CVS | Absolute NNN Lease | 3 Year Rent Holiday
395 North Ave Athens, GA 30601
Price: $7,005,000
Status: Sold
Cap Rate: 6.75%
Year Built: 2008
NOI: $472,813
Lot Size: 1.89 acres
Price Per Foot: $475
Lease Type: Absolute Triple-Net (NNN)
Remaining Term: 12+ Years
GLA: 14731 sqft
Property Intro
Lee & Associates, listed in conjunction with Bang Realty-Georgia, Inc (license 76191), is pleased to exclusively offer for sale the opportunity to acquire the fee simple interest in a CVS Pharmacy investment property located in Athens, Georgia (the “Property”). Constructed in 2008 as a build-to-suit for CVS, the Property consists of a 14,731-square-foot retail building with drive thru lane situated on a 1.89-acre parcel.
investment highlights
- CVS HEALTH CORP: INVESTMENT GRADE CREDIT (S&P: BBB) • 2ND LARGEST RETAIL PHARMACY IN THE U.S. • #5 ON THE FORTUNE 500
- Standard & Poor’s investment grade credit rated tenant CVS Health Corp. (S&P: BBB). CVS Pharmacy is currently the second largest retail pharmacy in the US, behind Walgreens. CVS is part of CVS Health Corporation, which includes CVS Pharmacy with 9,700 retail pharmacies, CVS MinuteClinic with more than 1,100 walk-in health care clinics, CVS Caremark, a leading pharmacy benefits manager with over 90 million plan members, and CVS Specialty, a dedicated senior pharmacy care business serving more than one million patients per year. In 2020, it ranked 5th on the Fortune 500 and 13th on the Fortune Global 500 list with $194.58 billion in annual revenue.
- OVER 12 YEARS REMAINING ON LEASE TERM • LONG-TERM PASSIVE INCOME STREAM • LENDS TO TENANT’S LONG-TERM PROFITABILITY
- CVS Pharmacy has over 12 years remaining on the original 25-year triple-net (NNN) lease term. The Absolute NNN aspect of the lease provides for zero Landlord responsibilities, offering an investor a passive income stream with a strong credit tenant.
- PROXIMITY TO MAJOR MEDICAL CENTERS • PROVIDES CONSISTENT CUSTOMER BASE • SUPPORTS TENANT’S PROFITABLE PRESCRIPTION BUSINESS
- The CVS is located within 2 miles of various hospitals and medical centers, including the University of Georgia Health Center, Athens Regional, Landmark Hospital, and St. Mary’s Hospital, providing outstanding synergy for the tenant’s use and supporting their success.
- LOCATED NEAR THE UNIVERSITY OF GEORGIA • LARGEST EMPLOYER • PROXIMITY TO SEVERAL STUDENT HOUSING COMPLEXES
- The University of Georgia, the flagship institution of Georgia is just 2.3 miles south of the CVS. As the city’s largest employer, with 10,700+ teachers and staff, UofGA is a major economic driver in Athens locally and Georgia overall. There are several student housing complexes nearby such as the Archer Apartments (139 units), The Lodge of Athens (240 units), Whistlebury Apartments (310 units), and UNCOMMON Athens (210 units), offering a strong customer base for the tenant.
- HARD CORNER SIGNALIZED INTERSECTION • HALF MILE FROM HWY441/129 (41,261 CPD) • MAIN TRAVEL ARTERY • ACCESS TO DOWNTOWN ATLANTA
- he property is ideally located on the hard corner signalized intersection of North Avenue and Northcrest Dr/Old Hull Rd, providing excellent visibility to 9,200 cars per day. North Avenue is a major travel corridor connecting drivers to/from Highway 441/129 (41,261 CPD) just a half mile to the north, and Highway 78 (20,468 CPD) to the south, a direct artery providing quick access to downtown Atlanta just 70 miles to the west.
- LOCATED IN ATHENS • 6TH-LARGEST CITY IN GEORGIA • 70 MILES FROM ATLANTA
- The subject property is located in the city of Athens, GA. Located just 70 miles east of Atlanta, Athens has a population of 129,025, making it the 6th-largest city in Georgia and the principal city of the Athens metropolitan area. Its rich cultural attractions, rocking music scene, picturesque walking trails, green golf courses, and unique shopping make it a perfect destination, and it has recently been recognized for its growing food scene. Athens has been recognized as one of the best cities to retire, and has been named one of “The Coolest Small Cities in America” by GQ Magazine.
listing agents
