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903 E Apache Boulevard - CVS, Tempe, AZ

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903 E Apache Boulevard - CVS

Tempe, AZ 85281-5817 - Tempe Ret Submarket

Property Type:Retail Sub Type:Drug Store Status:Under Construction, delivers June 2017 Year Built:2017
Building Size:16,000 SF Land Area:-
For Sale Price:$5,217,000 Price/SF:$326.06
Cap Rate:5.75 %
Parking:43 Surface spaces are available; Ratio of 2.68/1,000 SF

Sale Notes:
New CVS at ASU / Arizona State University. Corporate Guaranteed Lease / (NYSE:CVS), $37.2 Billion 2015 Equity, S&P Credit Rating: BBB+. New Long Term 20 Year Ground Sublease (Leasehold Interest) plus multiple options to extend. Tax depreciation asset. Absolute NNN / No landlord obligations. New 2017 Construction / Grand Opening slated for Mid-2017. 10% rent increases every 5-years.
Across the street from ASU / Over 50,000 students, Over 11,000 employees. Signalized Hard Corner of Apache Drive & Rural Road / Over 71,000 VPD drive-by. Strong Demographics & population / Over 137,000 people w/in 3-miles & over 108,000 daytime employees w/in 3-miles. Adjacent to Hotels & Student Housing. Close proximity to the Metro Rail-Stop and the soon to be built "The District" with 3300 residential units & 600 hotel room.

Faris Lee Investments
Jeff Conover
(949) 221-1810

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