increasing foot traffic to the site. This location is the only CVS Pharmacy serving Downtown Minneapolis and provides basic grocery needs for building residents and the immediate neighborhood. The site maintains beneficial proximity to Interstate 94 (160,000 AADT) and Interstate 35 (203,000 AADT), a major transportation corridor.

The property is centrally located in Minneapolis, the most populated city in Minnesota (429,954 residents). The site is strategically located near major employers and community hubs. The property is near several large hospitals, including M Health Fairview University of Minnesota Medical Center – West Bank (1,700 beds) and Abbott Northwestern Hospital (686 beds), providing a stable customer base for the site. University of Minnesota (49,148 students), the largest university and employer in Minneapolis, is located just three miles from the property. Additionally, the property is less than a mile from both Metropolitan State University (10,801 students) and Minneapolis College (9,502 students). 501,726 residents live within a five-mile radius of the property with an average annual household income of $101,515. The average annual household income is projected to increase 13 percent by 2026, poising CVS and Minneapolis for concurrent growth.

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