2501 Warren Rd - Drug Store FOR SALE


Indiana, PA 15701
$4,636,896 USD
310-766-5205
2501 Warren Rd, Indiana, PA for Sale
$4,636,896 USD
Drug Store - FOR SALE
1/7
null | 6.25% Cap Rate

2501 Warren Rd
Indiana, PA 15701


HIGHLIGHTS

  • Single Tenant Net Leased Retail Asset
  • CVS Pharmacy with Health HUB & Minute Clinic - Retail Medical Clinic Operated Inside CVS Pharmacy
  • Corporate Guarantee from CVS Health Corporation (NYSE: CVS)- $99.71 Billion Market Cap
  • Tenant Recently Pre-Exercised Their 1st 5-Year Option - 13 Years Contractual Lease Term Remaining
  • 5% Scheduled Rent Increases In Option Periods - Low In-Place NOI of $289,806
  • Close Proximity to Indiana University of PA (9,082 Students) and Indiana Regional Medical Center (166 Beds, 12 ICU Beds, 23 Emergency Dept. Beds)

OVERVIEW

The Snyder Carlton National Net Lease Team is pleased to offer for sale a single-tenant CVS Pharmacy equipped with a Health HUB and Minute Clinic. The subject property is located at 2501 Warren Rd., Indiana, PA. CVS Pharmacy pre-exercised its first 5-year option early, leaving 13 years of contractual term remaining on the lease. This is an absolute NNN lease structure with zero landlord obligations. The freestanding 11,945 SF building was constructed in 2009 and is situated on a 1.89-acre lot. There are five, five-year options remaining, with 5% rental increases in each of the remaining option periods (options 2-6). The property is located at the hard, signalized intersection of Warren Rd. and Indian Springs Rd. and benefits from being located across the street from Town Fair Plaza (anchored by Giant Eagle Supermarket and Lowe’s) and Indiana Mall (anchored by Kohl’s, Harbor Freight Tools, JC Penney, Dunham’s Sports, and Rural King). Both Indiana University of Pennsylvania and Indiana Regional Medical Center are within close proximity to the subject property. This CVS is the only freestanding drugstore in the city of Indiana, PA. There is no competition from Walgreens or Rite Aid. The only other drugstores in the city are Giant Eagle Supermarket, Walmart Pharmacy, and Martin’s Food & Drugstore. This is an excellent opportunity to acquire a well-located CVS Pharmacy with 13 years of term remaining on an absolute NNN Lease. This passive investment offers long-term stability of cash flow with rent increases in the option periods. The in-place rent of $289,806 is below average for similar footprint drugstore buildings. This location benefits from being equipped with a Health HUB and Minute Clinic (added services offered by CVS). In addition to the conservative in-place rent, there is very minimal drugstore competition in the city as there are no freestanding Walgreens, Rite Aid, or other CVS in Indiana, PA. CVS Pharmacy has a current investment-grade credit rating of Baa3 Stable (Moody’s) and BBB Negative (S&P). CVS Pharmacy is publicly traded on the NYSE (NYSE: CVS). There are approximately 32,400 people with an average household income of $83,422 within a 5-mile radius.

FOR SALE DETAILS

PRICE

$4,636,896 USD

PRICE/SF

$403 USD /SF

CAP RATE

6.25%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

CVS Pharmacy | 13 Year NNN | 6.25% Cap

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

ADD'L SUBTYPES

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2009

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.89 AC

LAND SF

82,328 SF

ZONING

-

APN/PARCEL ID

42-063-105

ASK ABOUT THIS PROPERTY

Adam FriedlanderColliersMore Info
310-766-5205

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Adam FriedlanderColliersMore Info
310-766-5205

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