780 Martin Luther King Jr Way - Drug Store FOR SALE


Harrisonburg, VA 22801- Old Town Harrisonburg
$3,250,000 USD
202-286-1542
780 Martin Luther King Jr Way, Harrisonburg, VA for Sale
$3,250,000 USD
Drug Store - FOR SALE
1/12
null | 5.79% Cap Rate

780 Martin Luther King Jr Way
Harrisonburg, VA 22801
Old Town Harrisonburg


HIGHLIGHTS

  • CVS has operated at this location for 27 years – strong store performance, contact Broker
  • 1 Mile from James Madison University (JMU has 22,760 student enrollment)
  • Located at the signalized, hard corner intersection averaging 22,400 VPD
  • Nearby direct on/off ramp access to Interstate 81, a major thoroughfare that averages 57,000 vehicles passing by daily
  • Situated in a dense retail corridor, with numerous nearby national/credit tenants including Walmart Supercenter, Aldi, Target, Lowe’s, Home Depot, K

OVERVIEW

• CVS has operated at this location for 27 years and has 3.5+ years remaining on their lease • The lease features 2 (5-year) option periods to extend, with rental increases of 3% at the beginning of each option period • CVS Pharmacy, the retail division of CVS Health (NYSE: CVS), is America’s leading retail pharmacy with 9,165 retail locations, more than 900 walk-in medical clinics, more than 225 primary care medical clinics • Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises • Landlord responsibilities limited to roof, structure, foundation, and plumbing • Ideal, low-management investment for a passive investor • CVS is located at the signalized, hard corner intersection of MLK Jr Way and Reservoir St averaging 22,400 VPD • The site benefits from nearby direct on/off ramp access to Interstate 81, a major thoroughfare that averages 57,000 vehicles passing by daily • Directly adjacent to Cloverleaf Shopping center, that is anchored by Food Lion, Aaron’s, Big Lots, and more • The asset is situated in a dense retail corridor, with numerous nearby national/credit tenants including Walmart Supercenter, Aldi, Target, Lowe’s, Home Depot, Kohls, and many more • 1.0 miles away from James Madison University (22,760-students) • The 5-mile subject trade area is supported by more than 73,000 residents and 51,000 daytime employees • Residents have an average household income of $87,556

FOR SALE DETAILS

PRICE

$3,250,000 USD

PRICE/SF

$314 USD /SF

CAP RATE

5.79%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

CVS Pharmacy - Harrisonburg, VA

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1999

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.15 AC

LAND SF

50,094 SF

ZONING

B2C

APN/PARCEL ID

015-M-6

ASK ABOUT THIS PROPERTY

Andrew FallonSRS Real Estate PartnersMore Info
202-286-1542

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Andrew FallonSRS Real Estate PartnersMore Info
202-286-1542

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