x
By submitting, you're allowing YAFC Team to email you regarding available listings. You can unsubscribe anytime.

x

CVS Pharmacy, Baltimore, MD

CVS Pharmacy

Price $1,696,000
Cap Rate 6.25% return
NOI $106,000
Lease Term 11 years remaining
Lease Type Net, with tenant responsible for all taxes, insurance, and interior, non-structural (CAM) maintenance
Rental Increases 10% rental increases in option periods
Year Built 2004
Building Size 14,110 SF
Lot Size 0.48 acres (20,909 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

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

Investment Highlights

NET LEASE WITH CORPORATE GUARANTY TO NATIONAL TENANT WITH STRONG FINANCIALS
» Long-term net lease to investment grade tenant wit 10% rental increases in option periods
» CVS is rated “BBB” by Standard & Poor’s and is ranked eighth on the Fortune 500
» CVS is largest retailer of prescription drugs in U.S.
» Record revenue of $194.6 billion in 2018, representing a 5.3% increase over the previous year
» CVS and its affiliates operate over 9,900 locations across the United States

TOP-PERFORMING STORE WITH LONG HISTORY OF TENANCY
» Significantly below-market rent and well below CVS’s national average
» Long history of tenancy since 1995
» CVS Pharmacy recently exercised an early extension for 11 years, demonstrating a long-term commitment to the location
» Very strong store sales and low rent-to-sales ratio

HIGH-TRAFFIC LOCATION IN ROBUST RETAIL CORRIDOR
» Conveniently located just off of the signalized intersection of Belair Road and Kenwood Avenue, within excellent visibility and access to 29,102 vehicles per day directly in front of the property
» Endcap location in neighborhood retail center
» Surrounded by a solid mix of local, regional, and national tenants

CENTRAL LOCATION NEAR SCHOOLS, EMPLOYERS, AND DENSELY POPULATED RESIDENTIAL NEIGHBORHOODS
» Near a number of schools, including Fullerton Elementary School (631 students), Overlea High School (960 students), Elmwood Elementary School (559 students), and The Maryland School for the Blind (220 students)
» Close to several of the region’s largest employers, including The Community College of Baltimore County (1,388 employees) and MedStar Franklin Square Medical Center (3,500 employees)
» 145,264 daytime employees work within five miles of the property
» 162,344 residents live within a three-mile radius and 442,267 residents live within a five-mile radius of the property, providing and exceptionally large ACTUAL SITE customer base



Property Description

The property is conveniently located just off of the signalized intersection of Belair Road and Kenwood Avenue, within excellent visibility and access to 29,102 vehicles per day directly in front of the property. Belair Road is a strong retail corridor, and the property is surrounded by a solid mix of local, regional, and national tenants. Notable retailers in the area include Pizza Hut, Papa Johns, Popeyes, Dollar Tree, Carrabba’s Italian Grill, and more.

The property is located approximately six miles northeast of downtown Baltimore. A number of schools are located near the property, including Fullerton Elementary School (631 students), Overlea High School (960 students), Elmwood Elementary School (559 students), and The Maryland School for the Blind (220 students). Several of the region’s largest employers are located near the property, including The Community College of Baltimore County (1,388 employees) and MedStar Franklin Square Medical Center (3,500 employees). In total, 145,264 daytime employees work within five miles of the property. Additionally, the property is surrounded by extremely densely populated residential neighborhoods; 162,344 residents live within a three-mile radius and 442,267 residents live within a five-mile radius of the property, providing and exceptionally large customer base.

Contact Us About This Property

JOIN OUR
EMAIL LIST
SUBSCRIBE
Receive Our Latest Single and Multi-Tenant Listings
close-link