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Manorville, NY - CVS ZCF
496 County Road 111 Building C | Manorville, NY 11949
$2,559,000
Price9.95%
Cap Rate$254,535
NOI15,000
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leasehold interest (building ownership) in an absolute NNN, zero cash flow, CVS Pharmacy investment property located in Manorville, NY. The asset is corporate guaranteed by investment grade CVS Health Corporation (S&P: BBB) and is CTL-financed by a non-recourse loan, providing an investor with a minimal risk asset that provides extensive long term capital gains. The tenant, CVS Pharmacy, Inc., has approximately 15 years remaining in their initial term with 4 (5-year) options to extend. The lease is corporate guaranteed by CVS Health Corporation (S&P: BBB) and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. CVS is the largest pharmacy chain in the United States with more than 10,000 stores across 49 states, the District of Columbia, and Puerto Rico. The ground lease has approximately 35 years remaining and CVS is fully responsible for the ground rent, minimizing slippage for the next investor.
Location
CVS Pharmacy is strategically located along County Road, a major commuter and retail thoroughfare averaging 22,400 vehicles passing by daily. The building is equipped with a drive-thru pharmacy, providing ease and convenience for customers. The site benefits from nearby direct on/off ramp access to Interstate 495 (34,600 VPD), a primary route for travelers going to/from Long Island and New York City / Manhattan. Further, the property is within walking distance to Manorville Towne Center, a 74,000 SF shopping center anchored by King Kullen Supermarket. Grocery anchored centers significantly increase consumer draw and promote crossover store exposure for CVS. Additionally, the King Kullen is the only grocery store within a 4-mile radius further increasing consumer draw consumer draw to the immediate trade area. The 5-mile trade area is supported by more than 42,000 residents and 15,600 daytime employees with an affluent average household income of $134,662.
Documents & Links
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 Offering Memorandum |  |  |
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215