206 S Main St - Drug Store FOR SALE


Hemingway, SC 29554
$1,310,000 USD
760-448-2449
206 S Main St, Hemingway, SC for Sale
$1,310,000 USD
Drug Store - FOR SALE
1/11
null | 7.25% Cap Rate

206 S Main St
Hemingway, SC 29554


HIGHLIGHTS

  • CVS Health Corp: Investment Grade Credit Tenant (S&P: BBB) – Largest Pharmacy in the U.S. – Revenues of $372.8 Billion – #5 on Fortune 500
  • Rare CVS Pharmacy Price Point ($114 PSF) – Low Occupancy Costs – Longer-Term Profitability for Tenant
  • 30-Year Operating History – Demonstrated Tenant Commitment – 5% Rent Increases in Options – Tenant has History of Lease Extensions at this Location
  • Limited Pharmacy Competition – Adjacent to Food Lion Grocery-Anchored Center – Located along the Main Retail Corridor through Hemingway

OVERVIEW

Lee & Associates and Bang Realty are pleased to present for sale a single-tenant CVS Pharmacy located at 206 S Main Street in Hemingway, South Carolina, within the Florence MSA. The property consists of an approximately 11,475 square foot retail building situated on 1.33 acres and is offered fee simple. Originally built in 1985 and renovated in 1996, the asset is 100% leased to CVS Health Corporation, an investment grade tenant (S&P: BBB). CVS Health is the largest pharmacy operator in the United States, with over 9,000 locations nationwide and a strong corporate guarantee supporting the lease. The tenant has operated at this location since 1996, demonstrating long-term commitment to the site. The current lease extends through November 2032 and includes three five-year renewal options with 5% rental increases. The below-market rent of approximately $8.28 per square foot provides a favorable occupancy cost for the tenant, supporting long-term stability and making the asset attractive from a replaceability standpoint.

FOR SALE DETAILS

PRICE

$1,310,000 USD

PRICE/SF

$122 USD /SF

CAP RATE

7.25%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

CVS Pharmacy

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

ADD'L SUBTYPES

Convenience Store, Freestanding, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1985

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.3 AC

LAND SF

56,628 SF

ZONING

Commercial

APN/PARCEL ID

08-016-085

ASK ABOUT THIS PROPERTY

Ryan BennettLee & AssociatesMore Info
760-448-2449

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Ryan BennettLee & AssociatesMore Info
760-448-2449

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.