CVS | Absolute NNN Lease | 3 Year Rent Holiday
2935 S. Hollywood Blvd Las Vegas, NV 89122
Price: $9,715,000
Status: Sold
Cap Rate: 6.25%
Year Built: 2009
NOI: $607,186
Lot Size: 2.35 acres
Price Per Foot: $727
Lease Type: Absolute Triple-Net (NNN)
Remaining Term: 13 Years
GLA: 13352 sqft
Property Intro
Lee & Associates Commercial Real Estate Services (exclusively listed by Jon Selznick Broker's License ID#B.1001723 (NV)) is pleased to exclusively offer for sale the opportunity to acquire the fee simple interest in a CVS Pharmacy investment property located in Las Vegas, NV (the “Property”). Constructed in 2009 as a build-to-suit for CVS, the Property consists of a 13,352-square-foot retail building with drive thru lane situated on a 2.35-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.
- 13 YEARS REMAINING ON LEASE TERM • LONG-TERM PASSIVE INCOME STREAM • LENDS TO TENANT’S LONG-TERM PROFITABILITY
- CVS Pharmacy has 13 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 subject property is ideally located within 8 miles of major medical centers including Kindred Hospital LV-Flamingo, a 66-bed long-term acute care hospital, Desert Springs Hospital, a 293-bed medical center, Sunrise Hospital & Medical Center, Nevada’s largest acute care facility and Level II trauma center, and North Vista Hospital, the primary medical center in North Las Vegas, with 177 beds.
- HARD CORNER SIGNALIZED INTERSECTION • EXCELLENT ACCESS & VISIBILITY TO 24,000+ CARS PER DAY • DENSE RESIDENTIAL AREA
- The property is ideally located at the hard corner intersection of S. Hollywood Blvd & E. Vegas Valley Dr, offering excellent visibility & signage to traffic counts of 24,500+ cars per day, as well as multiple access points in/out of the property. East Vegas Valley Drive is a major east-west travel corridor, home to several schools, golf courses, and shopping. The CVS is surrounded by residential communities in a densely-populated area, with over 128,000 residents in 44,640 households within a 3-mile radius, providing a strong customer base for the tenant. .
- MAJOR TRAVEL CORRIDOR • NEAR GOLF, SHOPPING, SCHOOLS • JUST 4 MILES FROM HIGHWAYS • QUICK ACCESS TO DOWNTOWN LAS VEGAS
- The property fronts E. Vegas Valley Drive, a major east-west travel corridor connecting commuters to/from Interstate 515/Hwy 582 for quick access to Downtown Las Vegas. This corridor is home to golf, several schools, and shopping.
- LOCATED IN LAS VEGAS • MOST POPULOUS CITY IN NEVADA • KNOWN AS “THE ENTERTAINMENT CAPITAL OF THE WORLD” • HOME OF NELLIS AFB
- The subject property is located in Las Vegas, the most populous city in the state of Nevada. It is part of the Las Vegas Valley Metropolitan Area, which has a population of 2.2 million residents. Known as “The Entertainment Capital of the World”, Las Vegas if one of the world’s most visited tourist destinations. In 2019, the city saw 40 million visitors, who made a total economic impact of nearly $64 billion. It is home to Nellis Air Force Base, known as the “Home of the Fighter Pilot” and the site of military schools and more squadrons than any other USAF base.
listing agents
