CVS | Absolute NNN Lease | 3 Year Rent Holiday
1225 E. Calgary Ave Bismarck, ND 58503
Price: $7,140,350
Status: Sold
Cap Rate: 6.45%
Year Built: 2008
NOI: $460,552
Lot Size: 1.84 acres
Price Per Foot: $539
Lease Type: Absolute Triple-Net (NNN)
Remaining Term: 12+ Years
GLA: 13,225 sqft
Property Intro
Lee & Associates, listed in conjunction with Bang Realty-Dakotas, Inc (license 3269), is pleased to exclusively offer for sale the opportunity to acquire the fee simple interest (land&building) in a CVS Pharmacy investment property located in Bismarck, North Dakota. Constructed in 2008 as a build-to-suit for CVS, the Property consists of a 13,013-square-foot retail building with drive thru lane situated on a 1.84-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 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 10 minutes of multiple large hospitals and within 2 minutes of a walk-in clinic. More than 10 senior living facilities are located within a 10-mile radius which drives crucial business to this site.
- MAJOR RETAIL/TRAVEL CORRIDOR • ONLY 4 MILES FROM DOWNTOWN BISMARCK/DIRECT ACCESS • SURROUNDED BY MULTIPLE 75+ ROOM HOTELS SR-83 is a major North/South travel corridor, home to national tenants including Menards, Olive Garden, Applebee’s, Red Lobster, Hampton Inn, McDonald’s, and many more providing a strong draw to the trade area.
- LOCATED IN CITY OF BISMARCK • ECONOMIC HUB OF NORTH DAKOTA & SOUTH DAKOTA • DIVERSE ECONOMY • NEW DEVELOPMENT IN DOWNTOWN BISMARCK
- Property is located in Bismarck, ND with a population of over 145,000. It is at a strategic location along interstate-94 & U.S. Highway 83, which provides access to markets across the upper Midwest and establishes the community as a natural logistical hub. Bismarck was rated the 7th fastest-growing small city in the United States is has a diverse economy based on retail, healthcare, equipment manufacturing, agriculture, food processing and energy.
listing agents
