Investment Offering
Philadelphia, PA - CVS
7065 Lincoln Ave | Philadelphia, PA 19119
$3,151,000
Price8.32%
Cap Rate$345,272
NOI8,232
± SF Offering GLADescription
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, drive-thru equipped CVS investment property located in Philadelphia, Pennsylvania. The tenant has successfully operated at the site for 20+ years and recently executed their first 5-year option early, providing for nearly 9 years of remaining term with 9 (5-year) options to extend. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. CVS Pharmacy is America’s leading retail pharmacy with nearly 10,000 locations across 49 states.
Location
CVS is strategically located at the signalized, hard corner intersection of Lincoln Drive and West Mountain Pleasant Avenue which supports over 30,000 vehicles per day. Located in a dense retail corridor the asset is within close proximity to multiple national/credit tenants including Walmart Supercenter, Target, Whole Foods, Home Depot, Burlington, Aldi, Grocery Outlet, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Moreover, the site is located less than 2 miles from Chestnut Hill Hospital (148 beds) and Roxborough Memorial Hospital (131 beds), providing a direct consumer base from which to draw. Furthermore, the asset is located less than 2 miles from Chestnut Hill, one of the most affluent neighborhoods in Philadelphia, which boasts average home prices of $1.1 million, average annual household incomes of $155,900, and average net worths of $1,428,729.